Great news for salaried employees! The Employees’ Provident Fund Organisation (EPFO) is set to make PF (Provident Fund) withdrawals easier than ever. Soon, you can withdraw your PF money directly through popular UPI apps like PhonePe, Google Pay, Paytm, and BHIM.
What’s Changing?
Until now, withdrawing PF was a lengthy process that required submitting forms, waiting for approvals, and banking delays. But with EPFO 3.0, the system is being upgraded to allow instant withdrawals through ATMs and UPI.
How Will It Work?
- Your PF account will be linked to an ATM-supported system.
- You will need your UAN (Universal Account Number) or a linked bank account for verification.
- For security, OTP-based multi-factor authentication will be required.
- Withdrawals via UPI apps will be processed instantly, unlike the current system which takes 2-3 days through NEFT/RTGS.
PF ATM Cards Coming Soon!
EPFO is also planning to issue special PF ATM cards, allowing employees to withdraw their PF money from designated ATMs. However, details about which ATMs will support this service are yet to be announced.
Why is This a Big Deal?
This upgrade will make PF withdrawals as simple as withdrawing money from a bank account. It will be especially helpful for employees needing urgent cash during emergencies.
Also Read: EPFO 3.0: Draw Your PF from ATM Now
