PF Money to be Withdrawn via ATM and UPI from This Month

A major update has come for members of the Employees’ Provident Fund Organisation (EPFO). Money from PF accounts can now be withdrawn using ATM cards and UPI services. According to the Labour Ministry, this facility is likely to be rolled out before the end of June.

The ministry has confirmed that the ATM-UPI withdrawal scheme for EPFO members will be implemented this month. The new service will begin as soon as the 2.01 server is activated.

Once implemented, members will be able to transfer money directly from their PF account to their bank account using UPI and then withdraw it through an ATM card.

Labour Minister Mansukh Mandaviya had earlier given hints about this facility in May. He had said that from June onwards, people would be able to withdraw PF money using UPI from ATMs.

The government aims to make PF withdrawal easier and completely digital so that members do not have to visit offices or fill lengthy forms.

It is expected that the withdrawal limit through ATM or UPI may be capped at 50% of the total PF balance. To avail this facility, members will need an active Universal Account Number (UAN) linked with Aadhaar, PAN, and bank account details.

The process will be OTP-based. Members will get an option like 'Link PF with UPI' on the EPFO portal or UMANG app.

Full PF withdrawal will still be allowed at the age of 55 upon retirement. In cases of disability, retrenchment, permanent migration abroad, or for PF safety, the entire amount can also be withdrawn.