PF Withdrawal: Big news for EPFO members. PF money can be withdrawn through ATM and UPI from this month. The government has announced that PF withdrawals will soon be possible through UPI and ATMs. Implementation work is nearly complete. It is expected that these services will be available to the public by the end of this month.
Testing is complete
The new feature, developed in partnership with the National Payments Corporation of India (NPCI), has already been tested and is now in preparation for its launch. Union Minister Mansukh Mandaviya has also said that an announcement will be made soon. But the question now is: how much PF amount can you withdraw through ATM-UPI?
How much PF amount can be withdrawn?
Actually, how much money can be withdrawn through ATM-UPI? There’s no official announcement or information on this, but no changes are expected to the current rules. The current PF withdrawal rules are expected to remain the same. This means that UPI-ATM withdrawals may be allowed up to 75% of the funds. Several media reports have claimed that using UPI and UPI-enabled ATMs, up to 75% of your EPF balance can be withdrawn instantly into your bank account. According to experts, this facility will reduce paperwork and delays .
PF money will be withdrawn immediately
Currently, members typically have to file a claim and then wait for approval. The funds are expected to arrive in their accounts within 15 to 20 days of filing the claim, but this change now allows for instant withdrawals. In addition to all these changes, the government has increased the self-settlement limit for PF claims from Rs 1 lakh to ₹5 lakh. Furthermore, members can use Face Authentication Technology (FAT) through the UMANG app to verify their identity instead of relying on multiple documents.
EPF 3.0 has been awaited for a long time
It’s worth noting that the EPFO 3.0 update has been under discussion for quite some time, and is now expected to be nearly complete. Once launched, PF users will no longer face any difficulties and will have easy access to their funds.
Can you still withdraw your entire PF balance?
Despite the new system, full withdrawals from your PF account remain permitted under certain circumstances. If an employee is unemployed for a long period, the company has closed, they are not receiving their salary, or some other serious situation arises, they can apply to withdraw their entire PF balance. This means that EPFO 3.0 has not taken away the right to 100% withdrawal, but has instead attempted to make the process more flexible for members in need.
Under what circumstances is 100% withdrawal permitted?
According to EPF rules, if an organization is locked out for more than 15 days and employees are not receiving salaries or compensation, the entire PF balance can be withdrawn. Similarly, if the company is closed for more than six months and employees become unemployed, full withdrawal is also permitted. Furthermore, circumstances such as a pending court case against dismissal or treatment for a serious illness also fall within the scope of full withdrawal. Previously, employees were required to submit supporting documents in these cases.