EPFO Update on ATM Withdrawal: Good news for 7.8 crore employees! The Employees’ Provident Fund Organisation (EPFO) may soon allow its subscribers to withdraw a portion of their accumulated corpus through ATMs. To facilitate this, the Central Board of Trustees (CBT), the apex decision-making body of the EPFO, is likely to give approval for the ATM-withdrawal facility in its upcoming board meeting. The meeting is scheduled for October. So, when will the 7.8 crore employees in India be able to withdraw money from ATM? Read down to know more..
When will you be able to withdraw money via ATM
Each employee will be able to withdraw money from January 2026. In March, Minister Mansukh Mandaviya said that the new EPFO 3.0 system will work like a bank. Employees will be able to take out their PF money directly from ATMs. The IT system to allow PF withdrawals from ATMs is ready. The details and procedures are expected to be discussed in the Central Board of Trustees (CBT) meeting next month.
The ATM withdrawal facility will provide significant relief to employees. They will not need to submit an online claim to withdraw funds. This will also eliminate the need for long waits. Employees can simply go to an ATM branch and withdraw their PF funds from an ATM.
A CBT member told ‘Moneycontrol’ that they have learned that the EPFO’s IT infrastructure is ready to allow ATM-like transactions. He added that there will be a limit on ATM withdrawals, but this is still being discussed.
EPFO has a total 78 million registered members
The Employees’ Provident Fund Organisation (EPFO) currently has 78 million registered members, with over ₹28 lakh crore in deposits. In 2014, the figures were 33 million members and ₹7.4 lakh crore in deposits.
Card to be issued for PF withdrawal
The EPFO is expected to issue a special card to its members, allowing them to withdraw a portion of their funds from ATMs. Earlier this year, the EPFO increased the automatic claim settlement limit from ₹1 lakh to ₹5 lakh to make fund access easier. The process uses an automated system with digital checks and algorithms to verify claim eligibility, based on the member’s KYC details.
Experts say that allowing ATM withdrawals will make it more convenient for members to access funds, especially during emergencies, as current withdrawals often involve delays and paperwork.
