<p><a href="https://www.deccanherald.com/tags/employees-provident-fund-organisation">The Employees’ Provident Fund Organisation (EPFO) </a>is set to introduce a new dedicated mobile application that will enable subscribers to withdraw their Employees’ Provident Fund (EPF) amounts directly into their bank accounts using the Unified Payments Interface (UPI).</p><p>According to government sources, the app is expected to launch in April 2026. This forms part of efforts to modernise EPFO services.</p><p>Under the proposed system, a portion of the EPF balance will remain frozen (to preserve long-term retirement savings), while a significant portion will be accessible for withdrawal directly to the member’s seeded bank account via <a href="https://www.deccanherald.com/tags/upi">UPI</a>. Some of the important features of the new app include viewing the eligible EPF balance available for transfer, completing secure transactions using a linked UPI PIN, and accessing additional services, such as checking passbook balances.</p><p>Existing platforms like the Universal Account Number (UAN) portal and the UMANG app will continue to offer EPFO services, with the new dedicated app enhancing overall accessibility and convenience for members, said an official in the Ministry of Labour.</p>.DIY retirement planning vs EPFO: What is better.<p>Currently, EPFO members must submit withdrawal claims, which can be time-consuming. The auto-settlement mode already allows faster processing (within three days) for claims up to Rs 5 lakh (increased from Rs 1 lakh) for purposes like illness, education, marriage, or housing.</p><p>The new UPI-based system aims to further streamline this by eliminating much of the manual process, reducing the burden on EPFO amid over 5 crore annual claims. The organisation cannot permit direct withdrawals from EPF accounts due to lacking banking licenses, so funds will transfer via UPI to linked bank accounts.</p><p>Trials are underway using 100 dummy accounts to test the system, fix glitches, and ensure smooth rollout. This upgrade is poised to benefit EPFO’s vast subscriber base.</p>
<p><a href="https://www.deccanherald.com/tags/employees-provident-fund-organisation">The Employees’ Provident Fund Organisation (EPFO) </a>is set to introduce a new dedicated mobile application that will enable subscribers to withdraw their Employees’ Provident Fund (EPF) amounts directly into their bank accounts using the Unified Payments Interface (UPI).</p><p>According to government sources, the app is expected to launch in April 2026. This forms part of efforts to modernise EPFO services.</p><p>Under the proposed system, a portion of the EPF balance will remain frozen (to preserve long-term retirement savings), while a significant portion will be accessible for withdrawal directly to the member’s seeded bank account via <a href="https://www.deccanherald.com/tags/upi">UPI</a>. Some of the important features of the new app include viewing the eligible EPF balance available for transfer, completing secure transactions using a linked UPI PIN, and accessing additional services, such as checking passbook balances.</p><p>Existing platforms like the Universal Account Number (UAN) portal and the UMANG app will continue to offer EPFO services, with the new dedicated app enhancing overall accessibility and convenience for members, said an official in the Ministry of Labour.</p>.DIY retirement planning vs EPFO: What is better.<p>Currently, EPFO members must submit withdrawal claims, which can be time-consuming. The auto-settlement mode already allows faster processing (within three days) for claims up to Rs 5 lakh (increased from Rs 1 lakh) for purposes like illness, education, marriage, or housing.</p><p>The new UPI-based system aims to further streamline this by eliminating much of the manual process, reducing the burden on EPFO amid over 5 crore annual claims. The organisation cannot permit direct withdrawals from EPF accounts due to lacking banking licenses, so funds will transfer via UPI to linked bank accounts.</p><p>Trials are underway using 100 dummy accounts to test the system, fix glitches, and ensure smooth rollout. This upgrade is poised to benefit EPFO’s vast subscriber base.</p>
