EPFO members will be able to withdraw PF money using a dedicated ATM card, expected from 2025.
Present System:
Members have to wait 7-10 days for online claim settlement, with funds credited to their bank accounts.
Focus on IT Upgrades:
Focus is to improve IT infrastructure, with significant upgrades expected by January 2025.
EPFO members will indeed be able to withdraw their PF money using a dedicated ATM card, starting from 2025. This new feature is part of the EPFO's efforts to enhance the accessibility and convenience of PF withdrawals.¹ The ATM card feature will allow members to withdraw up to 50% of their total PF balance. This move aims to provide EPFO members with easier access to their funds, especially during emergencies or unexpected expenses.² Additionally, the EPFO is upgrading its IT systems to streamline the claim process and reduce errors. This upgrade is expected to be completed by June 2025. To facilitate this new feature, EPFO will introduce special PF withdrawal cards linked to subscribers' accounts. These cards will operate like standard ATM cards, enabling cash withdrawals directly from ATMs.³
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Bengaluru
CA
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