EPFO Update- Good news for EPFO members. Soon, you’ll be able to withdraw money from your EPF account by swiping a card or scanning your mobile UPI. Yes, such a plan is being developed under EPFO 3.0. However, questions remain about what the ATM/UPI withdrawal limit will be and how long it will take to withdraw money again.
It should be noted that the introduction of ATM/UPI withdrawals will allow employees to withdraw funds immediately in case of emergency. These changes will provide relief to those who suddenly need funds for medical, educational, or family needs. Meanwhile, the EPFO has clarified that PF accounts will be made more user-friendly.
What is the ATM withdrawal limit?
Currently, what will be the ATM/UPI withdrawal limit, and how long will it take to withdraw money again? There’s no official notification regarding this, but it’s believed that the ATM withdrawal limit could be between 10,000 and 25,000 rupees, with a withdrawal gap of 30 days.
What is the maximum UPI withdrawal limit?
Similarly, the UPI withdrawal limit is Rs 2,000 to Rs 3,000. This amount can be withdrawn up to Rs 25,000 per day. It’s worth noting that these are only estimates. The actual limit will be determined upon notification.
Can you withdraw entire PF balance?
No. The EPFO’s purpose is to use PF accounts to provide savings and retirement security. Therefore, you will only be allowed to make partial withdrawals. This means you won’t be able to empty your PF account like you would a savings account.
What will be the benefits of EPFO 3.0?
Implementation of EPFO 3.0 will allow you to withdraw money immediately in case of an emergency. Furthermore, the hassles of claiming loans or advances will be reduced. Cash access will be available both online and offline. Every withdrawal will be linked to your UAN, ensuring transparency. Young employees will also gain financial flexibility.
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