ATM Withdrawal

Subscribers of the retirement fund body EPFO may soon be able to withdraw claim amounts from their accounts through ATMs, a top official said. Union Labour Secretary Sumita Dawra has reportedly said that the labour ministry is upgrading information technology infrastructure to provide enhanced services to the Indian workforce. She further said that claimants, beneficiaries or insured individuals will be able to access their claim amounts through ATMs. According to the report, the withdrawal will be capped at 50 per cent of the Employees' Provident Fund (EPF). A maximum of Rs 7 lakh is provided under the Employees' Deposit Linked Insurance (EDLI) scheme run by the EPFO to the heirs of deceased subscribers. Thus, the heir of the deceased EPFO subscriber may also be able to use ATMs to withdraw the settled claim. A query e-mail sent to the labour ministry did not elicit any response.

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