EPF Withdrawal Via ATM: As has been reported for months, the Employees' Provident Fund Organisation (EPFO) is set to launch a revolutionary new system for Provident Fund (PF) withdrawals through the Unified Payments Interface (UPI). The Ministry of Labour and Employment has approved the recommendation of the National Payments Corporation of India (NPCI), the umbrella body that operates the retail payments and settlement system in India.
In an interview with news agency ANI, Sumita Dwara, Secretary, of the Ministry of Labour and Employment, said that by the end of May or June this year, PF members will be able to withdraw funds through UPI and ATM at the earliest.
By the end of May or June, members will experience a transformational change in accessing their Provident Fund, They will be able to view their PF account balance directly on UPI, withdraw up to Rs 1 lakh instantly through an automated system and choose their preferred bank account for the transfer, said Dwara.
Also Read: Reliance Power Shares Surge Over 11% Amid High Trading Volumes, Gains 3200% In Five Years
The options for withdrawal of funds for housing, education and marriage have been expanded, with existing provisions for ill health also being incorporated, the secretary added.
The EPFO has made significant progress in digitising its processes, consolidating over 120 databases to streamline the withdrawal process. Claim processing time has come down dramatically to just 3 days, with 95% of claims now automated and plans are afoot to further simplify the process, Dwara said.
Currently, EPFO members cannot withdraw PF through UPI. Once introduced, the claim process is expected to be completed in a few hours or minutes as compared to the current 2-3 days.
Since UPI has simplified digital payments, this facility is expected to make PF withdrawal easier for members.