New Delhi: The system of withdrawing EPF deposits through ATMs will come into effect in January. This was announced by Union Labor Secretary Sumita Davra. The Ministry of Labor had earlier announced that as part of the EPFO 3.0 project, the EPF will be given a debit card-style card. This was planned to be implemented by next May-June. However, yesterday’s announcement that the model will be implemented in January itself.
PF users, dependents etc can receive money through an ATM. Mechanisms are being improved to make EPF user friendly. Davra said that you will know it every three months.
There are more than 7 crore users in EPF in the country. Currently it takes 7-10 days to transfer money from an EPF account to a bank account.
