EPFO Members May Soon Withdraw PF Funds via ATMs

Employees’ Provident Fund Organisation (EPFO) members may soon be able to withdraw their Provident Fund (PF) directly via ATMs. Labour Secretary Sumita Dawra made this announcement in an interview with ANI. The Ministry of Labour and Employment is currently upgrading its IT systems to improve services for India’s workforce.

Who Can Withdraw PF Funds via ATMs?

According to Labour Secretary Sumita Dawra, EPFO members, beneficiaries, or nominees will be able to withdraw PF claims conveniently through ATMs. However, reports suggest that withdrawals will be limited to 50% of the total PF balance.

In case of a member’s demise, beneficiaries can also access this feature. To enable this, beneficiaries may need to link their bank accounts with the deceased member’s EPF account. Official confirmation regarding the exact mechanism is awaited.

When Will PF ATM Withdrawals Be Available?

While a specific date has not been provided, the Labour Secretary hinted at continuous system improvements, stating: “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.”

How Will PF ATM Withdrawals Work?

EPFO already allows members to link their bank accounts with EPF accounts. However, it remains unclear whether this feature will use the existing linkage or introduce a new system for ATM withdrawals. The Ministry of Labour is expected to announce further details soon.

EPF Withdrawal Rules You Should Know

Currently, EPFO allows withdrawal of PF funds under specific conditions:

1. Retirement Age: Members can withdraw 100% of the funds after turning 55.
2. Pre-Retirement Withdrawal: Up to 90% of funds can be withdrawn one year before retirement.
3. Partial Withdrawals: Allowed for situations such as:
   • Unemployment
   • Medical emergencies
   • House purchase/construction
   • Marriage (for self, siblings, or children)
   • Home renovation

The withdrawal limit depends on the reason for the claim.

Forms Needed to Withdraw PF Online

EPFO members can already file claims online via the UAN Member Interface using the following forms:

• Form 19: For PF final settlement
• Form 10-C: For pension withdrawal benefits
• Form 31: For partial PF withdrawals

Requirements for Filing Online PF Claims

To file a PF withdrawal claim online, members must meet these conditions:

1. UAN Activation: The Universal Account Number (UAN) must be activated.
2. Aadhaar Linking: Aadhaar must be seeded in the EPFO database for OTP-based verification.
3. Bank Account Details: The bank account (with IFSC) should be linked to the EPFO database.
4. PAN Linking: PAN must be seeded for final settlement claims if the service period is less than 5 years.

Additional Information: EDLI Scheme Withdrawals

The Employees’ Deposit Linked Insurance (EDLI) scheme provides up to ₹7 lakh as insurance benefit to the legal heirs of a deceased EPFO member. Dawra mentioned that this amount can also be withdrawn via ATMs. To claim this benefit, nominees or legal heirs must link their bank accounts to the deceased member’s EPF account.