EPFO ATM Withdrawal: Under the new facility, EPFO members will be able to withdraw the claim amount directly from the ATM. But its limit will be fixed.
EPFO ATM Withdrawal: Members of the Employee Provident Fund Organization (EPFO) will be able to withdraw their hard-earned money deposited in EPFO directly from the ATM from next year. Sumita Dawra, Secretary of the Union Ministry of Labor and Employment, has announced this. However, the guidelines regarding this are yet to come out.
7 crore subscribers of EPFO will be benefited
Under the new facility, EPFO members will be able to withdraw the claim amount directly from the ATM. For this, the IT system of EPFO is being upgraded. About 7 crore members of EPFO will benefit from this decision.
Withdrawal limit can be fixed
EPFO (Employees Provident Fund Organization) account holders, beneficiaries or those who are insured may be allowed to withdraw Provident Fund money from ATM. But it is believed that the government can put a limit on the amount that can be withdrawn. EPFO members will not be able to withdraw more than 50 percent of the total amount deposited in the fund.
How will PF money be withdrawn from ATM?
Linking the bank account is necessary as per EPFO rules. Subscribers’ bank account is also linked with the EPF account. But it is not clear whether the bank’s ATM or debit card will be used to withdraw the money deposited in the Provident Fund or some other card will be issued.
Nominee will also get the facility to withdraw money from ATM
In case of death of EPF subscribers, the beneficiary can be allowed to use the ATM withdrawal facility. For this, the nominee will have to link his bank account with the EPF account of the subscriber who has passed away. However, clarification will also be issued regarding this. Employee Deposit Linked Insurance (EDLI) scheme gives insurance benefit of up to Rs 7 lakh on the death of an EPFO member. The Secretary of the Ministry of Labor said that it will also be possible to withdraw insurance claims from ATM. This means that the nominee or heir will also be able to withdraw money from the ATM. However, for this the nominee will have to link the account with the subscribers’ EPF account.
EPFO 3.0 will be implemented in the new year
In the last week of November, the news came out that the government is preparing to give the facility of withdrawing the hard-earned money deposited in the Provident Fund to EPF subscribers from ATM. In this, subscribers can be given the option to withdraw 50 percent of the amount deposited in the Provident Fund. The government can announce this new policy of EPFO in the new year 2025 and EPFO 3.0 can be implemented in May-June 2025.
