The Employees’ Provident Fund Organisation (EPFO) is now going to make your whole life even more easier. If you are a Provident Fund (PF) subscriber, then be happy, because now withdrawing your PF is going to be as simple as withdrawing money from the bank, that too directly from the ATM. Yes, EPFO is soon going to launch a new facility, under which you will be able to withdraw your PF funds through an ATM. This will make access to your retirement fund radically easy.
All this will be possible through EPFO’s new digital infrastructure Version 3.0, which is in full swing to be launched by May or June 2025. The aim of this entire initiative is to make access to your retirement fund easy, fast and hassle-free. Union Labour and Employment Minister Mansukh Mandaviya has also confirmed this. This news is extremely encouraging for crores of PF subscribers.
PF-related facilities will be even more smart and easy
EPFO is soon going to launch the new digital platform in EPFO version 3.0 for its crores of epfo members. Its main objective is to make the service fast, transparent, and hassle-free. Let us know what new features you are going to get in this new system:
ATM Withdrawal Facility: PF subscribers will now be able to withdraw their PF funds from ATM like a bank. This facility will be very simple and time saving.
Auto-Claim Settlement: Through this facility, PF claims will be settled automatically in a very short time and the money will be transferred directly to the user’s bank account. This process will make claim settlement extremely fast.
Digital Account Correction: Now physical forms will not be required to correct any personal information (such as name, date of birth etc.). Everything can be done online. This process will make corrections easy and convenient.
OTP Based Updates: Changes in account related information or bank details will now be possible only through OTP (One Time Password). This will strengthen the security of your account.
With all these new facilities, the processes related to EPFO will become much faster, more transparent, and easier. This will eliminate the need for common people to visit offices and will also save time. This will prove to be a revolutionary change in the functioning of EPFO.
EPFO is managing an amount of more than ₹ 27 lakh crore
According to media reports, the Employees Provident Fund Organization is currently managing an amount of more than ₹ 27 lakh crore. PF account holders are currently being given an interest of 8.25%. This new ATM withdrawal facility will prove to be an additional benefit for PF account holders.