Starting from 2025, EPFO subscribers will be able to withdraw their Provident Fund (PF) savings directly from ATMs. This will make it much easier for people to access their funds when they need them, without having to go through the traditional process of filing a claim and waiting for the funds to be transferred to their bank account.
Here’s how it will work:
- EPFO Withdrawal Card: You will be issued a dedicated PF withdrawal card, similar to a bank ATM card.
ATM Access: You will be able to usethis card to withdraw funds from any ATM.
- Withdrawal Limit: There will be a limit on the amount you can withdraw at once, likely capped at 50% of your total PF balance.
Authentication: You will need to authenticate your withdrawal using your Universal Account Number (UAN) or linked bank account, and possibly a one-time password (OTP) sent to your registered mobile number.
This new system is expected to make PF withdrawals much more convenient and efficient. It will also help to reduce the burden on EPFO offices, which are often overwhelmed with claims.
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