PF ATM Withdrawal: Employees’ Provident Fund Organization EPFO is going to change the method of withdrawing PF soon. Union Labor Minister Mansukh Mandaviya has announced that under EPFO 3.0, it will now be easy to withdraw PF directly from ATM. That means now the hassle of long formalities, rounds of offices and approval of employer will end.
Now withdrawing PF will be as easy as withdrawing a bank account
Earlier it used to take a lot of time to withdraw PF, but now it will be as easy as withdrawing money from the bank. EPFO is upgrading its system so that employees can withdraw their PF money from ATM anytime. Minister Mandaviya also said that this is your money, withdraw it whenever you want.
How to withdraw PF from ATM?
Under this new facility of EPFO, your PF account will be linked to an ATM-supported system. To withdraw money, you will have to verify your identity with UAN Universal Account Number or linked bank account. Also, multi-factor authentication process like OTP verification will be implemented for security.
Facility to withdraw money from PF will also be available through UPI
Apart from ATM, EPFO is also preparing to provide the facility of withdrawing PF through UPI (Unified Payments Interface). This means that you will be able to withdraw PF directly through apps like PhonePe, Google Pay, Paytm, BHIM. Currently, it takes 2-3 days to withdraw PF through NEFT or RTGS, but with UPI, this work will be completed in a few seconds.
PF ATM card will be available under EPFO 3.0
EPFO customers will soon get a special PF ATM card, through which they will be able to withdraw money from their PF account at any nominee ATM. However, information about which ATMs will support this facility has not been given yet. But EPFO has assured that it will be made easy and user-friendly.
Withdrawing PF will be easier than before
After the introduction of EPFO 3.0, the process of withdrawing PF will become completely digital and instant. Lakhs of employees will benefit from this, especially when money is needed immediately. The government will soon release the launch date of this facility and the complete process.
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