EPFO withdrawal from ATM to become a reality soon. Here's how it will work

Good news for over seven crore of the Employees’ Provident Fund Organisation (EPFO) subscribers. Members of the retirement fund body EPFO may soon be able to withdraw their provident fund (PF) money directly from ATMs after the settlement.

EPFO ATM Card launch date

EPFO will introduce its cutting-edge software system by June of this year, EPFO 3.0, according to Union Labour Minister Mansukh Mandaviya. As per several media reports, in an interview with reporters on Thursday, Mandaviya disclosed that following the release of EPFO 3.0, EPFO will also provide ATM cards to its members.

With the implementation of revised withdrawal guidelines, members will soon be able to access their EPF funds swiftly using an ATM card.

EPFO ATM card benefits

• Under the plan, EPFO subscribers will receive dedicated cards that can be used at ATMs to withdraw savings.
• The new system allows claimants, beneficiaries or insured individuals to access their claim amounts through ATMs.
• Under the EPFO's Employees' Deposit Linked Insurance (EDLI) scheme, the heirs of deceased subscribers are provided with a maximum of ₹7 lakh.
• Union Labour Secretary Sumita Dawra told PTI that in the new system, the heir of the deceased EPFO subscriber may also be able to use ATMs to withdraw the money after claim settlement.

EPFO subscribers currently face 7-10 day wait for online claim settlement

Currently, subscribers of the Employees' Provident Fund Organisation (EPFO) have to wait 7-10 days for their claims to be settled online. After the settlement, the money is transferred to the beneficiaries' bank accounts.

The Centralised Pension Payments System (CPPS) has been fully rolled out across all EPFO regional offices. Union Labour Minister Mansukh Mandaviya celebrated the launch, calling it a 'historic milestone'.

"This transformative initiative allows pensioners to access their pensions easily from any bank, any branch, anywhere in the country. It removes the need for physical verification visits and streamlines the pension disbursement process," Mandaviya said. "CPPS reflects our commitment to modernizing EPFO services, ensuring convenience, transparency, and efficiency for pensioners. This rollout sets a new standard in pension service delivery, aligning with our vision of a tech-enabled, member-centric EPFO."

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