The much-awaited UPI withdrawal facility for nearly 30 crore Employees Provident Fund Organisation (EPFO) members is set to debut by the first week of July. The instant advance withdrawal facility via the BHIM (Bharat Interface for Money) app will allow members to submit an advance claim under any permissible category to access their provident fund (PF) corpus for emergencies.
Current Withdrawal Process
Currently, an online advance claim in auto-mode under Rs 5 lakhs takes at least three working days to settle, with larger amounts requiring more time.
Instant Withdrawal Feature
Subscribers may be able to instantly withdraw up to 75% of their EPF balance, similar to reforms implemented last year. This feature aims to provide faster access to funds for members facing urgent financial needs.
Interest Rate Approval
Separately, the finance ministry has approved an 8.25% interest rate for nearly seven crore active members for financial year 2025-26, as recommended by the Central Board of Trustees. The interest amount is expected to be credited to subscribers' accounts later this month.
