PF ATM Withdrawal: The Employees’ Provident Fund Organization (EPFO) is set to change the way employees withdraw their PF money.
Union Labor Minister Mansukh Mandaviya has announced that under EPFO 3.0, employees will soon be able to withdraw their PF directly from ATMs.
This means no more lengthy formalities, office visits, or employer approvals.
Withdrawing PF Will Be as Simple as Withdrawing from a Bank Account
Earlier, withdrawing PF was a time-consuming process, but soon, it will be as easy as withdrawing cash from a bank.
EPFO is upgrading its system to allow employees to withdraw PF from ATMs anytime.
Minister Mandaviya emphasized that since it is your money, you should be able to withdraw it whenever you need it.
How to Withdraw PF from an ATM?
With this new facility, your PF account will be linked to an ATM-supported system. To withdraw money, you will need to verify your identity using your Universal Account Number (UAN) or linked bank account.
For security, a multi-factor authentication process, including OTP verification, will also be required.
Withdraw PF Using UPI
Besides ATMs, EPFO is also working on enabling PF withdrawals through UPI (Unified Payments Interface).
This means you will soon be able to withdraw your PF directly through apps like PhonePe, Google Pay, Paytm, and BHIM.
Currently, PF withdrawals through NEFT or RTGS take 2-3 days, but with UPI, the process will be completed in just a few seconds.
Special PF ATM Card Under EPFO 3.0
EPFO customers will also get a special PF ATM card, which will allow them to withdraw money from their PF accounts at select ATMs.
However, details on which ATMs will support this feature have not yet been disclosed. EPFO has assured that the system will be user-friendly and easy to use.
PF Withdrawal Will Be Faster and More Convenient
With EPFO 3.0, withdrawing PF will become fully digital and instant. This change will benefit millions of employees, especially in urgent financial situations.
The government will soon announce the launch date and complete details of this facility.
