PF withdrawals via ATMs, UPI likely from this month
What's the story
The Employees' Provident Fund Organization (EPFO) is gearing up to introduce a new feature for its subscribers. As part of the EPFO 3.0 initiative, members will be able to withdraw their provident fund (PF) balance through ATMs and Unified Payments Interface (UPI), likely by the end of May. The move is aimed at making fund access faster and more convenient.
Digital upgrade
What is EPFO 3.0 initiative?
Launched last year, the EPFO 3.0 initiative aims to revamp the organization's digital infrastructure and processes. The new system, which is expected to be fully implemented by mid-2026, will simplify all PF-related tasks. Among other things, it will enable auto-claim settlement and allow seamless fund transfers to bank accounts of the employee's choice.
Withdrawal options
Withdrawals via ATMs, UPI
One of the major improvements under EPFO 3.0 is the ability to withdraw PF money via ATM and UPI. This will let subscribers access their funds more easily, without extensive paperwork or office visits. However, it is likely that the EPFO will cap withdrawals through these methods at 50% of the total amount in an account.
Card issuance
Dedicated ATM cards for subscribers
Reports suggest that the EPFO plans to issue dedicated ATM cards to its subscribers. These cards would be linked with members' PF accounts, allowing them to withdraw their PF money directly from ATMs. However, only those who have an active Universal Account Number (UAN) linked with KYC documents like Aadhaar, PAN number, bank account number, and IFSC code will be eligible for this service.