EPF update: You may be able to withdraw PF from ATM soon, who can withdraw, how it will work
ANI. The Ministry of Labour & Employment is upgrading its IT systems for enhanced services to India's workforce, Dawra said.
Who can withdraw PF money through an ATM?
Dawra told ANI, «A claimant, beneficiary, or insured person will be able to access their claims conveniently through ATMs.» According to media reports, withdrawals will be capped at 50% of the total PF balance.
EPFO members may directly withdraw their claim amount using an ATM. EPFO allows linking bank accounts to EPF accounts, but it remains unclear whether they will utilise this linkage for ATM withdrawals or introduce a separate mechanism.
In the event of a member's death, beneficiaries may be eligible to use this ATM withdrawal facility. To facilitate this, beneficiaries may need to link their bank accounts to the deceased member's EPF account. However, the Labour Secretary has yet to clarify the specific process.
The Employees' Deposit Linked Insurance (EDLI) scheme provides a maximum insurance benefit of Rs 7 lakh to the legal heirs of deceased EPFO members. The Labour Secretary has stated that insurance claims can also be withdrawn via ATM. This means that nominees and legal heirs will be able to use this ATM withdrawal feature. However, to enable this, nominees or legal heirs will need to link their bank accounts to the deceased member's EPF account for claim settlement.
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