The Employees’ Provident Fund Organisation (EPFO) is planning to let its members withdraw a portion of their deposits through ATMs until January 2026.
The Central Board of Trustees (CBT), the highest decision-making body of the EPFO, is expected to approve this facility in its meeting scheduled for the second week of October.
According to Money Control, a CBT member stated that the EPFO’s IT system is now ready to handle such transactions, though the ATM withdrawal limit is still being decided.
Currently, the EPFO has a total fund of over ₹28 lakh crore and around 78 million members. Back in 2014, the fund stood at ₹7.4 lakh crore with 33 million members.
A senior Labour Ministry official added that this facility is necessary to make it easier for members to access their deposits. The ministry has also been in talks with banks and the RBI to ensure smooth implementation.
Special EPFO Cards for Easier Access
Sources suggest that the EPFO may issue special cards to members, allowing them to withdraw funds directly from ATMs.
Experts believe this will make accessing money, especially during emergencies, much faster, as current withdrawals often involve lengthy procedures and paperwork.
However, experts also note that for this facility to work effectively, the EPFO will need to strengthen its digital infrastructure and coordinate closely with banks.
