PF Withdrawals via UPI and ATM: Provident Fund (PF) members will soon be able to withdraw their funds using UPI and ATMs, a change that will benefit millions of people.
Sumita Dawra, Secretary of the Ministry of Labor and Employment, informed ANI that this new service will be available by the end of May or June.
EPFO Introduces UPI Withdrawal Option
The Employees’ Provident Fund Organization (EPFO) is set to offer the option to withdraw PF funds through the Unified Payments Interface (UPI).
The Ministry of Labor and Employment approved the National Payments Corporation of India (NPCI) recommendations, paving the way for UPI withdrawals.
NPCI is the main organization managing retail payment systems in India.
New Process for PF Withdrawal
Dawra explained that under the new system, EPFO members will be able to withdraw up to ₹1 lakh instantly and transfer the funds to their bank accounts.
Members will also be able to check their PF balance through UPI. This update will improve financial access and allow for quick withdrawals for purposes like education, marriage, or medical treatment.
Digitization and Automation Changes
EPFO has made significant progress in digitizing its services, integrating over 120 databases.
As a result, the claim processing time has been reduced to just 3 days. Currently, 95% of claims are automated, and there are plans to make the process even more efficient.
Benefits for Pensioners
Dawra also mentioned that recent reforms have benefited pensioners.
Starting December 2024, 78 lakh pensioners will be able to withdraw their pension from any bank branch, instead of just selected branches.
The removal of geographical restrictions will provide greater convenience.
