Top News

There has been news of a big relief and new start for crores of employees across the country. Employees Provident Fund Organization (EPFO) is now going to provide its members to withdraw money from PF account through ATM or UPI. Announcing this new scheme, Union Labor Minister Mansukh Mandavia said that this process can be implemented by July 2025.

After the implementation of this facility, PF account holders will be able to withdraw money directly from their PF account through debit cards, such as banks are withdrawn from the account.

PF withdrawal from debit card: What is the new system?

According to media reports, EPFO ​​may soon issue “PF withdrawal card”, which will be like the bank ATM card. Through this card, users will be able to withdraw cash from their PF account to a fixed limit. This facility will be especially beneficial for those employees who want to withdraw money in emergency but stop due to long process.

The purpose of this is that the retirement funds should be safe and funds can also be found in times of need. Apart from card -based withdrawal, UPI withdrawal facility can also be started through PF account in the coming days.

You will be able to remove ₹ 5 lakh from PF account in 72 hours

With the new facility, the government has given another big update- now if needed, you will be able to remove up to ₹ 5 lakh from your PF account in 72 hours (3 days). Earlier this limit was ₹ 1 lakh. These claims will be processed under the auto settlement system.

PF claims in auto settlement are processed by software without human intervention. If the UAN, Aadhaar, PAN and bank account are correctly link and KYC is updated, then the claim is cleared in 3-4 days without delay.

What is UPI-PF linking?

Work is also going on in the direction of PF UPI Integration. In the coming months, account holders will be able to link their PF account to the UPI platform.

With this, they will be able to transfer money directly from PF account to their bank account. This will be especially helpful when money will be needed due to reasons like medical emergency, marriage, education or house loan.

Manual settlement is now lagging behind

While the auto settlement is completed in 3 to 4 days, manual claim settlements take 15-30 days. In this process, EPFO ​​employees check the documents. The application is made through Form 19, 31 or 10C and the claim may be stuck if there is any deficiency or exit date in KYC.

Also read also: