When any system starts, there are some flaws in it first, which are gradually corrected according to time and need. Also, many things are made very easy by adding technically. It includes many things, one of which is PF. Yes, recently you must have heard that the Employees Provident Fund Organization i.e. EPFO is going to give a new facility to PF account holders from next year. In this, account holders will be able to withdraw money from their PF account from an ATM just like they withdraw from a bank account. But do you know how and how much money can be withdrawn from an ATM? Has EPFO made any rules regarding this? So let's know about this. You can learn about this in the next slides...
When will you be able to withdraw money from the ATM?
The information was given by Union Labor Secretary Sumita Dawra recently on when PF money can be withdrawn from ATMs. It was said that we are updating the hardware regarding this and you will start seeing changes from January 2025. In such a situation, it is believed that PF account holders will be able to withdraw money from ATMs from January. However, no fixed time limit has been given for this yet.
How much money will be able to withdraw from the ATM?
According to the information received so far from the department, initially, the account holder will be able to withdraw only 50 percent of the total amount deposited in his PF account from the ATM. However, it is possible that this amount can be increased further. The biggest convenience of withdrawing money from an ATM will be that the beneficiaries will not have to wait for many days.
You must know these things:-
After the introduction of the new facility for PF account holders, employees, beneficiaries and nominees will be able to withdraw their PF money from ATMs.
Initially, you will be able to withdraw only 50% of the total amount deposited in your account from the ATM.
If someone (PF account holder) dies, then the nominee will be able to withdraw money from the ATM.
The family of the deceased member will get insurance of Rs 7 lakh under the EDLI scheme, you will be able to withdraw that money from the ATM as well.
(PC: Adobe stock)