The dream of withdrawing the hard-earned money deposited in Provident Fund from ATM is going to come true in the new year 2025. The central government is preparing to launch this scheme in the early months of the new year. To prepare a roadmap regarding this, the Ministry of Labor and Employment will soon discuss with the banking sector regulator reserve bank of india (RBI) and the leading banks of the country. The government's aim is to promote ease of living for the 7 crore subscribers of EPFO. Not only this, the government is also seriously considering linking the wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital wallet with EPFO in which the processed claim amount will be deposited and the subscribers will be able to withdraw it easily. PF claim will be processed quickly
The central government wants to improve the wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital infrastructure of the Employees Provident Fund Organization. Before allowing the withdrawal of money deposited in the Provident Fund from ATM, the government will revamp the wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital infrastructure of EPFO, only after that the scheme will be launched. The Ministry of Labor wants to speed up the approval system along with reducing the processing time of Provident Fund claims so that the problems faced by the subscribers can be reduced. However, even after allowing the withdrawal of Provident Fund money from ATM, the amount can be withdrawn only after getting approval from EPFO, as per the existing rules.
There will be a limit on withdrawing PF money from ATM
The approval process for withdrawing money from Provident Fund will be automated, as well as the interference of EPFO office will be reduced. The ministry has not yet decided the limit for withdrawing Provident Fund money. But it is certain that a limit will be fixed for withdrawing money from ATM. However, no final decision has been taken yet regarding allowing withdrawal of only 50 percent of the total PF balance from ATM.
wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital wallet will be linked with EPFO
The government is also seriously considering linking wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital wallet with EPFO in which the processed claim amount will be deposited and withdrawn. However, no decision has been taken on this and RBI's advice will be taken regarding this.
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