EPFO to Launch UPI-Based EPF Withdrawal by April: Direct Bank Transfers

• EPFO is set to launch a UPI-based EPF withdrawal facility by April, allowing direct bank transfers without separate claims.
• Members can withdraw a specific portion of their provident fund directly to bank accounts via UPI, with a part of the balance frozen for retirement security.
• The system aims to simplify withdrawals, reduce administrative burden, and provide quick access to funds for eight crore EPFO members.
• Transactions will be secured with linked UPI PINs, and members can see their eligible withdrawal amount linked to Aadhaar and bank accounts.
• This move is part of EPFO's digital development, aiming for 100% auto-settlement and offering banking-like services while preserving retirement savings.

Why It Matters: EPFO is launching UPI-based EPF withdrawals by April for faster, claim-free direct bank transfers.