EPFO ATM Card: If you might be additionally a member of the Employee Provident Fund Organization and are inquisitive about the launch of EPFO’s ATM card and mobile app, then excellent news associated to this has come for you. Union Labor and Employment Minister Mansukh Mandaviya has given essential info associated to the launch of EPFO ATM card and mobile app. Mansukh Mandaviya stated that the mobile app and debit card facility of the Employee Provident Fund Organization will be launched by May-June this 12 months.
Know the newest updates regarding EPFO’s mobile app
The Union Minister additionally knowledgeable that the total IT system will be upgraded underneath EPFO 2.0. Work on this is happening and it’s anticipated to be accomplished by the finish of January. In this collection, EPFO 3.0 app will be launched by May-June 2025 i.e. by the center of the 12 months, via which EPFO subscribers will be capable of get banking facility. Especially this will centralize the total system of EPFO and make the declare settlement course of simpler.
Discussions proceed between Finance Ministry and Reserve Bank
According to sources in the Labor Ministry, discussions are happening between the Finance Ministry and the Reserve Bank of India to make sure that via EPFO 3.0, the subscribers of the Employees Provident Fund Organization can get banking facility from wherever in the nation. As quickly as that is applied, EPFO members will be capable of entry debit playing cards and withdraw their PF funds from ATMs.
What will be the restrict for PF withdrawal?
One essential factor to remember is that subscribers will not get an opportunity to withdraw their total PF quantity and contribution via EPFO ATM card. For this, a withdrawal restrict will be imposed in order that EPFO members can not withdraw all the cash directly. One particular factor is that for this withdrawal restrict, you will not have to take prior permission from EPFO, whereas earlier it was essential to take permission from EPFO.
What will be the profit of this?
The biggest profit of these updates and initiatives will be that they will deliver quite a bit of reduction to EPFO subscribers and they will not have to fill prolonged varieties to withdraw their cash. Apart from this, they will not have to go to the EPFO workplace.
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