PF Withdrawal New Rules : Method of PF withdrawal will change!! New facility will start soon

PF Withdrawal New Rules | The news has come as a big relief for crores of EPFO ​​members in the country. The Employees’ Provident Fund Organization (EPFO) is rapidly digitalizing its services and is likely to soon provide the facility to withdraw funds from PF accounts through UPI and ATMs. This will greatly reduce the cumbersome process, filing of documents and days of waiting for PF withdrawal.

Currently, members have to file a claim on the EPFO ​​portal to withdraw PF amount. But under EPFO ​​3.0, members will get the facility to withdraw money directly from UPI platform or ATM. With this new system, withdrawal of money in case of emergency will be very easy and fast. Suppose someone suddenly wants to withdraw PF money, they can withdraw it from the ATM immediately.

How much can be withdrawn?

Now you must be wondering that exactly how much PF amount can be withdrawn from ATM? So there are discussions that you can get permission to withdraw up to 75 percent of the money in your PF account. The remaining 25 percent will be retained in the account for retirement security. PF Withdrawal New Rules

Direct facility through UPI

EPFO’s new mobile app is being integrated with the UPI system. So members can get direct fund transfer facility by linking with BHIM, PhonePe, Google Pay or other UPI platforms. The government has informed that the testing of this facility has been completed and it will be implemented in a phased manner.

EPFO is modernizing its IT system for these new services. Under EPFO ​​3.0 many facilities like paperless claims, fast settlement, online transfer and UPI-based transactions are being introduced. PF Withdrawal New Rules

What is the benefit to members of withdrawing PF through UPI and ATM?

Office visits for PF withdrawal will be reduced.
Quick funds will be available in case of emergencies.
Modes like UPI and ATM will simplify the process.
The burden of documents will be reduced.