• Source:JND
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To improve the user experience for its members, the Employees' Provident Fund Organisation (EPFO) is prepared to launch EPFO 3.0, a new digital platform. The process of withdrawing PF funds will be quicker, simpler, and more secure than ever before, thanks to this updated system.

EPFO 3.0: What is it?

EPFO 3.0 is a cutting-edge platform driven by sophisticated IT infrastructure. It is intended to give EPF members smooth, immediate services. Some of its features are: Quick cash withdrawal through ATM and UPI, Settlement of auto claims, Digital adjustments, Balance checks in real time, Simple money transfers to bank accounts, and OTP-based account update verification.

What's New for Members of EPF?

EPF members will be able to take money out of their PF accounts directly with ATM cards and UPI apps starting in June 2025, doing away with the need for drawn-out paperwork and waiting times.

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How ATM-Based PF Withdrawal Will Work

Like bank ATM cards, EPFO will issue withdrawal cards. Your PF account will be directly connected to these cards. Members must first file an online claim in order to begin the withdrawal process. 90% of claims are now handled automatically, and settlement will take place in three days.

After being authorised, members can use the withdrawal card to take out the eligible amount from any ATM. The amount that can be withdrawn will vary depending on the claim's justification; it usually ranges between 50% and 90% of your entire PF balance.

Requirements for PF Withdrawal

Members must make sure of the following requirements to utilise the new withdrawal facilities: Current Universal Account Number (UAN), UAN should be KYC compliant (connected to Aadhaar, PAN, bank account, and IFSC code), and the mobile number associated with it.

Documents Required

Identity proof (ID), proof of address, a blank or cancelled check with the account number and IFSC, and enabled ATM/UPI integration are required.

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For the crores of EPF members in India, the release of EPFO 3.0 represents a significant step toward digitisation and accessibility. These improvements will make it as easy as swiping a card or scanning a QR code to take out your hard-earned PF savings.