The Employees’ Provident Fund Organisation (EPFO) is preparing to introduce a significant update that will enable members to withdraw their Provident Fund (PF) savings instantly through UPI and ATMs by May-June 2025.

Instant Access to PF Savings

This update will eliminate the need for long and tedious withdrawal procedures, making it easier for employees to access their hard-earned savings. The move, supported by the Ministry of Labour and Employment, has also received approval from the National Payments Corporation of India (NPCI).

Convenience for Employees

Employees will be able to withdraw up to ₹1 lakh instantly, directly through UPI platforms and ATMs. Additionally, they will be able to check their PF balances and transfer funds to their bank accounts without delays.

A More Efficient System

Currently, PF withdrawals require online claims and approvals, which can take days or even weeks. With this new system, EPFO aims to offer a hassle-free and instant process for withdrawals, enhancing convenience for millions of members nationwide.

Expanded Reasons for Withdrawals

In a move that offers more financial flexibility, EPFO is expanding the reasons for PF withdrawals. Members can now withdraw their savings for housing, education, and marriage, in addition to the usual medical emergencies.

Improved Digital Infrastructure

Sumita Dawra, Secretary at the Ministry of Labour and Employment, highlighted that EPFO's digital infrastructure has been significantly upgraded, with over 120 databases integrated. This has led to a reduction in claim processing time, with 95% of claims now being processed automatically within just three days.

Benefits for Pensioners

Since December 2024, around 78 lakh pensioners have been able to access their pension funds from any bank branch, a significant upgrade from the earlier restriction of accessing funds only from specific branches.