PF members will soon be able to withdraw up to Rs 1 lakh instantly through UPI, ATMs | Check Details
PTC Web Desk: In a significant step towards digital financial transformation, the Employees' Provident Fund Organisation (EPFO) is set to introduce Unified Payments Interface (UPI) and ATM-based withdrawals for Provident Fund (PF) members. This revolutionary move, approved by the Labour and Employment Ministry, is expected to be implemented by the end of May or June 2025, offering seamless access to funds for millions of employees.
Sumita Dawra, Secretary, Ministry of Labour and Employment, confirmed in an exclusive interaction with ANI that PF members would soon be able to withdraw up to Rs 1 lakh instantly through UPI and ATMs. Additionally, they would have the option to choose their preferred bank account for fund transfers and view their PF balance directly on UPI platforms.
The move aims to enhance financial flexibility, enabling members to withdraw funds for housing, education, marriage, and medical emergencies in a streamlined manner.
The EPFO has undergone major digital advancements, integrating over 120 databases to accelerate claim settlements. The processing time for PF withdrawals has been significantly reduced to just three days, with 95% of claims now automated. Further optimisations are underway to make the system even more efficient.
Since December 2024, around 78 lakh pensioners have benefited from enhanced withdrawal flexibility. Unlike before, pension withdrawals are no longer restricted to specific bank branches, allowing pensioners to access their funds from any bank across the country.
- With inputs from agencies
