A big update has emerged for the members of the Employees’ Provident Fund Organization (EPFO). EPFO can start the service of withdrawing money from ATM from January 2026. According to reports, the EPFO’s Sarve decision -making institution CBT can approve the facility of withdrawing money from ATM in its upcoming board meeting to be held in the second week of October.
The facility of withdrawing money from ATM will provide great relief to the employees. They will not need any online claim to withdraw money. Also, the need for long wait will also end. Employees can go directly to ATM branch and withdraw PF money from ATM.
A member of CBT told Moneycontrol that we have come to know that EPFO’s IT structure is ready to allow transactions like ATM. He further said that there will be a limit to withdraw money from ATM, but it is yet to be discussed.
Ministry spoke to RBI
A senior official of the Labor Ministry said that the ministry has talked to banks as well as RBI to introduce EPFO ATM facility. The official said that the ATM facility is being seen as a need, because the government wants to give people more access to their PF account.
EPFO has a total of 28 lakh crores
Under the EPFO, 7.8 crore people are currently registered, who together have deposited more than Rs 28 lakh crore with EPFO. In 2014, this figure was Rs 7.4 lakh crore and 3.3 crore.
Card will be released for PF withdrawal
Sources said that there is a possibility that the EPFO will issue a special card to its members, so that they will be able to withdraw a part of their amount from ATM. Earlier this year, EPFO had increased the automatic claim settlement amount from Rs 1 lakh to Rs 5 lakh to make the availability of money easier for customers. Under this process, the automatic system uses a set of digital examination and algorithm to confirm the eligibility of the claim. The entire process is a system-powered and based on the KYC details of the member.
Experts say that allowing EPFO fund withdrawal through ATM will make access to money for members more convenient. Especially in the emergency time, because at present, the withdrawal is often involved in procedural delays and paperwork.
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