EPFO, working under the supervision of the Ministry of Labor and Employment of the Government of India, is going to introduce EPFO ​​3.0 in June, under which employees will get this facility. Here we will know how employees will be able to withdraw money from their PF account through ATM.

How to withdraw PF money from ATM

Under EPFO ​​3.0, employees will be given a special withdrawal card. These cards will be like ATM cards, which will be linked to your PF account. Through this card, you will be able to withdraw money from your PF account by going to any ATM. But it is very important to keep some things in mind here. Let us tell you that money can be withdrawn from the PF account only under certain circumstances. According to these circumstances, it will be decided how much money you can withdraw from your account. According to the rules of EPFO, under different circumstances, you can withdraw up to 50 to 90 percent of the total amount deposited in your account.

What to do to withdraw money from PF account

To withdraw money from PF account, you first have to go to EPFO ​​website and apply for claim for withdrawal. Let us tell you that now 90 percent of claims in the system are automated and the settlement process is completed in maximum 3 days. After the settlement process is completed, you can withdraw money from ATM. Keep in mind that to withdraw money from PF account, your UAN, mobile number linked to UAN should be active. Along with this, all the details of your bank should be correct in your EPFO ​​account.

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After this, under the scheme of withdrawing money from EPFO, Provident Fund members or customers will be able to get banking like facilities. Now the question is whether you will be able to withdraw your entire PF money from ATM? Actually, you will be able to withdraw only 50 percent of the total deposit amount of your Provident Fund from a card like ATM. In this way, you will not be able to withdraw your entire PF money from ATM.

Nominee of deceased EPFO ​​member will be able to withdraw money from ATM

In fact, members whose average monthly salary is more than Rs 15,000 can get up to Rs 7 lakh from their PF account. Apart from this, those whose average monthly income is less than Rs 15,000 can be given the facility to withdraw up to Rs 5.5 lakh from ATM.

Union Labor Secretary Sumita Dawra said that the nominee of the deceased EPFO ​​member will also be able to withdraw the claim amount of his Employee Deposit Linked Insurance (EDLI) through ATM. Employers contribute to this insurance scheme.

A dedicated card will be issued for withdrawing PF amount from ATM

At the same time, it is believed that a dedicated card can be issued to withdraw PF amount from ATM. According to Union Labor Secretary Sumita Dawra, hardware will be updated for this. Also, a new system can be started. Currently, EPFO ​​members have to wait for 7 to 10 days for settlement of claims.

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EPFO ​​3.0 scheme can be implemented by May-June 2025. After this you will be able to withdraw EPFO ​​​​money from ATM. Earlier, employees had to apply for partial withdrawal, but after the implementation of EPFO ​​​​3.0 scheme, EPFO ​​​​money will be withdrawn from ATM.

How can I link my PF account to ATM?

However, before this you will have to link your PF account to the bank account. After this, employees will be able to withdraw Provident Fund (PF) money from the ATM. You will be able to link your PF account to the ATM by visiting the official website of EPFO. For this, first you have to visit unifiedportal-mem.epfindia.gov.in/memberinterface /, then enter your UAN number and password. Fill in the captcha code given on the screen. After this the account will be logged in.

What is the procedure for withdrawing money from PF account at present?

Currently, to withdraw money from your PF account, you have to visit the EPFO ​​portal. After this, log in with UAN and password, then go to online service and choose the claim option and click on auto mode settlement. The bank account has to be verified and the account passbook or cheque has to be uploaded.

Also, you have to tell the reason for withdrawing the money and then submit it. The money reaches the bank account within 10 days of making the claim request.

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