EPFO subscribers may soon withdraw claim amounts via ATMs

New Delhi: Now, all subscribers of Employees' Provident Fund Organisation (EPFO) are likely to soon be able to withdraw their provident fund money directly from ATMs like banks after the settlement. At present, the EPFO subscribers have to wait for over a week or so for the settlement of their claims online.

“Under the new plan, EPFO subscribers will receive dedicated cards that can be used at ATMs to withdraw savings and we are mulling providing services at par with the banking system to its more than 7 crore subscribers,” a top labour ministry official said.

“The focus right now in EPFO is to improve the IT infrastructure. While improvements are being seen in the last few months, in January 2025 we will see more improvement coming in as a result of hardware upgradation,” labour secretary Sumita Dawra said, adding that efforts are being made to bring systemic reforms that make processes easier and more efficient.

It is also expected that a maximum of about Rs 7 lakh is provided under the employees' deposit linked insurance (EDLI) scheme run by the EPFO to the heirs of deceased subscribers. In the new system, the heir of the deceased EPFO subscriber may also be able to use ATMs to withdraw the money after claim settlement.