When a system is launched, it often has some initial issues that get sorted out over time as needed. Plus, technology makes a lot of things easier. One of these advancements is related to the Employees Provident Fund Organization (EPFO). You might have heard that starting next year, EPFO is introducing a new feature for PF account holders. They’ll be able to withdraw money from their PF accounts at ATMs, just like they do with their bank accounts.
But do you know how this will work and how much you can take out? Has EPFO set any guidelines for this? Let’s dive into the details. When will ATM withdrawals be available?
Recently, Union Labor Secretary Sumita Dawra shared some insights about when you can start withdrawing PF money from ATMs. She mentioned that they are updating the necessary hardware, and you can expect to see changes starting in January 2025. So, it looks like PF account holders will be able to make ATM withdrawals from January, although a specific timeline hasn’t been confirmed yet.
How much can you withdraw from the ATM?
From what we know so far, initially, account holders will be able to withdraw only 50% of the total amount in their PF accounts at ATMs. However, there’s a chance that this limit could be increased later on. The best part about being able to withdraw money from ATMs is that beneficiaries won’t have to wait for days to access their funds.
Here are some important points to keep in mind:
1. With the new feature for PF account holders, employees, beneficiaries, and nominees can now access their PF funds through ATMs.
2. At first, you can only take out 50% of the total amount in your account via the ATM.
3. In the unfortunate event of a PF account holder’s death, the nominee can withdraw funds from the ATM.
4. Thanks to the EDLI scheme, the family of the deceased will receive an insurance payout of Rs 7 lakh, which can also be withdrawn from the ATM.