The biggest news of this year has come out regarding EPFO account holders. What people were waiting for for a long time has finally happened. It has been revealed when people will be able to withdraw money through ATM.
Employees’ Provident Fund Organization (EPFO) is very helpful for those people who are generally employed and are not able to save much money over time. In such a situation, the company and the employee deposit the same amount in the account opened in EPFO. Sometimes this amount becomes so much on retirement that any retiree can easily live his life ahead. But sometimes money is needed during the job itself.
In such a situation, the biggest problem is how to withdraw EPFO money. For this, EPFO has made some rules on the basis of which money can be withdrawn. But with time, many big changes have also taken place in this. Now EPFO account holders will be able to withdraw their money from ATM just like bank ATM.
Update came regarding EPFO ATM
A big information has come out regarding EPFO account holders. This information has been given by Union Minister Mansukh Mandaviya himself. He told that EPFO will update its software by June this year. That means EPFO 3.O will start with this.
How will the new system work
According to the Union Minister, the new system of EPFO will work like the banking system in the country. Its facilities will also be like any bank and the account holders will be provided an ATM card. All its information will be uploaded on the EPFO website and focus is being laid on making the website interface work in a simple manner for more users.
ATM card will be issued in EPFO 3.0
With the launch of EPFO 3.0, all account holders will also be provided an ATM card. The special thing is that through this ATM card, all account holders will be able to withdraw as much money as they want from their account. This ATM will also work in all bank ATMs. That means now any EPFO account holder will not face any problem in withdrawing money.
It is being said that the work on the system will be completed by June and after that ATMs will be distributed to the account holders. However, this process may take a few months. But it is being said that this work will also be completed by the end of this year and people will continue to get the facility to withdraw money.
The limit for withdrawing money will be fixed
Let us tell you that EPFO account holders will be able to withdraw money from ATM but this amount will also be limited. According to media reports, account holders will be able to withdraw only 50 percent of their deposited amount. However, this amount can be increased under certain conditions.
