PF money: Can you withdraw full PF money from ATM? know the rules

PF Money From ATM: Recently there was news that soon there will be a facility to withdraw EPFO ​​money from ATM. It is believed that this facility will be restored from next year.

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.

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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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