PF Withdrawal: How To Withdraw Provident Fund From ATMs?

In a significant step towards financial planning and simplifying access to Provident Fund (PF) accounts for millions of subscribers, the Employees’ Provident Fund Organisation (EPFO) has enabled ATM withdrawals for PF starting January 2025. In December 2024, Labour Ministry Secretary Sumita Dawra announced the initiative, highlighting its potential to simplify access to funds for millions.

According to Dawra, IT systems are being upgraded to streamline claims processes, eliminating unnecessary procedures as part of an ongoing overhaul.

Employer and employee contributions are made to a provident fund, a contribution-based savings plan, which builds up funds for post-retirement needs. The employee may access or withdraw the corpus created, subject to certain Provident Fund withdrawal guidelines.

How do PF withdrawals from ATMs work?

PF withdrawals from ATMs will function similarly to debit card withdrawals. EPFO customers will be able to withdraw funds from their PF accounts at any time, day or night.

The new system will introduce dedicated PF withdrawal cards, similar to regular bank ATM cards, linked directly to subscribers’ accounts. You can withdraw a portion of your PF for emergencies like house building, medical expenses, or schooling. In order to be eligible, a minimum service limit must be met. Withdrawals will be capped at 50% of the total PF balance, ensuring funds remain available for long-term financial security and emergencies.

How to Withdraw Your Provident Fund from an ATM?

Withdrawing your PF from an ATM will be easy by following 6 simple steps.

Here is a breakdown of the simple process:

Step 01: The first and most crucial step is ensuring your Universal Account Number (UAN) is linked to your bank account. Make sure your KYC details are also up-to-date for seamless processing.

Step 02: Visit an EPFO-enabled ATM that supports PF withdrawals. These will likely be clearly marked.

Step 03: On the ATM screen, you will find a dedicated “EPF Withdrawal” option. Select it to begin the process.

Step 04: Enter your UAN and the withdrawal amount you wish to withdraw.

Step 05: Authenticate your transaction using OTP verification or other security measures provided by the ATM.

Step 06: Once verified, the ATM will dispense the requested amount.

ATM withdraw: A Digital Revolution

With over 70 million active contributors, EPFO is focusing on modernizing its services to improve the lives of subscribers. The introduction of ATM withdrawals represents a significant step forward in providing easier and faster access to Provident Fund savings.

Disclaimer: The information is covered based on the latest research and development available. However, it may not fully reflect all the current aspects of the subject matter. Moneydaily.in advises readers to visit the EPFO’s website for further information.