PF From ATM: From January 2025, EPFO subscribers will be able to withdraw their Provident Fund (PF) directly from ATMs. The Labor Ministry Secretary, Sumita Dawra, announced the new facility, saying that the government’s efforts to simplify the process. “We are settling claims quickly and are working to make the process easier to improve the ease of living. A claimant, beneficiary, or insured person will be able to access their claims conveniently through ATMs, with minimal human intervention,” said the Labor Secretary to ANI.
“Systems are evolving, and every two to three months, you will notice significant improvements. I believe there will be a major enhancement by January 2025,” she further added.
Withdraw PF From ATM: Check Details
EPFO subscribers will get special PF withdrawal cards that work like regular ATM cards. This will make it easy to withdraw their Provident Fund money from ATMs. PF withdrawals will be limited to half (50%) of the total balance. This is to ensure some funds remain available for future emergencies.
- PF withdrawal card will be linked to the individual’s EPFO account.
- Insert your PF withdrawal card into an ATM to withdraw cash directly.
- The 50% withdrawal limit is to make sure that you have some funds remaining in your PF account.
Current Withdrawal Rules
While working, you can withdraw some of your PF money from the EPFO website, but only for specific reasons. Here are some scenarios:
Scenarios for PF Withdrawal
Situation 1: Medical Emergency
You can withdraw an amount equal to 6 months’ of your basic salary and allowances, or the amount you’ve contributed to your PF with interest, whichever is less.
Situation 2: Education Or Marriage
You can withdraw up to 50% of your PF balance after completing of seven years of service.
Situation 3: Home Loan or Purchase
You can withdraw up to 90% of your PF balance for a home loan or to purchase a house after completing at least five years.
Situation 4: Retirement or Resignation
If you’re 54 or older, you can withdraw up to 90% of your PF balance within 1 year of your planned retirement date.
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