EPF Withdrawal Made Easy: Use ATM & UPI, Full Process Explained

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The Employees’ Provident Fund Organisation, seeing an opportunity to simplify and modernize the Provident Fund withdrawal procedures, has declared that the withdrawal of EPF savings will soon be possible through ATMs and UPI (Unified Payments Interface). It is a situation that stands to represent a great step in convenience offered to and accessibility given by millions of EPF subscribers in India.

What’s New?

Earlier, EPF withdrawal required claims to be made online on the EPFO portal or through paperwork via the employer. Now, a member can tap the digital payments platforms, including UPI and ATM, to access funds in real time without having to go through days of waiting or any tedious operations.

The system will be launched in phases and shall initially be thrust in select towns and cities, before finally having a nationwide rollout.

How It Will Work?

Reportedly, the said new facility will allow members of the EPFO:

  • Withdrawal of EPF through ATM:This would be like withdrawals at bank ATMs. Insert the card linked to Aadhaar (or biometric verification), authenticate the transaction, and withdraw a certain amount from the EPF balance.
  • Withdrawal via UPI: Initiate withdrawal via applications like Google Pay, PhonePe, Paytm, or BHIM. Once UAN, Aadhaar are linked to the UPI app, eligible members can choose the option for EPF withdrawal, enter the amount, and complete biometric or OTP verification.

Eligibility And Requirements

Members should: 

  • Have a UAN (Universal Account Number) activated and Aadhaar verified
  • Have their mobile number linked with Aadhaar and UAN
  • Have their bank account linked with UAN and Aadhaar
  • Use UPI applications that allow EPF transactions or venture to an ATM that supports this withdrawal.

Benefits Of The New System

  • Withdrawals are almost instantaneous and there is no long waiting list as seen with PF claims
  • Easy to use interface on ATMs or mobile apps
  • Service available 24×7; withdraw fund anywhere, anywhere, anytime
  • Secure access with authentication through Aadhaar, OTP, or Biometric

Conclusion

This step taken by the EPFO is truly empowering for working professionals. The cumbersome paperwork is minimized, and employees are offered quicker and more flexible options to access their retirement savings. As the rollout of this system spreads across India, millions will be the beneficiaries of this digital transformation of the EPF withdrawal process.

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