Recently there was news that soon the facility to withdraw EPFO money from ATM will be available. It is believed that this facility will be restored next year. After this, provident fund members or customers will be able to get banking like facilities under the EPFO withdrawal scheme. Now the question is whether you will be able to withdraw the entire amount of your PF from ATM? In fact, you will be able to withdraw 50% of your total provident fund deposit from an ATM like card. In this way you will not be able to withdraw your entire PF money from the ATM.
In fact, members whose average monthly salary is more than Rs 15 thousand can get up to Rs 7 lakh from their PF account. Apart from this, those whose average monthly income is less than Rs 15,000 can be given the facility to withdraw up to Rs 5.5 lakh from ATM.
Union Labor Secretary Sumita Dawra said nominees of deceased EPFO members will also be able to withdraw their Employees Deposit Linked Insurance (EDLI) claim amount through ATMs. Employers contribute to this insurance scheme. At the same time, it is believed that a dedicated card can be issued to withdraw PF amount from ATM. According to Union Labor Secretary Sumita Davra, the hardware will be updated for this. A new system can also be introduced. EPFO members currently have to wait for 7 to 10 days for claim settlement.
