EPFO Updates: A news of great relief has come to the fore for crores of employed people of the country. Employees Provident Fund Organization i.e. EPFO is soon going to start such a facility, after which there will be no need to wait long to withdraw PF money. Now members will also be able to withdraw money from their provident fund through ATM and UPI. According to media reports, this facility can start by the end of May.
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About 8 crore members of EPFO will be able to take advantage of this new system. The organization is already working on the EPFO 3.0 platform, which aims to make the entire process digital and easy. After this upgrade, PF withdrawal, claim settlement and fund transfer will become faster than before. Under the new system, EPFO can issue special ATM cards to its members. This card will be directly linked to their PF account. Through this, members will be able to withdraw money from any ATM. After the introduction of UPI facility, PF balance can be transferred directly to the bank account.
However, a limit for withdrawal will also be fixed. According to preliminary information, members will be able to withdraw only a maximum of 50 percent of their total PF balance through ATM or UPI. There will be some necessary conditions to avail this facility. The member’s UAN must be active and KYC details like Aadhaar, PAN, bank account and IFSC must be updated and linked. EPFO believes that with this, crores of employees will be able to get immediate financial help in emergency.
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