EPF withdrawal simplified! ATM access rules effective from January 2025
Starting January, EPF account holders may be able to withdraw funds directly from ATMs. New rules are expected to be implemented from 2025, simplifying the withdrawal process and providing faster access to funds.
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Withdrawing money from EPF accounts is set to become easier for individuals employed under EPFO. EPFO is introducing a faster withdrawal method. This new system will allow employees to easily withdraw funds from their EPF accounts through ATMs.
Labor Secretary Sumita Dawra told ANI that the Ministry of Labor and Employment is upgrading its IT system to streamline the EPF withdrawal process.
EPFO's IT infra will be like a banking system. The IT 2.1 upgrade, expected in January, will make EPFO's IT infrastructure equivalent to the country's banking system.
A dedicated PF withdrawal card is being introduced, solely for withdrawing funds from EPF accounts. The PF withdrawal card will function like a debit card, enabling EPFO members to withdraw funds from ATMs.
There will be a withdrawal limit. EPFO members can withdraw up to 50% of their account balance at once.
Existing withdrawal rules remain. Unemployed for one month? Withdraw 75%. Two months? Withdraw the entire balance. This simplifies and speeds up EPF withdrawals.
