Key Highlights
- EPFO to soon make changes to PF withdrawal process
- Quick PF withdraw option coming soon
- Transactions to be made possible via UPI apps and bank ATMs
- Limit set for quick PF withdrawal
- Changes could be implemented by May-end or June this year
EPFO (Employee’s Provident Fund Organisation) is all set to go a major transformation with its PF withdrawals procedures and schemes. The national organisation handling the backed by Ministry of Labour and employment has apparently established a dedicated centralised agency that will enable the quick PF withdrawal option via UPI apps and ATMs making transactions more simplified and hassle free for the working class.
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EPFO PF Withdrawals Via UPI and ATM: When And How?
EPFO have received approval from the National Payments Corporation to introduce the option for its active members to withdraw PF funds directly via UPI apps and bank ATMs. The centralised agency specially to handle this entire process for a smoother fund transactions have been established by EPFO.
As of now, EPFO members don’t have any provision to withdraw their PF funds using any UPI app. But with the implementation of new policies and after getting a nod from NPCI, the same will be possible soon. This brings us to the timeline. As per a top official from the Ministry of Labour and Employment, this process will begin by May-end of June 2025.
Sumita Dawra, Secretary, Ministry of Labour and Employment, said “By May-end or June, members will experience a transformative change in accessing their provident funds.
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Transaction Limit And Eligibility Criteria For Quick PF Withdrawal
Once this new change is implemented, EPFO account members will also get the provision to check their PF account balance directly via UPI apps. As for the transaction limit, a cap of Rs. 1 lakh is set for money withdrawal using the Quick PF withdraw option.
Adding on Dawra said, “They will be able to view their PF account balance directly on UPI, instantly withdraw up to Rs 1 lakh through an automated system, and choose their preferred bank account for transfers.”
Eligibility criteria for quick PF withdrwal has also been expanded beyond medical emergencies. PF account members will now be able to use their PF funds for housing, marriage, and education expenses while withdrawing it via UPI apps and ATM.
