Employees’ Provident Fund Organisation (EPFO) subscribers will soon be able to withdraw their Provident Fund (PF) savings directly from ATMs, as announced by Union Labour Minister Mansukh Mandaviya on March 7. This new feature is part of the upcoming “EPFO 3.0 version,” aimed at making fund access as seamless as bank transactions.
EPFO’s New System: Instant PF Withdrawals via ATMs and Enhanced Security
Mandaviya highlighted that the system upgrade would eliminate the need for subscribers to visit EPFO offices or rely on employers to process withdrawals. Subscribers will be able to withdraw their PF savings anytime through ATMs, using their registered Universal Account Number (UAN) or linked bank accounts.
To make this possible, the Ministry is revamping its IT infrastructure to enable instant disbursals, removing the delays that currently exist in the claim process. Withdrawals will likely involve multi-factor authentication, such as an OTP sent to the registered mobile number, to ensure security and compliance with EPFO guidelines.
EPFO to Enable Instant PF Withdrawals via UPI Integration
In addition to ATM withdrawals, EPFO is working on integrating Provident Fund claims with digital payment platforms like PhonePe, Google Pay, Paytm, and BHIM, via the Unified Payments Interface (UPI). This will allow for instant fund transfers, reducing the current processing time of 2-3 days through NEFT or RTGS.
The EPFO has already completed a blueprint for UPI integration and plans to roll out this feature within the next 2-3 months. This initiative will simplify the withdrawal process and offer more convenience for subscribers looking for faster and easier access to their savings.
