EPFO Special Cards for PF Holders: ATM Withdrawals Coming; Check Details
EPFO: It's known that to withdraw your PF amount, you have to file a claim online, which is a long process. However, this process is now being made even simpler. The days of withdrawing PF money from an ATM are coming soon.
Chance to withdraw PF cash through ATM
Withdrawing from an EPF account used to be a long process with online applications and waiting. To fix this, EPFO will let you withdraw PF cash via ATM from 2026. No official word yet, but reports say it's almost ready.
EPFO special card that works like a debit card
EPFO will issue a special card to members, like a debit card, for direct PF cash withdrawals at ATMs. The government wants this money accessible for emergencies. EPFO has reportedly completed talks with banks and the RBI and has the tech ready.
Huge relief for crores of employees
This move will benefit over 7 crore employees. The fund has grown from ₹7.4 lakh crore in 2014 to over ₹28 lakh crore now. The ATM facility will give employees instant cash and reduce EPFO's workload.
No clarity yet on ATM withdrawal limit
Even with the option to withdraw PF cash via ATM, there will be a limit. The one-time and monthly withdrawal limits haven't been finalized yet. Clarity on this is expected soon. The rules will be framed keeping security and fund stability in mind.
EPFO rules moving towards more ease
Recently, EPFO has been simplifying its rules. The auto-claim settlement limit was raised to ₹5 lakh, allowing quicker withdrawals. The ATM withdrawal facility will be a game-changer, providing instant financial help in emergencies.
Stay updated with all the latest Business News, including market trends, Share Market News, stock updates, taxation, IPOs, banking, finance, real estate, savings, and investments. Track daily Gold Price changes, updates on DA Hike, and the latest developments on the 8th Pay Commission. Get in-depth analysis, expert opinions, and real-time updates to make informed financial decisions. Download the Asianet News Official App from the Android Play Store and iPhone App Store to stay ahead in business.
