Chandigarh, January 3, 2025 : Good news for millions of workers in the country! Union Minister for Labour and Employment, Mansukh Mandaviya, announced that by May-June this year, EPFO will offer customers EPFO mobile applications and debit card services. The minister shared that EPFO 2.0 is currently being developed, with the entire IT system being upgraded, expected to be completed by the end of January. After this, the EPFO 3.0 app will be launched by May-June. This app will provide banking services to EPFO customers. Importantly, the system will become centralized, making the claim settlement process much easier.
Discussions are ongoing between the RBI and the Ministry of Finance
According to sources from the Ministry of Labour, discussions are ongoing between the RBI and the Ministry of Finance to provide banking-like services to EPFO customers through EPFO 3.0. In this scenario, customers will receive a debit card and will be able to withdraw their EPFO funds from ATMs.
More details will likely be revealed when the system is officially rolled out.
However, it is not the case that customers will be able to withdraw their entire contribution after receiving the ATM card, as a limit may be set. The good news is that, unlike before, they will not need to seek permission from EPFO to withdraw this amount. This initiative by the government will greatly benefit EPFO customers, as they will be relieved from the hassle of filling out forms and visiting offices to withdraw money.
Summary: EPFO customers will soon receive ATM cards, allowing easy withdrawals without prior permission. However, there may be limits on the amount that can be withdrawn.