economy

EPFO to Launch UPI-Based PF Withdrawal; 8.25% Interest Rate Approved

Published on: 18 Jun 2026, 07:42 PM

New Delhi: The Employees' Provident Fund Organisation (EPFO) is set to introduce a facility that will allow its members to withdraw provident fund savings through the Unified Payments Interface (UPI). The new service, expected to be operational by the first week of July, aims to provide instantaneous advance withdrawals for nearly 30 crore EPFO subscribers.

Under the proposed system, members will be able to submit an advance claim through the BHIM (Bharat Interface for Money) app under any permissible category. The facility is designed to enable quick access to funds for emergencies or other eligible needs.

Currently, online advance claims of up to Rs 5 lakh processed in auto-mode take at least three working days to settle. Claims for larger amounts require additional time. The new UPI-based system is expected to allow members to withdraw up to 75% of their EPF balance instantly, building on reforms introduced last year to streamline the withdrawal process.

In a separate development, the finance ministry has approved an 8.25% interest rate for the financial year 2025-26 for nearly seven crore active EPFO members. The rate, recommended by the Central Board of Trustees, will be credited to subscribers' accounts later this month. This move provides a stable return on provident fund contributions for millions of workers across the country.

The UPI withdrawal facility marks a significant step in modernising EPFO services, leveraging digital payment infrastructure to reduce processing times and enhance convenience for subscribers. EPFO has been gradually expanding its digital footprint, including online claim filing and tracking, to improve service delivery.

EPFO members are advised to ensure their Universal Account Number (UAN) is linked with Aadhaar and bank accounts to avail of the new facility once launched. Detailed guidelines on eligible categories and claim limits are expected to be released by the organisation closer to the implementation date.

Source: Times of India

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