Withdraw PF without any hassle! Now you can get money from PhonePe, Google Pay and Paytm too

Business News. PF withdrawal via UPI: The Employees' Provident Fund Organisation (EPFO) is soon going to bring a big change in the process of PF withdrawal for its members. Union Labour Minister Mansukh Mandaviya has announced that now under EPFO ​​3.0, employees will be able to withdraw their provident fund money directly from ATMs. Along with this, the facility of PF withdrawal will also be available through UPI i.e.

Currently, withdrawing PF involves long procedures and office visits, as well as employer approval. But now after this new facility, withdrawing PF will become as easy as withdrawing money from the bank. EPFO ​​is upgrading its system, so that employees can withdraw money from ATMs anytime as per their requirement. Minister Mandaviya clearly said that these employees have their own money and they should be able to withdraw it whenever they want.

How can PF be withdrawn from ATM ?

Under this new facility to be launched by EPFO, every employee's PF account will be linked to the ATM-supported system. To withdraw money, employees will have to verify their identity through their Universal Account Number (UAN) or linked bank account. Multi-factor authentication process like OTP verification will also be implemented keeping in mind the security.

Withdraw PF through UPI too!

Along with ATMs, EPFO ​​is also ready to provide the facility of PF withdrawal through Unified Payments Interface (UPI). This simply means that now employees will be able to transfer their PF money in a matter of seconds using apps like PhonePe, Google Pay, Paytm and BHIM. Currently, PF withdrawal through NEFT or RTGS takes 2-3 days, which will be done instantly through UPI.

EPFO will bring PF ATM card

EPFO will also soon bring a special PF ATM card for its customers. With the help of this card, employees will be able to withdraw money from their PF account from any ATM. However, the information on which ATM network this facility will be available has not been announced yet. But EPFO ​​has assured that this process will be made simple and easy to use.

With the introduction of EPFO ​​3.0, the entire process of withdrawing PF will become digital and instant. This facility will benefit lakhs of employees, especially when they need money urgently. The government will soon announce the official date of the launch of this facility and its complete process. With this change, it is certain that withdrawing PF will become much easier than before.