New Delhi: Employees’ Provident Fund (EPF) account holders may have to wait a little longer for the scheme to withdraw their EPF amount from ATM. The implementation of this facility is getting delayed due to technical and procedural hurdles so far. Efforts are being made to implement this scheme soon, but it will take some time to start.
EPF withdrawal scheme from ATM
The scheme of withdrawal of EPF amount from ATM proposed by EPFO (Employees’ Provident Fund Organization) aims to provide more convenience to the account holders. Under this, account holders can now link their Universal Account Number (UAN) to the debit card and withdraw their amount directly from the ATM. However, many technical and coordination related problems are coming up to implement this process.
Why are technical problems arising?
- Data security:
Security of personal and financial data of account holders is of utmost importance for EPFO, for which additional technical measures are required. - Coordination of banking system:
EPFO needs to fully coordinate with the banks so that this scheme can be implemented effectively. - Delay in processing:
It may take time to implement this new process for lakhs of account holders, due to which this scheme is not being started on time.
Existing options for EPF withdrawal
Until ATM withdrawal facility is available, account holders can withdraw their EPF amount through the following methods:
- Online application: By logging on to the official website of EPFO
- Umang App: Through mobile app
- Offline process: By visiting the nearest EPF office
What are the benefits for customers?
- Convenience:
The facility of direct ATM withdrawal will be very simple and convenient for the employees.
- Quick withdrawal:
Withdrawal through ATM will speed up the process and employees will get quick access to their funds.
- Transparency:
This process will be completely transparent, so there will be no mistake or delay.
What does EPFO say?
The EPFO official said that all efforts are being made to implement this scheme soon, but it is getting delayed due to technical problems. He said that as soon as all the problems are resolved, the scheme will be implemented.
What should the subscribers do?
- Link your UAN and Aadhaar:
Make sure that your Universal Account Number (UAN) and Aadhaar card are updated.
- Keep contact details updated:
Keep your contact number and email ID updated so that any information can be received on time.
- Pay attention to EPFO portal for official updates:
Keep checking regularly for updates related to this scheme on the EPFO website and Umang app.
Conclusion:
Although the implementation of the scheme of EPF withdrawal from ATM is delayed, this facility will prove to be extremely beneficial for the employees. Till this facility is available, one can withdraw their funds using the existing online and offline options.
FAQs (Frequently Asked Questions)
- Has EPF withdrawal from ATM been started?
No, it will take some more time for this scheme to be implemented.
- How can I withdraw EPF amount?
You can withdraw your amount through the online portal, Umang app or from the nearest EPF office.
- Do I have to apply separately for ATM withdrawal?
More details about this will be given by EPFO after it implements this process.
- What is UAN and why should I link it?
Universal Account Number (UAN) is a unique number, which links all your EPF accounts. It is necessary to link it with Aadhaar.
- Are banks also being prepared for ATM withdrawal?
Yes, EPFO is coordinating with banks so that this scheme can be implemented as soon as possible.
Through this article, employees are being informed about the scheme of EPF withdrawal from ATM and its benefits.