epfo
There is good news for more than 7 crore shareholders of the Employees’ Provident Fund Organization (EPFO). Members of retirement fund body EPFO will soon be able to withdraw their provident fund (PF) money directly from ATMs. However, after this news, many PF account holders have a question in their mind that how will this happen? If you are also looking for the answer to this question, then let us tell you its complete process.
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 multiple 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 the revised withdrawal guidelines, members will soon be able to withdraw their EPF funds using ATM cards.
Currently it takes 7-10 days
Currently, Employees Provident Fund Organization (EPFO) subscribers have to wait for 7-10 days for online settlement of their claims. After settlement, the money is transferred to the bank accounts of the beneficiaries. Centralized Pension Payment System (CPPS) has been fully implemented in all EPFO regional offices.
How will this work?
According to the information received, the ATM card will work like a debit card and it will be linked to the PF account of the ATM member. To withdraw money, the member has to visit an ATM that supports EPFO withdrawals. After this the card and PIN will have to be entered. After this the money will be withdrawn from the account immediately. The benefit of this will be that PF account holders will not have to wait for their money. Shareholders will be able to withdraw money 24/7. The heir of a deceased EPFO subscriber may also be able to use the ATM to withdraw money after the settlement of the claim.
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