Employees’ Provident Fund Organisation (EPFO) subscribers will soon be able to withdraw their provident fund (PF) money directly through ATMs and UPI. The withdrawal limit will be set at Rs 1 lakh. This facility is expected to be launched by the end of May or early June this year, according to Sumita Dawra, Secretary, Ministry of Labour and Employment.
Dawra informed that EPFO will issue a special “EPFO Withdrawal Card” to its members, similar to a debit card. Using this card, subscribers will be able to withdraw money instantly from ATMs. Additionally, members will be able to check their PF account balance through UPI.
At present, EPFO members have to wait up to two weeks to get their claims processed online. The upcoming facility aims to provide greater financial flexibility to the country’s workforce. To make the withdrawal process easier, EPFO has integrated more than 120 databases to improve its digital infrastructure. The time taken for claim processing has now been reduced to just three days, and nearly 95% of claims are processed automatically. Further improvements are also planned.
Special ATM Card to Be Issued
EPFO will issue a dedicated ATM card linked directly to subscribers’ PF accounts. This card will enable members to withdraw money from any ATM. For UPI-based withdrawals, subscribers will need to link their PF account with UPI. After this, they will be able to transfer PF money to their bank accounts.
Under the current EPFO withdrawal rules, if a member loses their job, they can withdraw up to 75% of their PF balance after one month of unemployment. The remaining 25% can be withdrawn after two months of unemployment, helping members manage their financial needs during such periods.
