If you also do a private job and have a PF account, then this news will make you happy. EPFO members will soon be able to withdraw up to one lakh rupees or 50 percent of the money from their PF account. PF members will be able to withdraw this money through UPI or ATM. It is expected that from the month of August, crores of EPFO members will start getting this facility. With the start of the facility, PF account holders will be able to withdraw money from ATM in times of emergency or transfer money through UPI.
No More 15-Day Wait – New Software Will Speed Up Process
Right now, in case of any emergency, EPFO members have to apply online to withdraw money. After this, it is verified. It takes 10 to 15 days to complete this entire process. Usually, it takes 15 days for the money to reach the account. But after the latest IT software 3.0 being introduced by EPFO, any kind of constraint regarding time will be eliminated. After this facility, no application will be required for withdrawal of up to one lakh rupees.
How Will the New PF Withdrawal System Work?
Withdraw ₹1 Lakh or 50% of PF Without Approval – According to the current rule, you can withdraw 50 percent of the amount present in the account at the time of emergency. Now under the new facility, withdrawal of one lakh rupees can be done from ATM. If you have less than two lakh rupees in your account, then you will be able to withdraw 50 percent of the existing amount. That is, you will not need any kind of approval to withdraw money up to a limit.
EPF Withdrawal Card to Be Issued to Members – Under the new system, EPFO members will be given EPF Withdrawal Card. With this, members will be able to withdraw money through ATM or UPI.
Software Trials Underway – Nationwide Launch by Year-End
All members will get the benefit of this. Because they will be able to see their EPFO account directly in the UPI interface and can make auto-claim. If the subscriber is eligible, then approval will be received immediately and money will come into the account. With the facility of withdrawing PF, EPFO members will get an even easier experience. Under the supervision of the Ministry of Labor and Employment, EPFO is working on the software related to the new system. Talks have already been held with RBI regarding the rules related to the banking process.
When will the facility of withdrawing PF from EPFO ATM start
According to the news published in Hindustan newspaper, six modules have been prepared for the software. Trial of three of these has been successful. Currently, work is going on for trial of two. After this, trial of one remains. It is expected that by August, after trialling all, the new system will be launched. In the initial phase, this facility will be started by EPFO in some cities. It is expected that by the end of the year, this facility will be started in other cities as well. Through this, you can check the balance of PF account, take out statement and avail the facility like auto claim.
Q1. When will the ATM and UPI PF withdrawal facility start?
A: The facility is expected to start in August 2025 in select cities and will expand nationwide by the end of the year.
Q2. How much money can be withdrawn without approval?
A: Members will be able to withdraw up to ₹1 lakh or 50% of their PF balance without needing any approval.
Q3. What is an EPF Withdrawal Card?
A: It is a special card issued by EPFO that allows members to withdraw money from their PF account via ATM or transfer through UPI.
Q4. Will I need to apply online to withdraw PF money?
A: No. For withdrawals up to ₹1 lakh, no application will be required once the new facility goes live.
Q5. Is EPFO working with any banks for this feature?
A: Yes. EPFO has coordinated with the RBI and banks like SBI for integrating the new system.
