PF Withdrawal: Withdraw ₹1 Lakh via UPI & ATM – Details

The Employees’ Provident Fund Organization (EPFO) has introduced a new facility that allows members to withdraw up to ₹1 lakh from their Provident Fund (PF) accounts using UPI and ATMs. This move aims to provide quick access to funds during emergencies while enhancing financial convenience for employees. In this article, we’ll explore the eligibility, process, and key details regarding this new PF withdrawal feature.

What Is the New PF Withdrawal Rule?

EPFO has now enabled a seamless withdrawal process through UPI and ATM, allowing members to withdraw up to ₹1 lakh instantly. This feature is designed for emergency situations such as medical expenses, house construction, or education.

Eligibility for PF Withdrawal via UPI & ATM

To withdraw PF funds using UPI and ATM, you must meet the following criteria:

Must be an EPFO member with an active UAN (Universal Account Number).
Your Aadhaar must be linked with your EPF account.
Your bank account should be verified and linked to UPI.
Must have completed the required minimum service period as per EPF withdrawal rules.
The withdrawal purpose must comply with EPFO guidelines.

Step-by-Step Guide to Withdraw PF via UPI

Login to EPFO Portal: Visit the EPFO Member Portal and enter your UAN and password.
Navigate to Online Claims: Click on ‘Online Services’ > ‘Claim (Form-31, 19 & 10C)’.
Select Withdrawal Type: Choose ‘Advance (Form 31)’ for partial withdrawal.
Enter Amount: Enter the required amount (up to ₹1 lakh).
Select UPI Option: Choose ‘Withdraw via UPI’ and enter your registered UPI ID.
Submit Request: Verify the details and submit the claim.
Approval & Processing: Once approved, the amount will be credited instantly via UPI.

Step-by-Step Guide to Withdraw PF via ATM

Visit a Designated ATM: EPFO will enable specific ATMs for PF withdrawal.
Insert Your Debit Card: Use your bank’s ATM linked with the EPFO UAN.
Select PF Withdrawal: Choose the ‘PF Withdrawal’ option on the ATM screen.
Enter UAN & OTP: Provide your UAN and OTP received on your registered mobile.
Enter Amount: Specify the amount you wish to withdraw (up to ₹1 lakh).
Confirm & Receive Cash: Upon successful authentication, the amount will be disbursed instantly.

Benefits of PF Withdrawal via UPI & ATM

Instant Access to Funds: No waiting period; get money instantly.
Convenience: Withdraw funds from anywhere using UPI or ATMs.
Reduced Documentation: No need for lengthy paperwork.
Emergency Support: Useful for medical emergencies or urgent financial needs.

Important Points to Remember

The facility is only available for eligible members with linked UAN, Aadhaar, and UPI.
UPI-based withdrawals are subject to daily transaction limits.
ATM-based withdrawals are limited to designated machines.
Tax may apply based on withdrawal conditions.

Conclusion

The introduction of PF withdrawals via UPI and ATMs is a game-changer, offering employees quick and hassle-free access to their funds. With digital transactions becoming the norm, this step aligns with India’s growing fintech landscape, making financial access more seamless for EPF members.

FAQs

1. Can I withdraw my full PF balance using UPI or ATM?
No, only up to ₹1 lakh can be withdrawn via UPI or ATM for emergency purposes.

2. How long does UPI withdrawal take to process?
It is instant, provided your UAN, Aadhaar, and bank details are verified.

3. Are there any charges for PF withdrawals via UPI or ATM?
No, EPFO does not charge any fees for withdrawals through these methods.

4. Can I withdraw PF via any ATM?
No, only designated EPFO-enabled ATMs will offer this feature.

5. Is Aadhaar linking mandatory for PF withdrawals?
Yes, your Aadhaar must be linked with your UAN and bank account for withdrawals.

This guide covers everything you need to know about withdrawing up to ₹1 lakh from PF using UPI and ATMs. Stay updated with EPFO announcements for further enhancements in digital transactions!