Employees’ Provident Fund Organisation (EPFO) is set to launch PF withdrawals through UPI and ATM soon. This means EPFO members can withdraw their provident fund (PF) instantly by UPI and ATM. This major change is likely to be implemented at the end of May or in early June 2025. 

This initiative is being started with the support of the Ministry of Labour and Employment which will help employees to access their money in times of need.

How much PF can you withdraw instantly?

According to Sumita Dawra, Secretary at the Ministry of Labour and Employment, employees can withdraw up to Rs 1 lakh instantly. She mentioned that members will also be able to check their PF balance directly on UPI platforms and transfer funds to their preferred bank accounts without delay.

Employees will not only be able to withdraw funds quickly but also check their balances and make transactions instantly.

Also Read: EPF Calculations: Here’s how you can accumulate Rs 2,10,31,808 retirement corpus with basic salary of Rs 20,000 per month

What is the current PF withdrawal process?

Currently, if an employee wants to withdraw their PF, they need to submit online claim and wait for approvals. This process takes from 2-3 days to up to several days or even weeks in some cases.

When can an employee withdraw EPF?

Apart from medical emergencies, employees will now be able to withdraw funds for housing, education, and marriage.

This step aims to give more financial flexibility to employees. “EPFO has made significant improvements in its digital infrastructure by integrating over 120 databases,” Dawra said.

“These efforts have reduced claim processing time to just three days, with 95 per cent of claims now being processed automatically. Further upgrades are also in progress to make the system even more efficient,” she stated.

Pensioners have also benefited from EPFO’s digital initiatives. Since December 2024, around 78 lakh pensioners have been able to access their funds from any bank branch without restrictions.

Earlier, withdrawals were allowed only from specific bank branches.

Also Read- EPF vs PPF: Which can give you larger corpus at retirement if you invest Rs 1,20,000 yearly? Understand through calculations

With inputs from agencies