The EPFO ​​is bringing great news for its millions of members. You no longer have to wait long for claim settlements to withdraw money from your PF account. The government is linking PF accounts to the banking system, making it possible to withdraw cash from ATMs or make payments through UPI. This will make it easier to access funds in emergencies.

If you're employed, PF should be deducted from your salary. For your information, the Employee Provident Fund (EPFO) is a retirement savings scheme in which both the employee and the employer contribute a portion of the employee's salary each month.

This amount provides financial security in times of future need. Now, the central government is preparing to link PF with banking gateways. This will allow people to easily withdraw PF through ATMs and UPI. In today's episode, we'll explain how to withdraw PF from an ATM. Let's find out.

Can you withdraw PF money from ATM?

According to reports, PF account holders will be given a card to withdraw PF from ATMs. This card will resemble a bank ATM.

This withdrawal card will be linked to the PF account holder's PF account.
The account holder will need to claim the withdrawn amount online.
After this, the account holder will be able to withdraw money directly from their PF account using the withdrawal card at an ATM.

What you need to know about withdrawing PF from ATM

The Universal Account Number (UAN) must be active.
The mobile number linked to the UAN must be active.
The UAN must be linked to your Aadhaar card, PAN card, bank account number, and IFSC code.

What documents will be required?

According to reports, you may need the following documents to withdraw PF funds from an ATM: Address proof,
ID proof,
Bank account number,
and a blank or canceled check with IFSC code.

Necessary changes

Withdrawal up to 75%: As per the new rules, account holders will be able to withdraw up to 75% of their total PF balance through ATM or UPI. Limitation: According to some preliminary information, instant withdrawal facility of up to Rs 1 lakh can be available through UPI.
Auto-settlement: While withdrawing PF for illness, education or marriage, the claims will now be settled in 'auto-mode' without any human intervention. No need for employer's approval: now there will be any need to wait for the company's digital signature or approval for claim settlement.

PC: Maharashtratimes