EPF ATM Withdrawals Coming Soon: What We Know About EPFO 3.0 Rollout
The move is aimed at simplifying access to retirement savings funds for EPF subscribers. The new services under EPFO 3.0 are expected to be launched by May or June 2025.
The Employees’ Provident Fund Organisation (EPFO) is gearing up to launch a facility that will allow ATM-based withdrawals of provident fund savings. This is part of a broader overhaul of its digital infrastructure under the upcoming EPFO Version 3.0 platform.
The move is aimed at simplifying access to retirement savings funds for EPF subscribers. The new services under EPFO 3.0 are expected to be launched by May or June 2025.
Union Labour and Employment Minister Mansukh Mandaviya confirmed the development recently.
“EPFO will soon implement Version 3.0 with the help of a robust IT platform to provide seamless and simplified services, including auto-claim settlements, digital corrections, and ATM-based fund withdrawals,” the minister told news agency PTI.
Expected Services Under EPFO 3.0
The new platform is being introduced with an aim of streamlining the services offered to over nine crore EPFO members. Among the key upgrades are:
ATM-based withdrawals: A major convenience, this will allow subscribers to access their PF money just like a bank withdrawal.
Auto-claim settlement: This feature is designed to reduce wait times and ensure that funds are transferred to users' bank accounts much faster.
Digital account corrections: Subscribers will be able to update personal details digitally without submitting physical forms.
OTP-based account updates: Changes to mandates or account information will be processed with just a one-time password.
These additions are expected to remove much of the red tape involved in withdrawing or updating EPF accounts and will likely eliminate the need for in-person visits to EPFO offices for routine tasks.
According to reports, EPFO oversees a fund of Rs 27 lakh crore and pays an interest of 8.25% on deposits. During 2024–25 alone, the body collected over Rs 3.41 lakh crore through 1.25 crore electronic challans submitted by employers.
The Union Minister also disclosed plans to integrate multiple social welfare initiatives into the EPF services. The aim is to build a unified social security net by linking schemes like the Atal Pension Yojana, PM Jeevan Bima Yojana, and Shramik Jan Dhan Yojana.
Enhanced ESIC Services
Separately, on the healthcare front, the Employees’ State Insurance Corporation (ESIC) is working on expanding medical services. Soon, beneficiaries will be able to get free treatment at hospitals under the Ayushman Bharat scheme. Charitable hospitals are also being brought into the fold to increase access.
Currently, ESIC provides care to around 18 crore individuals through a network of 165 hospitals, more than 1,500 dispensaries and nearly 2,000 empanelled hospitals across the country.
