When a system kicks off, it usually has some bugs that get sorted out over time. Plus, tech connections make a lot of things easier. One of those things is the PF. You might have heard that starting next year, the Employees Provident Fund Organization (EPFO) is rolling out a new feature for PF account holders. This means you’ll be able to withdraw cash from your PF account at an ATM, just like you do with your bank account. But do you know how it works and how much you can take out? Has EPFO set any guidelines for this? Let’s dive into the details.
When can you hit the ATM for your money?
Union Labor Secretary Sumita Dawra shared some insights on when you can access your PF funds from ATMs. She mentioned, “We’re updating our hardware, and you can expect to see changes in January 2025.” So, it looks like PF account holders might be able to start withdrawing cash from ATMs in January, although there’s no exact date yet.
How much can you take out from the ATM?
From what we know so far, initially, you’ll be able to withdraw only 50% of the total amount in your PF account at the ATM. There’s a chance that this limit could be increased later on. The best part about this ATM withdrawal option is that you won’t have to wait for days to get your money.
Things you should keep in mind
With this new feature for PF account holders, employees, beneficiaries, and nominees will be able to access their PF funds from ATMs. At first, you can only withdraw 50% of your total account balance. If a PF account holder passes away, the nominee can also withdraw funds from the ATM. Additionally, under the EDLI scheme, the family of the deceased will receive an insurance payout of Rs 7 lakh, which can also be accessed via the ATM.
