Soon you will be able to withdraw PF money from ATM: You can get a new facility from June, it will be able to withdraw money immediately at the time of need

The Central Government Employees Provident Fund Organization (EPFO) is preparing for major changes in next month i.e. June. According to media reports, according to the draft of EPFO ​​3.0, employees may soon get the facility to withdraw PF money directly from ATM and UPI.

Under the EPFO ​​3.0, PF account holders will be provided with withdrawal cards. This will be completely like a bank ATM card. Only a fixed amount can be withdrawn under the new facility. From this, it will be that the employee will be able to withdraw money for emergency, but even after retirement, sufficient amount will be sure in the account.

How to withdraw PF money from ATM and UPI? In this new process, EPFO ​​will issue a special ATM card to its subscribers, which will be linked to their PF account. By using this card, subscribers will be able to withdraw their PF money directly from ATM machines. At the same time, to withdraw money from UPI, you have to link your PF account to UPI. After this, subscribers will be able to transfer PF money to their bank account.

75% money of PF will be withdrawn after one month after going to the job Under the PF withdrawal rule, if a member’s job goes away, then after 1 month he can withdraw 75% money from PF account. With this, he can meet his needs during unemployment. The remaining 25% stake in PF can be extracted two months after leaving the job.

PF withdrawal income tax rules If the employee is completed 5 years offering services in a company and he removes PF, then there is no liability of income tax on it. A duration of 5 years can also occur with one or more companies. It is not necessary to complete 5 years in the same company. The total duration must be at least 5 years.

If the employee withdraws more than 50 thousand rupees from the PF account before completing 5 years in the job, then he will have to pay 10% TDS. On the other hand, if you do not have a PAN card, then you have to give 30% TDS. However, if the employee makes the form 15G/15H submit, no TDS is deducted.

There are more news …