EPFO Money / You can withdraw EPFO money through UPI, you just need to do this small task

EPFO members will soon be able to withdraw PF through methods like ATM or UPI. For this, the bank account has to be linked to EPF. With automation, withdrawal of up to Rs 5 lakh is now possible in three days. This will provide quick help in needs like medical, marriage and housing.

EPFO Money: A big relief news is coming for crores of members of the Employees' Provident Fund Organization (EPFO). Soon they will not go through the traditional application process to withdraw money from their Provident Fund (PF) account, but will be able to withdraw money directly through digital means like ATM or UPI. The most important condition for this will be to link the EPF account to the bank account.

New initiative of Labor Ministry

According to a highly placed source, the Ministry of Labor is working on a project under which after a certain part of the PF is 'withheld', the remaining amount can be withdrawn immediately through platforms like ATM card, debit card or UPI. To implement this scheme, some technical challenges are currently being overcome, especially regarding software integration and security standards.

Convenience increased by automation

Currently, EPFO members apply for withdrawal online or offline, which takes several days. But now PF withdrawal is being done in only three working days through the automated process, that too without any human intervention. Making this process more convenient, its limit has been increased from Rs 1 lakh to Rs 5 lakh on Tuesday. This means that now an amount of up to Rs 5 lakh can be transferred to the account in three days for needs like medical, education, marriage and housing.

What was the problem earlier?

Earlier, if an EPF member had to withdraw more than Rs 1 lakh, he had to go through a manual process - going to the EPFO office, submitting documents, waiting for a long time and then getting the money only after getting approval. In such a situation, people had to face a lot of problems in medical emergency or other important matters.

What will be the benefit now?

With this new system, PF withdrawal will become fast, easy and technically capable. Not only will it save time, but it is also considered another big step towards Digital India. After this facility is implemented, employees will be able to withdraw money from their PF account immediately in the same way as they do from a bank account - without any delay, any day, any time.