New Delhi: For salaried individuals, withdrawing PF funds is set to become significantly easier—a development that has generated considerable excitement among employees. This new facility will be introduced alongside major changes within the EPFO 3.0 framework. Employees will soon be able to withdraw their PF funds via ATMs and UPI, eliminating the need for any hassle or inconvenience.
Currently, even after filing a PF claim, it often takes more than a week for it to be approved; however, this will no longer be the case. With the aid of new technology, eligible employees facing emergencies will be able to withdraw funds directly from their PF accounts using their ATM cards or UPI. This facility is poised to prove nothing short of a boon. The feature is expected to be officially implemented very soon.
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How to Withdraw Money via ATM and UPI
Did you know that the EPFO has undertaken efforts to make this entire process completely digital and paperless? This facility will primarily be accessible through the UMANG App and the new EPFO 3.0 portal.
Your UAN (Universal Account Number) must be linked with your Aadhaar card and the specific bank account associated with the ATM card you intend to use. Once a withdrawal request is submitted, the system software will perform an automated verification, and the funds will be credited to your linked bank account within just a few minutes.
Withdrawal Limits
To prevent potential misuse of this facility, the government has established certain limits. Employees will be permitted to withdraw only a specific portion of their total PF corpus through this instant withdrawal method. Furthermore, under these regulations, an employee facing an emergency situation may withdraw a maximum of up to 50% of the total balance available in their PF account in a single instance.
Who Can Benefit from This Scheme?
To avail yourself of this facility, your EPFO records must be fully updated. As a prerequisite, it is essential that the employee’s Aadhaar card, PAN card, and bank account details are thoroughly verified. This facility is exclusively available to employees whose PF contributions are being deposited on a regular basis.
