The Employees’ Provident Fund Organisation (EPFO) has put in place plans to radically transform access to funds by introducing a special ATM-like card expected to come into effect in January 2025. The program is part of the actualization of an EPFO 3.0 and has been developed to improve user convenience and fund withdrawal processes.
Key Features of the EPFO Special Card
- Direct ATM Withdrawals: Members will now start withdrawing their Provident Fund (PF) savings from EPFO-enabled ATMs as if it is a typical bank debit card.
- OTP-Based Security: Authentication with Aadhaar-linked UAN and OTP will be used for all transactions, thus ensuring secure access to funds.
- Nominee Access: Under the Employees Deposit Linked Insurance (EDLI) scheme, nominees of deceased members can withdraw claim settlement amounts up to ₹7 lakh through the special card.
Timeline for Implementation
The EPFO 3.0 system behind this initiative will see its phased rollout beginning June 2024, with the special ATM card feature coming live in January 2025. This timeline allows for necessary infrastructure upgrades and member onboarding processes.
Benefits to Members
- Improved Accessibility: Members can access their PF funds 24/7 without the need for online claims or physical visits to EPFO offices.
- Simple Process: The card simplifies the complex withdrawal procedure and offers a straightforward, easy-to-understand approach to the usage of the device.
- Enhanced Service Delivery: To shorten administrative bottlenecks, the EPFO is looking to expedite its claim settlements and in general ensure higher satisfaction from all its members.
Other Features
Apart from the special card, the EPFO is set up to develop a mobile application for smooth access to account management, speedier claims processes, and real-time returns on an individual’s retirement savings.
Conclusion
The EPFO special ATM card is part of steps being taken to revolutionize the process of withdrawing provident funds, in keeping with the commitment of the body to utilize technology for better member services. However, it is advised for members to remain knowledgeable about the new rollout and ensure that their UAN and Aadhaar details are up to date for better use of the new facility.
Also Read: PM Kisan Apply Online 2025: Government will give ₹ 6000 to farmers, apply now
