ATM cards will allow EPF withdrawals: The Employees’ Provident Fund Organization (EPFO) is introducing a major convenience for its members. According to reports, the EPFO may allow its members to withdraw a portion of their deposits directly from ATMs by January 2026. This proposal may be approved by the Central Board of Trustees (CBT), the EPFO’s highest decision-making body, at its meeting in the second week of October.
It is believed that the EPFO will issue a special card for this purpose, allowing members to withdraw money from ATMs. However, the limit on the amount that can be withdrawn from an ATM at one time has not yet been determined. According to a CBT member, the EPFO’s IT infrastructure is now ready for such transactions.
This step is being taken to provide members with easy and fast access to their deposits. Currently, withdrawing PF funds requires a lengthy process and time-consuming paperwork. This new facility will prove to be very helpful, especially in times of emergency. The Ministry of Labor has also initiated discussions with the Reserve Bank of India (RBI) and other banks to implement this scheme.
Fact Check:
The EPFO currently has a fund of over ₹28 lakh crore.
The EPFO has approximately 78 million members.
In 2014, the fund was ₹7.4 lakh crore, and the number of members was approximately 33 million.
Experts believe that to make this facility successful, the EPFO will need to further strengthen the coordination between its digital infrastructure and the banking system to ensure secure and seamless transactions. If implemented, this scheme will prove to be a significant improvement for EPFO members.