Your PF, your rules: EPFO to soon enable instant fund withdrawals via UPI and ATMs; more details here

The Employees' Provident Fund Organisation (EPFO) is set to revolutionise the way its members access their provident fund (PF) accounts by integrating with the Unified Payments Interface (UPI) and enabling withdrawals via ATMs. This initiative, expected to roll out by the end of May or early June 2025, aims to enhance efficiency and significantly reduce transaction times for millions of EPFO members.

Labour and Employment Secretary Sumita Dawra told ANI about the transformative nature of this development, stating that members will soon be able to view their PF account balances directly through UPI platforms, initiate automated claims, and select their preferred bank accounts for fund transfers.

Over 7.5 crore active PF members will also be able to view their PF account balances directly on UPI. The system will facilitate instant withdrawals of up to ₹1 lakh through an automated process, providing them with immediate access to their funds.

Currently, PF withdrawals take two to three days to process. However, with UPI and ATM integration, it is anticipated that PF members will be able to withdraw money instantly, streamlining the experience for account holders. This advancement underscores the impact of UPI on digital payments across India, simplifying transactions and enhancing user convenience.

In addition to faster withdrawals, EPFO has expanded the scope of fund usage. Members can now withdraw funds for purposes such as housing, education, and marriage, along with the existing provisions for medical emergencies. This expansion offers greater financial flexibility to account holders, addressing a wider range of personal financial needs.

The functioning of UPI and ATM-based withdrawals is currently in its final testing phase, with stabilisation of the centralised database expected to take an additional two to three weeks. Once operational, this system will provide EPFO members with seamless access to their provident funds, marking a significant milestone in the organisation's ongoing efforts to modernise and improve its services.

This initiative highlights EPFO's commitment to leveraging technology to enhance user experience, ensuring that members have swift and convenient access to their funds when needed.