EPFO subscribers will soon be able to withdraw their PF money through UPI and ATM. With this new facility they will be able to withdraw 75% of their EPF balance immediately. This may come into effect by the end of June, which will make the withdrawal process faster and easier.
New Delhi : Employees’ Provident Fund Organization (EPFO) is preparing to give a big gift to its subscribers soon. Now PF subscribers will be able to easily withdraw money from their provident fund through UPI apps and EPFO linked ATMs. According to reliable sources, this new technical feature may be officially implemented by the end of June. Recently, Union Labor Minister Mansukh Mandaviya had also indicated that an official announcement regarding this scheme will be made soon.
testing was successful
Sources have confirmed that the testing of this advanced facility developed in collaboration with National Payments Corporation of India (NPCI) has been successfully completed.
You will get 75% of the money immediately!
According to the new rules, EPFO users will be able to instantly transfer 75 percent of their EPF balance to their bank account through UPI app or ATM with UPI facility. Economic experts believe that this revolutionary decision will eliminate the long time, paperwork and delays required to withdraw PF money. This will also increase transparency and accountability in the system.
Under the current rules, to withdraw PF money, members have to make a claim online or offline, the processing of which takes several days.
Soumya Ramakrishnan, partner, Bombay Law Chambers, said, “Historically, EPF withdrawal required a formal claim and approval from the EPFO. This was a time-consuming process, but from a social security point of view, it acted as a safety check. Now the facility of withdrawal through UPI and ATM will provide people with easy access to cash in an emergency. But the real test will be what kind of withdrawal can be made without compromising the security of life savings of retirement. “Authentication and fraud prevention measures are implemented.”
EPFO 3.0 Update: What will be the impact on employees?
According to Deepal Dutt, CEO of finance technology firm ‘RedoQ’, ‘EPFO 3.0’ will prove to be a milestone in India’s digital payment system. “For millions of salaried employees, their Provident Fund (PF) is their biggest financial asset. But traditionally, withdrawing this money involved a lot of paperwork and waiting. Now allowing instant withdrawals through UPI and ATM link brings the speed and efficiency of India’s advanced digital payment infrastructure to the retirement savings system. This move will give users more control over their money, especially in case of medical or any other emergency,” Dutt analyzed.
He hoped that this is a sign of the country’s move towards real-time and customer-friendly financial services. As digital public infrastructure grows, initiatives like EPFO 3.0 will significantly enhance trust, public participation and engagement in the Indian formal financial system.