EPF Withdrawals to Get Easier: UPI Payments from April for Direct Bank Transfers

• EPFO members will soon be able to withdraw Provident Fund money directly into their bank accounts via UPI, starting April.
• The new system aims to speed up PF withdrawals, reduce claim filing hassle, and elevate EPFO services to banking standards.
• A fixed amount of EPF will be secured, while the remaining can be transferred via UPI using a PIN for security.
• This reform will simplify partial withdrawal rules, combining 13 complex provisions into three categories: essential needs, housing, and special circumstances.
• At least 25% of the EPF amount will remain as a minimum balance to ensure retirement security and benefit from 8.25% annual interest.

Why It Matters: EPF withdrawals will be streamlined with UPI integration from April, offering faster, easier access to funds.