EPFO Rules Update: Employees Can Soon Withdraw PF Money Directly from ATMs
Millions of employees in India have received exciting news regarding their Provident Fund (PF) withdrawals. The Employees’ Provident Fund Organization (EPFO) is set to introduce a new system that will allow subscribers to withdraw their PF savings directly through ATMs.
Major Announcement by Union Labor Minister
Union Labor Minister Mansukh Mandaviya recently announced that EPFO members will soon have the convenience of withdrawing their PF funds just like bank transactions. This new initiative, part of the upcoming ‘EPFO 3.0 version,’ aims to simplify the withdrawal process and eliminate the need for visiting EPFO offices or seeking employer assistance.
How Will PF Withdrawal Through ATMs Work?
-
Enhanced IT Infrastructure – The government is upgrading EPFO’s IT systems to ensure seamless PF withdrawals, eliminating the need for lengthy claim procedures and delays.
-
Direct Access Through ATMs – EPFO plans to link PF accounts to an ATM-compatible system. Subscribers will be able to access their funds using their Universal Account Number (UAN) or linked bank accounts.
-
Secure Authentication – Withdrawals will require multi-factor authentication, including an OTP verification sent to the registered mobile number, ensuring security and compliance with EPFO guidelines.
-
Instant Fund Disbursement – The initiative will enable immediate claim settlements, removing the waiting periods that employees currently face.
PF Withdrawals to Be Enabled via UPI Platforms
In addition to ATMs, EPFO is also working with the National Payments Corporation of India (NPCI) to integrate PF withdrawals with digital payment platforms such as:
-
PhonePe
-
Google Pay
-
Paytm
-
BHIM
This integration will allow instant fund transfers, replacing the current 2-3 day processing time via NEFT or RTGS. A blueprint for UPI-based withdrawals has already been developed, and the feature is expected to launch within the next 2-3 months.
With these upgrades, EPFO is making it easier and faster for employees to access their hard-earned PF savings without unnecessary delays.