EPFO: Now withdrawing money from your provident fund account will be as easy as withdrawing money from ATM. Now you will not have to fill any form to withdraw money from PF. Also you will not have to apply online. You can withdraw PF money up to a limit from any bank’s ATM. The government will soon bring a new mobile app and debit card for EPFO customers. Union Labor and Employment Minister Mansukh Mandaviya has informed that a new mobile app and debit card facility for Employees Provident Fund Organization (EPFO) customers will be launched by May-June 2025. This facility will help EPFO customers to withdraw PF money from ATM through banks.
EPFO 3.0 App: Will provide easy and instant service
The minister informed that the entire IT system is being upgraded under EPFO 2.0, which will be completed by January 2025. After this, EPFO 3.0 app will be launched, which will make the process of settlement of claims easy and centralized.
Withdraw money from debit card and ATM
Under the new app and debit card facility, customers will be able to withdraw EPFO funds from ATMs. However, a limit will be fixed for withdrawing money. Also, it will not be allowed to withdraw the entire money at once. The good thing is that to withdraw money within this limit, there will be no need to fill the form or go to the EPFO office like before.
Discussion between RBI and Finance Ministry
Discussions are going on between RBI and Finance Ministry to implement this service. This initiative will be a big step towards making the service easy and convenient for EPFO customers. Minister Mandaviya said that between 2014 and 2024, during the tenure of Modi government, 17.19 crore people got employment, which is six times more than that of the UPA government. About 4.6 crore jobs were created in 2023-24 alone. There has also been improvement in the agriculture sector. While employment in agriculture declined by 16% between 2004-2014, it increased by 19% between 2014-2023.
government initiative
EPFO 3.0 and new banking facilities will not only make service easier for customers.
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