EPFO ATM Card: If you are also a member of the Employee Provident Fund Organization and are eager about the launch of EPFO’s ATM card and mobile app, then good news has come for you.
Union Labor and Employment Minister Mansukh Mandaviya has given important information related to the launch of EPFO ATM card and mobile app. Mansukh Mandaviya said that the mobile app and debit card facility of the Employee Provident Fund Organization will be launched by May-June of this year.
Know the latest updates on EPFO’s mobile app
The Union Minister also informed that the entire IT system will be upgraded under EPFO 2.0. Work is going on regarding this and it is expected to be completed by the end of January. In this episode, the EPFO 3.0 app will be launched by May-June 2025 i.e. by the middle of the year, through which EPFO subscribers will be able to get banking facility. In particular, it will centralize the entire system of EPFO and make the claim settlement process easier.
Discussions continue between the Finance Ministry and the Reserve Bank
According to sources in the Ministry of Labor, discussions are going on between the Finance Ministry and the Reserve Bank of India to provide banking facilities to the subscribers of the Employees’ Provident Fund Organization from anywhere in the country through EPFO 3.0. As soon as this is implemented, EPFO members will be able to get access to debit cards and withdraw their PF funds from ATMs.
What will be the PF withdrawal limit?
One important thing to keep in mind is that subscribers will not get the opportunity to withdraw their entire PF amount and contribution through EPFO ATM card. For this, a withdrawal limit will be imposed so that EPFO members cannot withdraw all the money at once. One important thing is that for this withdrawal limit, you will not need to take permission from EPFO beforehand, whereas earlier it was necessary to take permission from EPFO.
What will be its benefit?
The biggest advantage of these updates and initiatives will be that they will bring a lot of relief to EPFO subscribers and they will not need to fill long forms to withdraw their own money. Apart from this, they will also not have to visit the EPFO office.
