There is a good news for the employees, Employees Provident Fund (PF) will go live soon through ATM will be available. The new facility is being worked on at a fast pace and is expected to benefit lakhs of PF account holders. This will eliminate the cumbersome paperwork process that has been going on for years.
No more hassle of visiting government offices or getting involved in complicated paper work to withdraw PF funds. The central government is implementing a system that will allow PF withdrawals directly from ATMs. The process will be as simple as withdrawing money from a bank.
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According to sources, Prime Minister Narendra Modi will launch this scheme soon. All the technical requirements for this have been fulfilled. The ‘Dry Run’ and ‘Final Run’ process on the ATM machine has been completed. According to technical officials, the entire system has been made ‘foolproof’. This means, your PF account will be the same as your normal account. Under EPFO 3.0, the process is underway to link accounts with banking gateways, allowing you to withdraw funds anytime directly through ATMs or UPI.
A special card will be issued
According to sources, special cards may be issued for this purpose, which will be directly linked to the PF account. This will increase transparency and reduce delays in the withdrawal process. This process was long awaited. Now, it is hoped that this will be implemented at the earliest.
This is the current withdrawal method
Currently, the easiest way to withdraw PF funds is to apply online. For this, the account holder needs to log in to the EPFO Member Portal using their Universal Account Number (UAN). After this, they have to go to the online service section and select the Dawa (Claim) option. Here employees can choose the form as per their requirement – like Form 19 for full PF withdrawal, Form 31 for partial withdrawal and Form 10C for pension fund.
While ATM is an important tool for day-to-day banking transactions, EPF is a long-term savings plan. If EPF ATM withdrawal facility is introduced in future, it will be a great convenience for the employees.
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