PF withdrawn from ATM and UPI : The Employees' Provident Fund Organization (EPFO) launched 'EPFO 3.0' last year with the aim of simplifying and modernizing the pension fund's digital systems and operational processes. EPFO 3.0 is expected to be fully implemented by mid-2026, with the aim of providing convenient and hassle-free services to citizens with PF accounts. Several new changes have been proposed under EPFO 3.0. While some reforms have already been implemented. Several other improvements are currently awaiting rollout. One such change includes rules allowing for PF withdrawals through UPI and ATMs.
Under EPFO 3.0, several major changes have been proposed. These include easy access to provident fund accounts, auto-claim settlement, instant PF withdrawal through ATM and UPI and seamless transfer of funds to the bank account of the employee's choice. Additionally, under EPFO 3.0, members will also be able to check their PF balance directly through the UPI platform. The most important change introduced by EPFO 3.0 is the option to withdraw PF funds directly through ATMs and UPI. This will eliminate the need for individuals to visit banks or EPFO offices frequently to access their money. However, there are some limitations and conditions associated with this facility, which are mentioned below.
How much money can be withdrawn?
EPFO may fix a maximum withdrawal limit of up to 50% of the total deposited balance in the account for withdrawal through UPI or ATM. This move is being implemented to ensure that members retain a portion of their savings. So that they can use the remaining funds for future needs. According to various media reports, EPFO may also issue ATM cards to its members, enabling them to withdraw provident fund funds directly from ATMs. These cards will be linked to their respective PF accounts.
Who is eligible to withdraw PF balance through ATM and UPI?
To easily withdraw provident fund money through ATM and UPI, EPFO members must fulfill certain conditions. Member must have an active Universal Account Number (UAN). Both mobile number and UAN should be functional. Further, it is mandatory to link UAN with Aadhaar Card, PAN Card, Bank Account Number and IFSC Code. To provide this service seamlessly, EPFO has tied up with 32 government and private banks, enabling companies to directly deposit PF funds in banks thereby reducing the time required to process PF claims.
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