EPFO Proposes ATM Card Facility for Easy Fund Withdrawal
New Delhi, India – The Employees’ Provident Fund Organisation (EPFO) is working on a proposal to introduce an ATM card feature, allowing subscribers to withdraw funds directly from their EPFO accounts. This new facility, which aims to provide greater convenience and accessibility to EPFO members, is expected to be rolled out after the completion of an ongoing IT infrastructure upgrade.
The proposed ATM card facility would enable users to withdraw their provident fund balance at ATMs, making the process faster and more streamlined compared to the current method of withdrawing funds through claims and paperwork. This initiative is part of EPFO’s broader efforts to enhance the user experience and modernize its systems.
Officials say the upgrade to the EPFO’s IT infrastructure is crucial to ensure a smooth implementation of the ATM card feature. Once the system is ready, subscribers will be able to access their EPFO corpus without the need for complex procedures, offering a more efficient and user-friendly option.
“The ATM card facility is expected to be a game-changer for EPFO members, providing them with quicker and easier access to their hard-earned savings,” said an EPFO spokesperson.
The rollout timeline will depend on the progress of the IT upgrade, but the facility is expected to be available soon after the system is ready. EPFO officials have assured members that further details on the process will be shared once the facility is officially launched.