Big news is coming for Provident Fund account holders before Diwali. Employees will get more convenience while withdrawing money from ATMs.
A meeting will be held from 10 to 11 under the leadership of Union Labour and Employment Minister Mansukh Mandaviya. In this meeting, this issue will be discussed. Through this article, we will share all the details about this topic.
EPFO Makes PF Withdrawals Easier Before Diwali
Before Diwali, the central government is making arrangements so that people can withdraw Provident Fund money directly from ATMs or via UPI. The goal is to benefit 8 crore PF members before the festival.
A meeting will be held under the leadership of Union Labour and Employment Minister Mansukh Mandaviya, where this issue will be discussed. Discussions may allow members to withdraw a minimum of ₹1,500 to ₹2,500 from their PF accounts. Various unions have been asking for this change for a long time.
The central government has also ordered the EPFO to pay an interest rate of 8.25 percent for the financial year 2024-25, increased from 8.15 percent. This decision was approved by the Union Finance Ministry and will benefit over seven crore account holders.
Current System vs New Facility
Currently, EPFO allows partial withdrawals for medical, marriage, education, or home purposes. These withdrawals, up to ₹5 lakh, take 2–3 working days through NEFT or RTGS.
The new EPFO 3.0 system will let members withdraw money instantly from ATMs or via UPI. The process will be digital and paperless, with minimal documents for KYC-compliant users. Members will also get live updates on their withdrawals via the EPFO portal, UMANG app, or SMS.
With UPI and ATM integration, even workers in remote areas can access their PF. This will help contract workers, gig workers, and people in smaller towns. EPFO 3.0 also includes AI-based claim processing, chatbots, and automated grievance handling.