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PF withdrawal from ATM: Good news for over 7 crore subscribers of the Employees’ Provident Fund Organization (EPFO)! Soon, EPFO members will be able to withdraw their Provident Fund (PF) money directly from ATMs. This has raised a few questions among PF account holders about how the process will work. If you are also looking for the answer to this question, then let us explain the entire procedure for you.
EPFO ATM Card launch date
According to Union Labor Minister Mansukh Mandaviya, EPFO will introduce its state-of-the-art software system EPFO 3.0 by June this year. According to several media reports, Mandaviya revealed that after the release of EPFO 3.0, EPFO will also provide ATM cards to its members. With the implementation of revised withdrawal guidelines, members will soon be able to withdraw their EPF funds using ATM cards.
Currently, the subscribers of the Employees’ Provident Fund Organization (EPFO) have to wait for 7-10 days for the online settlement of their claims. After settlement, the money is transferred to the bank accounts of the beneficiaries. The Centralised Pension Payment System (CPPS) has been fully implemented in all EPFO regional offices.
Who can withdraw PF money through an ATM?
According to Labour Secretary Sumita Dawra, EPFO members, beneficiaries, or nominees will soon be able to withdraw their PF claims conveniently through ATMs. However, as per the media reports the withdrawals will be capped at 50 per cent of the total PF balance.
In the unfortunate event of a member’s demise, beneficiaries will also be able to use this feature. To facilitate this, beneficiaries may need to link their bank accounts with the deceased member’s EPF account. Official confirmation regarding the exact process is still awaited.
How will it work?
According to the information received, the EPFO ATM card will function like a debit card, and it will be linked to the member’s PF account. To withdraw money, the member will need to visit an ATM that supports EPFO withdrawals. After inserting the card and entering the PIN, the money will be withdrawn from the account immediately.
This system will benefit PF account holders as they will no longer have to wait for their money. Contributors will have 24/7 access to withdraw funds. Additionally, the heir of a deceased EPFO subscriber may also be able to use the ATM to withdraw funds once the claim is settled.
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