Pf atm withdrawal: Employees Provident Fund Organization EPFO is going to change the method of PF withdrawal soon. Union Labor Minister Mansukh Mandavia has announced that under EPFO 3.0, it will now become easier to remove PF directly from ATM. This means that now long formalities, the troubles of the offices going round and taking the approval of the employer will be over.
Now PF Removes will be as easy as withdrawn from the bank account
Earlier it took a long time to extract PF, but now it will be as easy as withdrawing money from the bank. EPFO is upgrading its system so that employees can withdraw their PF money from ATMs at any time. Minister Mandavia also said that this is your money, whenever you want.
How to remove PF from ATM?
Under this new facility of EPFO, your PF account will be connected to the ATM -backed system. To withdraw money, you have to verify your identity through UAN Universal Account Number or Linked Bank Account. Additionally, multi-factor authentication process such as OTP verification for safety will be implemented.
The facility to withdraw money from PF will also be available through UPI
Apart from ATM, EPFO is also preparing to provide PF withdrawal through UPI (Unified Payments Interface). This means that you will be able to extract PF directly from apps like Phonpe, Googlepe, Paytm, Bhima. Currently, it takes 2-3 days to extract PF through NEFT or RTGS, but this work will be completed in a few seconds from UPI.
PF ATM card will be available under EPFO 3.0
EPFO customers will soon get a special PF ATM card, through which they will be able to withdraw money from their PF account from any designated ATM. However, it is not yet known which ATMs will support this feature. But the EPFO has assured that it will be made simple and user friendly.
Removing PF will be easier than before
After the arrival of EPFO 3.0, the PF withdrawal process will be completely digital and immediate. This will benefit millions of employees, especially when money will be immediately needed. The government will soon declare information about the launch date and entire process of this facility.
