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Provident Fund Atm Withdrawal Rules: The dream of withdrawing hard earned money deposited in Provident Fund from ATM is going to prove true in the new year 2025. The central government is preparing to launch this scheme in the initial months of the new year. To prepare a roadmap in this regard, the Ministry of Labor and Employment will soon discuss with the banking sector regulator Reserve Bank of India (RBI) and leading banks of the country. The aim of the government is to promote ease of living for 7 crore subscribers of EPFO. Not only this, the government is also seriously considering linking the digital wallet with EPFO, in which the processed claim amount will be deposited and the subscribers will be able to withdraw it easily.
PF claim will be processed soon
The central government wants to improve the digital infrastructure of the Employee Provident Fund Organization. Before allowing withdrawal of money deposited in the Provident Fund from ATMs, the government will revamp the digital infrastructure of EPFO only after that the scheme will be launched. The Labor Ministry wants to reduce the processing time of Provident Fund claims and speed up the approval system so that the hassles faced by the subscribers can be reduced. However, even after allowing the withdrawal of Provident Fund money from ATM, the same amount as per the existing rules can be withdrawn only after taking approval from EPFO.
There will be a limit on withdrawing PF money from ATM
The approval process for withdrawing money from the Provident Fund will be automated, and the interference of the EPFO office will be reduced. The Ministry has not yet decided the limit for withdrawal of money from the Provident Fund. But it is certain that the limit for withdrawing money from ATM will be fixed. However, no final decision has been taken yet regarding allowing withdrawal of only 50 percent of the total PF balance from ATM.
Digital wallet will be linked with EPFO
The government is also seriously considering linking a digital wallet with EPFO in which the processed claim amount can be deposited and withdrawn. However, no decision has been taken on this and RBI’s advice will be taken regarding this.
Claim process will become simpler with technology
Due to EPFO’s software upgrade, there has been a 30 percent jump in the claim process of subscribers in August-September. The government is going to make the new EPFO Information Technology System 2.01 operational in the next two months. This will speed up the claim process even more. In the new system, the claim settlement system will be centralized. Which includes auto processing of claims, centralized monthly pension disbursement, universal account number based EPF accounting. In the new system, the rules for transfer of member ID can also be abolished upon change of job.
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