There is very big good news for the employees and account holders of the Employees Provident Fund Organization (EPFO). The central government is preparing to launch EPFO 3.0 on the lines of PAN 2.0. This new platform will allow you to withdraw money from your PF account through mobile. With this revolutionary change, users will be able to withdraw PF funds directly through ATM (Automated Teller Machine) and UPI (Unified Payments Interface).
This new system will be completely digital and is expected to be launched in the month of June. This will make all tasks like improving the account from PF, withdrawing money for redressal of complaints, updating data, and claim settlement very easy and quick. Let us know how this new system will work and how easy it will make every work related to your PF.
How to withdraw PF funds from an ATM
According to reports, under the EPFO 3.0 program, EPFO will soon provide an ATM withdrawal facility for its members. In this, your EPFO ATM card will work just like a debit card. To withdraw money, you first have to link your UAN (Universal Account Number), verify your OTP (Time Password), and then withdraw cash. The claim of money will be done online and the amount will be credited to your card within 3 days, which can later be withdrawn from the ATM. This process will be much faster than traditional withdrawals.
PF money will also come directly to the wallet through UPI
Your PF account will be linked to your UPI ID or linked bank account. Once you make a claim, the money will come directly to your UPI wallet. After this, you will be able to make payments by scanning the QR code anywhere. This will allow you to use PF funds instantly, which will be extremely beneficial for emergency needs.
Change in account details and other features
EPFO 3.0 is not limited to withdrawals only, it will also give you better control over your account. Users will be able to make changes in their account details, nominees, or other changes through OTP from their mobile itself. Now you do not have to go to the branch or go through a long paperwork process.
Through this card, they will be able to get facilities like balance checks, and cash withdrawals just like debit cards and credit cards. However, only up to ₹1 lakh can be withdrawn through ATM and UPI. This is sufficient for small and medium-scale needs.
Correction in account details is also possible
Another special thing about EPFO 3.0 is that members will be able to update details like name, date of birth, gender, nationality, parents’ name, marital status, and date of starting the job online through their Universal Account Number (UAN). This means that members will no longer need any other documents or long processes.
Under the EPFO 3.0 system, members will also be able to correct errors in their accounts such as employee’s name, date of birth, mobile number, permanent address, etc. online. There will be a facility for OTP verification for this, which will eliminate the need to fill the old form. This will ensure that your PF data is always accurate and updated.