• Source:JND

EPFO 3.0: Starting April 1, the Employees' Provident Fund Organisation (EPFO) of India is going to bring some major changes to its wide processes and systems. With the arrival of EPFO 3.0 all set for next month, changes to the payments settlement system are expected, which will make the withdrawal process digital, making it seamless and quick. The most important change that will take place is that users will be able to withdraw their PF collections from the ATMs themselves using UPI. So let's break down the details of the event one by one.

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Money Withdrawal Through UPI

After the new changes and system are in place, users can bid farewell to the old long processes to withdraw their PF, as the new EPFO 3.0 will come with a feature called 'Instant Credit', using which will allow you to transfer funds to your bank account directly processed through UPI after submitting a request.

The new rules suggest that when an employee loses their job, they will be able to withdraw 75% of their PF account to provide for their basic needs and in times of emergency. The other 25% will remain in the account itself for one month. If the user is still not able to secure a job during this time and remains unemployed, they can withdraw the rest of the amount as well. This system will function as a safety valve.

PF Withdrawal From ATM: Steps

Withdrawing your PF money through an ATM involves a digital request first, followed by a simple cash withdrawal process.

Step-by-Step: Withdrawal Process:

Step 1:

Log in to the EPFO portal or open the UMANG app.

Step 2:

Select the option for UPI-based PF withdrawal.

Step 3:

Enter the amount you want to withdraw.

Step 4:

Verify the request using your UPI PIN.

Step 5:

Once processed, the amount will be credited to your linked bank account.

Step 6:

Visit a UPI-enabled ATM.

Step 7:

Choose the QR Cash option on the ATM screen.

Step 8:

Scan the QR code using your UPI app.

Step 9:

Confirm the transaction and withdraw your cash.

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Important Conditions To Keep In Mind

In order to ensure seamless and smooth access to this facility for PF withdrawal, users need to make sure that these requirements are fulfilled. Firstly, users must have an active UAN, and your PF account should be linked with your Aadhaar card as well. Secondly, users must keep in mind to use the mobile number that is directly associated with the Aadhar as well as their UPI.

Users also need to make sure that their bank KYC is updated, as incomplete information may cause issues in the process.


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