Pf atm withdrawal: Employees’ Provident Fund Organization EPFO is going to change PF’s way soon. Union Labor Minister Mansukh Mandavia has announced that it will now be easy to extract PF directly from ATM under EPFO 3.0. That is, now the mess of long formalities, offices and the acceptance of the employer will be over.
Now PF will have to be removed as easy as 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 ATM anytime. Minister Mandavia also said that this is your money, withdraw it whenever you want.
How will PF come out of ATM?
Under this new EPFO facility, your PF account will be linked to an ATM-supported system. To withdraw money, you have to verify identification with UAN Universal Account Number or Linked Bank Account. Also, multi-factor authentication process like OTP verification will be implemented for security.
The facility to withdraw money from PF will also be available through UPI
Apart from ATM, EPFO is also preparing to provide PF extract from UPI (Unified Payments Interface). This means that you will be able to extract PF directly from apps like PhonePe, Google Pay, Paytm, BHIM. It takes 2-3 days from NEFT or RTGS to remove PF, 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, so that they will be able to withdraw money from their PF account on a nominee ATM. However, which ATM will support this facility, it has not been informed yet. But EPFO has assured that it will be made easy and user-friendly.
PF will have to be removed than before
After the arrival of EPFO 3.0, the process of extracting PF will be completely digital and instant. Millions of employees will benefit from this, especially when money is needed immediately. The government will soon release the launch date of this facility and information about the entire process.
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