A revolutionary news related to Employees’ Provident Fund Organization (EPFO) has come to light for employed people. Now you will not have to wait for weeks to withdraw your PF money nor will you have to visit offices. Adopting technology, work is now being done on such a facility, through which you will be able to withdraw money from your PF account directly through ATM or UPI if needed. This step is expected to provide great relief to crores of subscribers in times of emergency.
How to withdraw PF money from ATM? Know the step-by-step process
To make the provident fund amount more accessible, the government is preparing to link it with digital banking. Under this process, EPFO subscribers will have to keep their UAN completely updated with their bank account. Once the facility is launched, you will be able to withdraw money directly through your Aadhaar-linked bank account, which is linked to your PF. For this, you will have to go to the PF portal and choose the option of ‘Advance Withdrawal’, after which the approved amount will come to your account and you will be able to withdraw it from any ATM.
Payment will also be done through UPI, now there will be no tension in offices
To promote Digital India, now it is being considered to link PF withdrawal with UPI (Unified Payments Interface). This means that you will also be able to check the status of your PF claim through apps like Google Pay, PhonePe or Paytm and transfer money directly to your linked bank account. However, this facility will increasingly be applicable to advance claims made primarily for ‘illness’ or ’emergency’ conditions. For this, it is mandatory for the subscribers to have KYC and validation of their bank account.
Take special care of these things before withdrawal
Even though it is going to be easy to withdraw PF money now, it also has some strict rules. Experts say that PF is your retirement capital, so withdraw it only when absolutely necessary. There is a provision to deduct tax (TDS) on withdrawal of money before 5 years of continuous service. Also, EPFO allows advance withdrawal only for special circumstances like treatment, home renovation, marriage or education. If you also want to avail this facility, make sure that your Aadhar card, PAN card and mobile number is updated on your UAN portal.
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