The rules for PF withdrawals via UPI are coming soon. However, you should get some things done quickly before then, otherwise withdrawing PF via UPI can become complicated.
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The Employees’ Provident Fund Organization (EPFO) is rolling out UPI to simplify claim settlement for its members. The EPFO is expected to launch it soon, allowing every member to withdraw their PF funds using UPI.
Union Labor Minister Mansukh Mandaviya announced this. Under EPFO 3.0, members can transfer their PF funds directly to their UPI-linked bank accounts. Testing of this service has also been completed. However, despite all this, if you don’t follow five important steps, you won’t be able to withdraw PF funds through UPI. Let’s explore these five steps…
1. Your UAN must be active: You can withdraw PF funds only if your UAN number is active. Therefore, before starting PF transfers through UPI, employees should ensure that their UAN number is active. If UAN is not active then problems may be faced in using PF services, KYC verification, withdrawal and new digital facilities.
If you’ve forgotten your password or changed your registered mobile number, you should update it. Otherwise, you may encounter problems withdrawing PF using UPI.
2. Personal Information Update: Most problems with PF claims arise due to name changes, date of birth, or other discrepancies in personal information. The name, date of birth, and other details in EPFO records must match those in your Aadhaar card. Furthermore, both Aadhaar and PAN must be linked and verified with your UAN. If your PF account is not linked, higher tax deductions may be incurred when withdrawing.
3. Bank Account Details: Bank account details are crucial for UPI-based withdrawals. The bank account number, IFSC code, and account holder’s name recorded on the EPFO portal must be correct. If the account is closed or has an incorrect name or number, your payment may be delayed. You should also check your account’s UPI activation and KYC updates.
4. Mobile Number Update: In UPI-related transactions, identity verification can be done through OTP. Therefore, the mobile number linked to Aadhaar, the mobile number registered in UAN, and the mobile number linked to UPI must be active.
5. Employment Record and Nominee: Employees should also check their complete employment record in their EPF account. Sometimes, the date of leaving the job is not updated, old PF accounts are not linked, or multiple PF accounts remain. This can delay claim settlement.
The nominee must also be updated. Outdated or incomplete nominee information can complicate the claim process in an emergency.
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