PF withdrawal via ATM and UPI: EPFO to go through major technological overhaul

NEW DELHI: A new facility to withdraw a certain portion of the deposit amount through ATM and UPI for those who are members of the Employees Provident Fund Scheme. The facility may come into effect from April 1. The money can be withdrawn by downloading the mobile app and linking it to the bank account.

The current process involves logging into the Unified Portal, submitting a claim, and waiting for employer and EPFO verification. It takes up to two weeks to get the money, even if the claim is approved. The EPFO ​​had already started the third-generation EPFO software upgrade ​​and discussions with banks so that the money can be received instantly or within 24 hours.

Current rules:

1. Those who have completed five years of service can withdraw up to 90% of their PF deposit for buying or building a house.

2. For medical emergencies, members can withdraw an amount equal to six months of basic pay and dearness allowance, or the amount of expenditure (share), whichever is less.

3. Those who have completed seven years of service can withdraw up to 50% for children's education and marriage.

4. Employees above the age of 54 can withdraw up to 90% of the balance amount within one year of the date of retirement.