Good news for EPFO members. If you are also a member of the Employee Provident Fund Organization and are eager to launch EPFO’s ATM card and mobile app, then good news related to it has come for you. Union Labor and Employment Minister Mansukh Mandaviya has shared exciting news about the upcoming launch of the EPFO ATM card and mobile app. He announced that the mobile app and debit card services for the Employees Provident Fund Organization are set to debut by May or June of this year.
Stay updated on the EPFO mobile app
The Union Minister also mentioned that the EPFO 2.0 initiative will see a complete upgrade of the IT system, with work expected to wrap up by the end of January. Following this, the EPFO 3.0 app is anticipated to launch by mid-2025, which will provide banking services to EPFO subscribers. This new app aims to centralize the entire EPFO system and simplify the claim settlement process.
Ongoing talks between the Finance Ministry and RBI
Sources from the Ministry of Labor indicate that there are ongoing discussions between the Finance Ministry and the Reserve Bank of India to enable banking services for Employees Provident Fund Organization subscribers through EPFO 3.0, accessible from anywhere in the country. Once this is in place, EPFO members will have the ability to use debit cards and withdraw their PF funds from ATMs.
What is the limit for withdrawing from the PF?
It’s important to note that with the EPFO ATM card, subscribers won’t be able to withdraw their entire PF balance and contributions at once. A withdrawal limit will be set to prevent EPFO members from taking out all their funds in a single transaction. The good news is that you won’t need to seek prior approval from EPFO for this withdrawal limit, which is a change from the previous requirement.
