EPFO 3.0 rollout by June: Know how it will benefit members
New Delhi, Jan 16, 2025
Technology update will incorporate features similar to those offered by banks
The Employees’ Provident Fund Organisation (EPFO) is changing the way its 70 million members access their retirement savings with the launch of an initiative called EPFO 3.0.
EPFO 3.0 will make services user-centric by incorporating features similar to those offered by banks. Union Minister Mansukh Mandaviya said recently that new software, ATM card and a new mobile application for EPFO subscribers will be launched by June 2025.
EPF members have to wait for seven to 10 days for withdrawals after submitting their requests online or offline. They have to obtain employer attestation before initiating the withdrawal process.
What will the new update have?
Upcoming EPFO mobile app: Managing your provident fund account is about to become easier and more efficient with the new EPFO mobile app. From checking your account balance to filing claims, the app will serve as a one-stop solution, saving you time and effort.
Dedicated ATM card for EPF withdrawals: EPFO members will be able to withdraw funds using a specially designed ATM card. Whether it’s for a medical emergency or an urgent financial need, accessing your EPF savings will now be as simple as withdrawing cash from an ATM.
EPFO also plans to launch a self-attestation feature in June, eliminating the requirement for employer approval to complete the Know Your Customer process.
How to withdraw PF from ATM?
The new system will introduce dedicated PF withdrawal cards, functioning like regular bank ATM cards. This will allow employees to withdraw their EPF savings directly from ATMs, providing immediate access to funds without the need for lengthy approval processes
What does EPFO 3.0 mean for you?
Faster withdrawals: EPFO 3.0 will streamline withdrawals, reducing processing times significantly. This means faster access to your funds when you need them.
Convenience on the go: With a dedicated mobile app, managing your EPF account will be easier than ever. Check your balance, track contributions, or raise claims—all from the comfort of your smartphone, anytime and anywhere.
[The Business Standard]
