With EPFO 3.0, users can instantly transfer PF money to their bank account via UPI, avoiding long processing delays.
Members can withdraw up to 75% of funds immediately after job loss, with the remaining balance available later if needed.
No paperwork or office visits required just use the EPFO portal or UMANG app, verify via UPI PIN, and access cash easily through UPI-enabled ATMs.
EPFO
The Employees’ Provident Fund Organisation (EPFO) is bringing a massive change to how you access your savings. The authorities are launching the all-new EPFO 3.0 starting April 1, and following that, the system will allow members to withdraw their PF using UPI. This will eliminate the need for standing in long queues for the PF withdrawal request and the timeframe taken by the bank for processing the same. Rather, the new UPI withdrawal system focuses on speed and flexibility, as once you submit a request, the Instant Credit feature ensures the money hits your linked bank account via UPI in real time.
Moreover, under these new rules, if you lose your job, you can withdraw up to 75 per cent of your eligible funds immediately to cover your living costs. The remaining 25 per cent balance remains in your account for the next month. However, if you are still unemployed, you can withdraw the remaining balance in your account. The 25 per cent balance rule is meant to act as a safety net for you.
Prerequisites
Prior to availing the UPI feature, you should ensure that your account meets the following criteria:
- Your UAN should be activated.
- Your Aadhaar card should be linked to your PF account.
- Your mobile number should be linked to your Aadhaar and UPI app account.
- Your bank’s KYC must be updated and verified by your employer.
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How to withdraw PF using UPI
Though the journey begins on your phone, you can withdraw this money from any ATM by following these steps:
1. Open your EPFO portal or the Umang app on your smartphone.
2. Choose the option for UPI withdrawal and enter the required amount.
3. Verify your request by entering your UPI PIN.
4. As soon as your money gets credited to your bank account, simply withdraw your cash from any ATM that supports UPI.
5. Choose the option for QR Cash on the ATM screen.
7. Scan your code and withdraw your cash.
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Benefits for the common man
This update offers several practical advantages for everyday savers:
- You do not need to visit a PF office or fill out physical forms.
- High-speed transfers make it easier to handle medical bills or urgent repairs.
- The direct transfer reduces the risk of fraud or delays caused by third parties.
- You can track your balance and withdrawals directly through your favourite UPI apps.
