Members may instantly withdraw up to Rs 1 lakh via UPI or ATM-like systems.
Personal details may now be updated online with OTP-based verification.
A revamped grievance redressal system promises faster complaint resolution.
Starting next month, India’s savings landscape may undergo a significant digital transformation. Employees’ Provident Fund Organisation (EPFO) will make it easier and faster for citizens to withdraw their EPF, according to DD News. This comes after the authority announced the launch of EPFO 3.0, a new digital platform a few months back.
The government’s next-generation system will be backed by a revamped IT infrastructure and aims to eliminate paperwork, reduce processing delays, and introduce self-service features such as employee benefits management. Here are all of the newly introduced features.
Instant withdrawals via UPI and ATMs
One of the most anticipated features of EPFO 3.0 is the ability to make instant withdrawals. Members will be able to access up to Rs 1 lakh directly via UPI or ATM-like interfaces, bypassing the slow online claim and approval process. This feature aims to make on-the-spot transfers to bank accounts, eliminating the need for abandoned transfers.
Self-service and update details online
Members will be able to update their contact details, name, date of birth, and other personal information online thanks to the new platform. OTP-based verification will be used to process the updates, doing away with the need to visit EPFO offices or turn in hard copies of your documentation.
Faster grievance redressal system
EPFO 3.0 will include an improved complaint resolution mechanism. Members will be able to lodge grievances and track their status via a digital interface, further reducing delays.
The new platform will also serve as a hub for other social security programmes, with plans to include schemes such as the Atal Pension Yojana (APY) and the Pradhan Mantri Jeevan Bima Yojana (PMJJBY).
Meanwhile, EPFO 3.0 is being implemented in conjunction with significant financial reforms. Several major banks, including HDFC Bank, Axis Bank, and Kotak Mahindra Bank, are changing their credit card terms. Deadlines for Aadhar updates, TDS certificate issuance, and the closure of special fixed deposits are also approaching.
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Ashish Singh
Ashish Singh is the Chief Copy Editor at Digit. He's been wrangling tech jargon since 2020 (Times Internet, Jagran English '22). When not policing commas, he's likely fueling his gadget habit with coffee, strategising his next virtual race, or plotting a road trip to test the latest in-car tech. He speaks fluent Geek. View Full Profile
