The Employees' Provident Fund Organisation (EPFO) is set to launch its new platform, EPFO 3.0, to make it easier for people to withdraw their provident fund (PF) money. With this new system, users will be able to take out PF funds using ATM and UPI. As per media reports, this feature will start in June 2025. EPFO 3.0 will operate through a strong IT-based platform and promises features such as auto claim settlement, digital corrections, and easier access to funds. Under the new services, EPFO members will be able to check their PF balance and withdraw funds through ATM and UPI. They will also be able to transfer the funds directly to their preferred bank account.ATM Withdrawals to Be Rolled Out With Linked CardsPF account holders will receive a card similar to a bank ATM card. This card will be linked to their PF account. To withdraw money, users must first submit an online claim. About 90 percent of these claims will be settled automatically within three days. After that, users can use a special card to take out money from ATMs. The amount they can withdraw will depend on the reason and can be between 50 percent and 90 percent of their total PF balance.
Read Also | Food companies must not use '100pc' claim in labelling and promotions: FSSAIDocuments Needed for PF WithdrawalUsers must have an active Universal Account Number (UAN) linked to a working mobile number. The UAN must also be linked to Aadhaar, PAN, bank account number and IFSC code. Other required documents include address proof, an identity card, a blank or cancelled cheque with the IFSC code and bank account number, and completed ATM or UPI integration.EPFO 3.0 is expected to make services faster and easier for over six crore PF account holders across the country.
Read Also | 85.5 pc of Indian households now own at least 1 smartphone: Centre