No more long bank lines or complicated online processes are needed to withdraw money from an EPF account. You can just swipe a card or scan your UPI on mobile to get your PF balance instantly. A similar plan is being made under EPFO 3.0. But the main question is what will be the withdrawal limit from ATM or UPI and how many times money can be withdrawn.
EPFO has said that PF accounts will become more user-friendly. With the new ATM or UPI withdrawal method, employees can get money instantly in emergencies. This change is a relief for millions of people who need funds quickly for medical, education, or family needs.
EPFO 3.0: Withdrawal Limits and Rules
No official notification has been issued yet, but experts predict the withdrawal limits could be:
- Rs 10,000–25,000 per ATM transaction after 30 days
- Rs 2,000–3,000 per day through UPI
- Total monthly limit of around Rs 25,000
These are approximate figures. The final limit will be fixed by official notification.
It will not be possible to empty your PF account. EPFO wants PF accounts to serve as both savings and retirement protection. Only partial withdrawals will be allowed, so you cannot use your PF like a normal savings account.
It is also expected that there will be a gap of at least 15 days between ATM withdrawals. Daily limits for UPI will help ensure that the account does not empty quickly and funds remain safe.
Benefits of EPFO 3.0
- Immediate withdrawal in emergencies
- Less hassle to claim loans or advances
- Access to cash online and offline
- Transparent withdrawals linked to UAN
- Financial flexibility for young employees
For example, Rajiv, a private company employee, faces a medical emergency at home. Earlier, it took 15 days to get a PF advance. Now, with ATM and UPI withdrawals, he can instantly withdraw Rs 10,000 and pay the hospital bill. This change will help lakhs of people in emergencies.
How EPFO Earns Interest
The money in PF accounts does not just sit idle. EPFO invests it in:
- Government securities and bonds
- Corporate debt and equities
- Long-term infrastructure projects
- EPFO pays interest on the returns from these investments. For 2024-25, the interest rate is 8.25%.
EPFO 3.0 is not just a technological update; it will improve financial security for lakhs of employees. This facility will be very useful in emergencies. Remember, your PF account is for long-term savings and should be used wisely.