Employees Provident Fund Organization (EPFO) is going to make a significant change for its members, making the PF withdrawal process even more simple and quick. Now members will be able to withdraw up to one lakh rupees directly from their PF account through Unified Payments Interface (UPI). This new feature is likely to be implemented by June 2025.
PF withdrawal through UPI: Process and Benefits
Under this new initiative of EPFO, members will be able to withdraw directly from their PF account through their favorite digital payment apps like Google Pay, PhonePe, Paytm etc. This feature will make the withdrawal process faster and convenient, so that members will no longer have to undergo long processes.
An increase in withdrawal limit: 50,000 to 1,00,000 rupees
Previously, members could withdraw up to Rs 50,000 from their PF account in medical emergency conditions. Now, this limit has been increased to Rs 1,00,000, which will provide more financial assistance to members in emergency situations.
PF withdrawal scheme through ATM
EPFO is also planning to provide PF withdrawal facility through ATMs in future. With this, members will be able to withdraw directly through the ATM from their PF account, which will make their reach even easier.India+1India+1
EPFO 3.0: Steps towards digital change
The EPFO is implementing these new features under its ‘EPFO 3.0’ program, which aims to provide quick and safe services to members through digital platforms. This will help the members complete various tasks related to their PF account online and easily.
Necessary steps for members
To take advantage of these facilities, members have to link their PF account to Aadhaar, PAN and bank account. Also, they have to create UPI ID in their digital payment apps and connect it to their bank account. Once these procedures are completed, members will be able to easily withdraw from their PF account through UPI.
conclusion
These new initiatives being taken by EPFO will help to make the PF withdrawal process simple and accelerated. Withdrawal facilities through UPI and future ATMs will provide more freedom and convenience to members to meet their financial requirements.
