How to Withdraw PF from ATM?

Withdrawing your Provident Fund (PF) money has traditionally involved submitting claims online or offline via the Employees' Provident Fund Organisation (EPFO). However, recent innovations are making the process more accessible, with some financial institutions introducing the ability to withdraw PF money directly from ATMs. Labour Ministry Secretary Sumita Dawra confirmed today that this service will launch by January 2025 so that 70M+ EPFO users can benefit. Here’s how this works and the steps involved.

The ability to withdraw PF money via ATMs is a new initiative aimed at streamlining the access to retirement savings. This facility is made possible through partnerships between EPFO and select banking institutions. It leverages modern technology to ensure secure and instant disbursement of funds.

Before you can withdraw your PF money through an ATM, ensure the following:

1. EPFO-Linked Bank Account: Your bank account must be linked with your EPFO account.

2. Unified Mobile Number: The mobile number linked to your Aadhaar and EPFO account should be active.

3. Aadhaar-Based KYC: Your Know Your Customer (KYC) details must be updated with Aadhaar verification.

4. ATM Card from a Partner Bank (PF Withdrawal Card): The ATM withdrawal facility is available only through specific banks authorized by EPFO.

1. Visit the ATM: Locate an ATM of a bank offering PF withdrawal services. These ATMs are equipped with the necessary software to access EPFO funds.

2. Insert Your ATM Card: Insert your card and select the option for “PF Withdrawal” from the menu.

3. Enter Your Details: You will be prompted to provide key details such as:

   • Your UAN (Universal Account Number)

   • Aadhaar number or linked mobile number

   • Amount to withdraw

4. Authenticate the Transaction: Use an OTP sent to your registered mobile number for authentication.

5. Complete the Withdrawal: Once authenticated, the ATM will dispense the requested amount, subject to withdrawal limits.

• Instant Access: No waiting period for claim approval or bank transfer.

• Convenience: No need for online or offline claim submission.

• Secure Transactions: Protected by OTP-based authentication.

While the ATM withdrawal facility is groundbreaking, it comes with certain limitations:

• Limited Availability: Not all banks and ATMs offer this service.

• Withdrawal Limits: There may be daily or transaction-based limits on the amount you can withdraw. Currently, reports suggest that you can withdraw upto 50% of total PF balance.

• Partial Withdrawals: Full withdrawal of PF funds may still require online or offline claims.

Withdrawing PF money from an ATM is a promising step towards financial inclusion and accessibility. By leveraging this service, employees can enjoy quicker access to their funds during emergencies. However, ensure your account and KYC details are up to date to avoid any inconvenience.