EPFO ATM Update: If your PF is being deducted while you are working in a private job, then this news will prove very valuable to you. Anyway, this month is considered very special for PF employees. PF accounts are opened according to the savings of the employees. Why do you know that crores of EPFO members are going to receive significant help soon?
Preparations are underway to launch EPF 3.0 by the central government. Many facilities, including the ability to withdraw money from ATMs, will be available, which will prove to be a boon. According to the EPFO 3.0 system, the aim is to simplify the digital process by eliminating paperwork in PF withdrawals. Its process is also going to be very easy.
Know the process and limit.
EPFO will issue a card for PF account holders. It will be exactly like an ATM card. PF employees will need to visit the ATM with their card. You can then withdraw money from your PF account using this card. Initially, account holders can withdraw up to 50 per cent of the total amount deposited in their PF account through an ATM.
The ATM withdrawal limit can be increased. After the ATM card, PF account holders will be able to easily get the facility of withdrawing money from an ATM. You can also check the balance of your PF account. Not only this, but you can also easily transfer the funds to your favourite account.
Auto-claim settlement will be straightforward.
For your information, we would like to inform you that the facility for auto-claim settlement will become easier in EPFO 3.0. With this, money will be transferred directly to your account without any manual intervention.
You will not need to wait long to receive the money after making a claim. This process will also become very easy. In the new system, as soon as you submit an online claim request, the system will automatically process it, and the money will be deposited into your bank account within the stipulated timeframe.