EPFO to Allow Instant EPF Withdrawals via UPI by April

• EPFO plans to enable instant partial provident fund withdrawals directly into bank accounts via UPI by April.
• A portion of the EPF balance will be frozen, while a significant share will be available for UPI withdrawals.
• Subscribers can use their linked UPI PIN for secure transactions, allowing them to use funds for payments or ATM withdrawals.
• The new system aims to benefit around eight crore subscribers by eliminating the need to file claims, which currently takes time.
• The Central Board of Trustees (CBT) approved simplified partial withdrawal rules, allowing up to 100% withdrawal of eligible balance with 25% as minimum.

Why It Matters: EPFO will soon allow instant partial EPF withdrawals via UPI, simplifying access to funds for millions of subscribers.