Great news! Now PF money will be withdrawn from ATM, EPFO ​​is going to bring the facility of UPI payment.

EPFO 3.0: Now provident fund money will be available in a jiffy

Employees Provident Fund Organization (EPFO) is going to make a revolutionary change for crores of its account holders. Now you don’t have to wait for weeks for your money. There is news that by the end of May, the facility to withdraw PF money through ATM and UPI can start. This new initiative will benefit about 7.8 crore subscribers, who will now be able to get money instantly without lengthy paperwork.

EPFO 3.0 will change the whole picture

This new facility is an important part of the ‘EPFO 3.0’ project. The main objective of this project is to make the entire process related to PF easy, fast and completely digital. It is believed that this system will be completely operational by mid-2026. After its implementation, tasks like PF claim, account transfer and withdrawal of money will become simpler than before.

Weeks’ work now in a few days

Under EPFO ​​3.0, claims up to ₹5 lakh will now be settled automatically. Till now the claim which used to take 10 to 20 days to be received will now be credited to your account within just 2 to 5 days. The biggest relief is that for Aadhaar verified accounts, the hassle of uploading the photo of passbook or check will also end. The entire process is going to be completely paperless.

New method of withdrawal from ATM and UPI

Under the new system, EPFO ​​is planning to give a special ATM card to its members, which will be directly linked to their PF account. With the help of this card you will be able to withdraw cash from any ATM machine. Not only this, PF money can also be transferred directly to the bank account through UPI apps like PhonePe and Google Pay. In the initial phase, one can get the facility to withdraw up to Rs 1 lakh through this medium.

Balance will be transferred automatically as soon as job is changed

EPFO 3.0 is no less than a boon for employees changing jobs. Now the PF balance will be automatically transferred from the old employer to the new employer. For this, now neither will you have to visit the old company nor will you have to rack your brains for hours online.

Who will get the benefit of this new facility?

To withdraw money from ATM and UPI, it is mandatory for your UAN (Universal Account Number) to be active. Also, it should be linked to Aadhaar, PAN and bank account. According to the rules, if someone loses his job, he can withdraw 75% of the PF amount after one month, while the remaining 25% amount can be withdrawn after two months.

Expert opinion and tax rules

Market experts believe that PF is the safest and largest fund for retirement. The benefit of compound interest is available only when the money is deposited for a long time, hence withdrawals should be made only when absolutely necessary. Talking about tax, if you have completed a total of 5 years of service, then no income tax has to be paid on PF withdrawal.