EPFO 3.0: ATM Withdrawal From This Month? Here's All You Need To Know

The Employees’ Provident Fund Organisation (EPFO) is gearing up to introduce the updated EPFO 3.0 platform for the convenience of all its members. Using a modern and robust IT system, the upgraded platform will provide simple and seamless services to more than nine crore EPF subscribers.

The new system, expected to be launched soon, will help EPF members in faster withdrawal of funds, compared to the present scenario.

The Employees’ Provident Fund Organisation is planning to roll out EPFO 3.0 this month, but no official release date has been announced as of now. People can expect EPFO 3.0 to be introduced in the coming weeks.

People are required to undergo a cumbersome process to raise claims for PF withdrawal, which includes a waiting period on behalf of the EPFO for requisite approvals.

Earlier this year, Union Labour and Employment Minister Mansukh Mandaviya told PTI that the all-new EPFO 3.0 will make "auto-claim settlements, digital corrections, and ATM-based fund withdrawals” available to the people.

EPFO will now allow all its subscribers to take out their PF money through ATMs. This will be quite similar to how people take out money from their respective bank accounts. 

For this, all the EPF subscribers need to activate their Universal Account Number (UAN) and the bank accounts should be linked to Aadhaar. The last date for UAN activation and Aadhaar seeding in bank accounts is June 30. 

As per reports, the EPFO is expected to keep a withdrawal limit for the same, which could be Rs 1 lakh or 50% of the accumulated balance. This will make it simple and faster to withdraw the PF balance.

An automatic claim settlement option will be provided to the subscribers to reduce the dependency on manual processing. This will ensure the timely transfer of funds to the bank accounts of users.

EPFO subscribers will now have the opportunity to make any changes to their personal data through a digital process. Hence, there will be no requirement to submit forms physically for any correction or update in personal details.

Accounts will get updated through OTP-based verification, replacing the form-based procedure.

EPFO 3.0 is part of the major plan to come up with a unified social security framework. This includes integration of several flagship welfare schemes of the central government, such as the Atal Pension Yojana, Pradhan Mantri Jeevan Bima Yojana and Shramik Jan Dhan Yojana.

The EPFO is also said to be working on upgrading the grievance redressal system. The new system will allow the organisation to address issues raised by the EPF subscribers in a more effective manner.