New Delhi: In a landmark move set to transform provident fund access, the Employees’ Provident Fund Organisation (EPFO) is preparing to allow subscribers to withdraw their PF savings instantly through UPI from April. The new facility, to be rolled out in collaboration with the National Payments Corporation of India (NPCI), will significantly cut down waiting time and make PF withdrawals as seamless as everyday digital payments.
Alongside UPI-based withdrawals, EPFO is also planning to introduce ATM withdrawal facilities, offering members faster and more flexible access to their savings. With these changes, subscribers will no longer need to submit online applications and wait days for funds to be credited to their bank accounts.
Under the new system, members will be able to view the withdrawable EPF balance and transfer money directly to their bank accounts using a UPI PIN. Multi-level security features will ensure that funds are credited only to bank accounts linked with the subscriber’s Universal Account Number (UAN).
Currently, EPFO processes nearly five crore withdrawal applications every year from its over seven crore members, often causing delays, especially during emergencies. The UPI-based withdrawal system is expected to drastically reduce this administrative load while improving user experience.
To further support members in urgent situations, EPFO has already raised the auto-claim settlement limit for emergency withdrawals from ₹1 lakh to ₹5 lakh. This enhanced limit applies to withdrawals for education, medical treatment, marriage, and house construction, allowing members to access funds quickly without official intervention.
