EPFO 3.0 UPI Limit: Big news for EPFO members. The Employees Provident Fund Organisation (EPFO) has introduced a significant update for its millions of account holders with ‘EPFO 3.0’. This change has made the process of withdrawing PF money quicker and simpler than ever. As per the latest update, you won’t have to endure long waits to access the funds in your PF account. Thanks to new technology, eligible employees can now withdraw money directly from their PF accounts during emergencies using an ATM card or UPI.
The main goal of this new feature is to offer immediate financial support to employees during unforeseen circumstances, such as health issues, weddings, or children’s education. In the past, it took between 7 to 15 days to process withdrawals from PF funds after submitting an online claim. However, the EPFO has now linked this service with digital banking, allowing for real-time transactions. Let’s take a closer look at how this new feature operates, what is required, and the maximum amount you can withdraw at once.
How to withdraw money using ATM and UPI?
The EPFO has transitioned this process to be entirely digital and paperless. This service will primarily be accessible through the UMANG app and the new EPFO 3.0 portal. It is essential to link your UAN number with your Aadhaar and the bank account you intend to use at the ATM. Once you submit your request, the system will automatically verify it, and the funds will be transferred to your linked account within minutes.
New withdrawal limits and regulations
To prevent any misuse of this service, the government has established certain limits. You will only be able to withdraw a specific portion of your total deposit (employee share) using this ‘instant’ method. According to the new guidelines, in case of an emergency, you can withdraw a maximum of 50% of the balance in your PF account at one time.
PF is now in your hands
- In today’s time, this step of EPFO will be a big victory towards the financial freedom of the employees.
- Now you will not have to run around brokers or companies for money, all the control will be on your phone.
- PF is your support in old age, hence use ATM/UPI facility only when absolutely necessary.
- Do not share your UAN password and OTP with anyone, EPFO never asks you for such information.