You will get a separate ATM card to withdraw PF, know how this card will work

EPFO ATM Card News: There is huge information for EPF account holders. Union Labor Minister Mansukh Mandaviya, whereas speaking to journalists just lately, mentioned that the Employees’ Provident Fund Organization is prepared to launch EPFO ​​3.O with its new software program system by June this yr.

Will get new ATM card

The Union Minister additional mentioned that after the launch of EPFO ​​3.O, a new ATM card will be issued to all these individuals whose PF is deducted. People will find a way to simply withdraw their PF from any ATM by utilizing this ATM card.

However, it has not been instructed but whether or not one will have to apply for this ATM card or the federal government will itself ship the ATM card to the tackle of those that have a PF account. But, it’s clear that solely within the yr 2025, you will find a way to withdraw your cash out of your PF account out of your particular PF ATM.

How a lot cash will be withdrawn, how will the card work

Only final month, Labor Secretary Sumit Dawra had instructed that within the yr 2025, EPFO ​​prospects can withdraw their PF cash via ATM card. Apart from this, Dawra had additionally instructed that account holders can withdraw up to 50 % of the cash from their account.

Now coming to the query that how will ATM card with PF account work? According to the report of ET, this card will even be like a regular ATM card and will additionally work in the identical manner. Obviously, if the cash is withdrawn from a regular ATM card, then its ATM card will even be just like the ATM card of regular banks.

Online declare settlement takes 7-10 days

At current, subscribers of Employees’ Provident Fund Organization (EPFO) have to look ahead to 7 to 10 days for his or her on-line declare settlement. Once the declare is settled, the cash is transferred immediately to the account holders’ checking account. However, after the introduction of ATM facility, you will find a way to simply withdraw cash out of your PF account instantly.

Also learn: She was the nation’s first girl Finance Minister, not Nirmala Sitharaman. While presenting the funds, she had mentioned – ‘Please forgive me’.