PF money will be withdrawn from ATM-UPI, the rules apply from this month
PF withdrawal with ATM and UPI: Employee Future Deposit Fund System (E.PfO) A big change will cause a big change in late May or early June 2025. With this new change, the EPFO members can immediately take their future deposit fund (PF) through the UPI and ATM.
With this update, employees do not have to go on long and time to achieve their PF savings. The effort is being implemented in collaboration with the Ministry of Labor and Employment and has approved the Indian National Tax Corporation (NPCI).
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Along with this step, millions of EPFO members across the country are expected to get better features than ever before. Secretary of the Ministry of Labor and Employment Sumita Davra said that employees could immediately withdraw up to Rs 1 lakh. He said members could see their PF balance directly on the UPI operating system and that they could transfer funds to their favorite bank accounts without any delay.
This will make it easier for employees to access their money when needed. Currently, to eliminate PF funds, one must submit online claims and wait for approval, which may take several days or weeks. However, with the UPI coordination, withdrawal of withdrawal is immediately and complicated.
Not only is the employees not to withdraw money quickly, they can check the remaining amount and make transactions immediately. In addition, the EPFO also expands the reasons for its members to extract PF savings. Apart from medical emergency conditions, employees can now withdraw money for housing, education and marriage. Davra said, “By integrating more than 120 databases, the EPFO has made a major improvement in its digital infrastructure. These efforts have reduced the timely processing time only three days. Now 95 percent of the claims are automatically processed. The system works more efficiently.”
Pensioners have benefited from the digital efforts of the EPFO. Since December 2024, about 78 lakh pensioners have been able to use their funds from any bank branch without any restrictions. Previously, it was only allowed to withdraw from specific bank branches.
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