A new digital platform, EPFO 3.0, is expected to launch this month. This platform will allow individuals to directly withdraw their PF (Provident Fund) money using their mobile phones.
Technology: The Employees' Provident Fund Organisation (EPFO) is soon launching EPFO 3.0, a new, advanced digital platform for its members. This new platform will make withdrawing money from PF accounts significantly easier and faster. Notably, users will be able to transfer their PF funds directly to their mobile UPI accounts and also withdraw cash from ATMs.
What's New with EPFO 3.0?
The primary objective of the EPFO 3.0 digital platform is to make the PF withdrawal process entirely digital and paperless. Currently, withdrawing PF money involves a lengthy and complex procedure, but this new system will complete the process in just a few minutes.
The most significant change is that PF funds will be directly credited to your UPI account, enabling payments anytime, anywhere, from your mobile. Additionally, those who wish will receive an ATM card allowing PF money withdrawals from ATM machines.
How will EPFO 3.0 work?
According to media reports, under EPFO 3.0, members can link their PF accounts to their bank accounts or UPI accounts. Whenever a member applies for withdrawal, their claim will be processed quickly. Currently, PF withdrawals can take several days or even weeks, but with EPFO 3.0, the money will be transferred to your account within just 3 days.
Under this new scheme, EPFO members can withdraw a maximum of ₹100,000 per month using their UPI or ATM card. This facility will benefit approximately 70 million PF account holders.
Easier Digital Updates and Complaint Resolution
On the EPFO 3.0 platform, members can easily update their personal details such as name, mobile number, date of birth, etc. They will need to verify their identity using an OTP. Filing complaints will also be possible online, and complaint status can be checked directly through the mobile app or website. This eliminates the need for physical visits to PF offices.
ATM Withdrawal Process
Under EPFO 3.0, ATM card holders will receive a special withdrawal card, functioning like a bank ATM card. The PF account holder will need to submit an online claim, and the money will be credited to this card within 3 days. They can then withdraw money from nearby ATMs. For employed individuals, there will be certain conditions for PF withdrawals, primarily for special occasions like marriage, house purchase, or loan repayment. Withdrawal limits and regulations are in place to protect PF savings.
Financial experts believe that this digital initiative of EPFO 3.0 will make the PF withdrawal process more transparent and efficient. This will save employees time and reduce the likelihood of fraud.
