EPFO 3.0: UPI-based PF withdrawals, ATM facility and launch timeline, all FAQs answered

The Employees’ Provident Fund Organisation is planning EPFO 3.0 changes that may make handling the provident fund easier. One expected change is withdrawal of the provident fund through UPI and ATM. This may reduce steps and make the process simple for members. Members may also check their balance using UPI apps. Reports say the system could start in early July, but no official date is announced. Current rules for withdrawal are expected to continue until new guidelines are issued. The government has not confirmed the launch, and details will be shared later for the digital services rollout. Here’s everything we have on the upcoming EPFO 3.0 update.

EPFO 3.0: Launch timeline

EPFO has not yet announced an official launch date for EPFO 3.0. However, reports suggest that it may be launched on July 1. The EPFO website is also undergoing maintenance until around the same time, which has fuelled speculation about the rollout.

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EPFO 3.0 to make PF withdrawals faster

EPFO 3.0 was introduced to modernise the retirement body’s digital services and make transactions easier for millions of salaried employees. The platform aims to simplify the claim process by reducing manual work and offering faster access to funds.

The labour ministry had earlier confirmed that testing of the new system had been completed. Union Labour and Employment Minister Mansukh Mandaviya had also stated that the rollout announcement would be made soon.

How UPI and ATM PF withdrawals will work

Under the new system, EPFO members are expected to receive EPF-linked ATM cards that can be used to withdraw eligible PF amounts directly from ATMs. Subscribers will also be able to transfer money through UPI, making the withdrawal process quicker than the existing claim method.

Members are also expected to check their PF balance through supported UPI applications without visiting the EPFO portal.

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EPFO 3.0: Withdrawal rules and eligibility

EPFO has not yet announced any separate withdrawal limit for the UPI or ATM transactions at the time of writing. Hence, we’re expecting that the existing EPF withdrawal rules will still be used.

Under the current rules, eligible members can withdraw up to 75 per cent of their PF balance. However, the final withdrawal amount is also determined by the purpose of the withdrawal and the applicable eligibility conditions. The remaining 25 per cent will continue to stay in the account as retirement savings.

To use these facilities, subscribers must have an active Universal Account Number linked with Aadhaar. They should also have an updated PAN, a verified bank account with the correct IFSC code and a registered mobile number for OTP-based verification.

EPFO 3.0: Other benefits 

Other than the abovementioned, the EPFO 3.0 also brings several improvements for members. Like, the auto-settlement limit for PF claims has already increased from Rs 1 lakh to Rs 5 lakh. This allows more claims to be processed automatically.

Furthermore, the platform is also expected to support face authentication technology through the UMANG app. This would help subscribers complete identity verification quickly with less paperwork and eliminate the need to travel to the centres and stand in long queues. 

Not only that but the EPFO 3.0 will also make it easier for members to update their KYC details using an Aadhaar OTP. Furthermore, it’s also said to introduce a centralised pension system that will help make the pension services faster and more convenient.