EPFO ATM: Currently, it takes about 10 to 15 days for members to withdraw PF funds. However, after the introduction of ATM and UPI facility, this will be a matter of minutes. This ATM facility is going to start this month.
EPFO ATM: People who work depend on salary. They run their expenses from this. Along with this, they also save for the future. If we talk about future savings, then for this the government has also made arrangements for the employed people. Under which PF accounts of the employed people are opened by the Employees Provident Fund Organization i.e. EPFO. Meanwhile, crores of EPFO members are going to get a big relief soon. Employees Provident Fund Organization (EPFO) is going to launch EPFO 3.0 platform this month for the convenience of all its members.
Under EPFO 3.0, members will start getting many new facilities including withdrawing the money deposited in their PF account directly through ATM. This new digital platform is being called EPFO 3.0. According to media reports, the purpose of the new system is to adopt the digital process by eliminating the paperwork in PF withdrawal. The new platform can start from this month i.e. June.
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What is the process and limit?
The Employees Provident Fund Organization will issue a card to its PF account holders. It will be just like an ATM card. You will have to go to the ATM with this card. Then you will be able to withdraw money from your PF account with the help of this card. Initially, account holders will be able to withdraw 50 percent of the total amount deposited in their PF account through ATM. However, this limit can be increased further. After getting the ATM card, PF account holders will get the facility to withdraw money from the ATM. Along with this, you will also be able to check the balance of your PF account. Apart from this, you can also transfer your funds to the bank account of your choice.
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Auto-claim settlement will be easy in PF
EPFO 3.0 will also have the facility of auto-claim settlement. This will allow the money to be transferred directly to your account without any manual intervention. This means that you will not have to wait long to get the money after making a claim. Along with this, the process will also be easy. In the new system, as soon as you submit an online claim request, the system will process it automatically and the money will reach your bank account within the stipulated time.
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