New PF Withdrawal Service: EPFO to Enable Withdrawals via PhonePe, Paytm, and ATMs—Check Availability
EPFO UPI Service: Instant PF Withdrawals to Become a Reality Soon
Withdrawing money from the Employees' Provident Fund (EPF) account is often a time-consuming process, requiring extensive paperwork. However, in a major reform, the Employees' Provident Fund Organization (EPFO) is set to introduce UPI-based withdrawals through digital payment platforms such as PhonePe and Paytm, as well as ATMs. This move aims to simplify and speed up the withdrawal process for over 7 crore EPFO members.
PF Withdrawals via UPI and ATMs—Expected Launch Timeline
According to a report by Financial Express, EPFO has already developed a blueprint for the UPI-based withdrawal system. Discussions are currently underway with the National Payments Corporation of India (NPCI) to integrate this service with UPI platforms. If everything goes as planned, the facility could go live within the next 2-3 months, enabling millions of EPF account holders to withdraw their funds seamlessly.
Key Benefits of EPFO’s UPI-Based PF Withdrawals
✔ Faster Transactions – The current PF withdrawal process takes up to 7 days, but with UPI integration, funds could be transferred within minutes.
✔ Reduced Paperwork – Users will no longer need to submit multiple forms or wait for employer approvals.
✔ Fewer Claim Rejections – The new system will enhance transparency and minimize claim rejections.
EPFO’s ATM Facility—How Will It Work?
Along with UPI withdrawals, EPFO is also rolling out an ATM withdrawal service, allowing members to access their PF funds using an EPFO-linked debit card. The process will be similar to regular ATM transactions:
- Link your Universal Account Number (UAN) to the ATM system.
- Enter an OTP for verification.
- Withdraw your PF amount instantly.
Unlike the existing system, this ATM-based service will eliminate the need for employer approval, ensuring quick and hassle-free access to PF savings.
When Will the Official Announcement Be Made?
Although EPFO has yet to issue an official notification, sources indicate that the new UPI and ATM withdrawal services are part of the EPFO 3.0 initiative aimed at enhancing user experience and accessibility. Further details will be revealed once the formal announcement is made by EPFO.