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EPFO Cash: ATM & UPI Withdrawals Coming Soon!
29 Jun
Summary
- EPFO subscribers can soon withdraw funds via UPI and ATMs.
- EPFO 3.0 platform aims to reduce paperwork and speed up access.
- Up to 75% of PF balance may be instantly transferable.
The Employees' Provident Fund Organisation (EPFO) is set to launch its EPFO 3.0 digital platform, which will enable subscribers to withdraw their provident fund savings using UPI applications and EPF-linked ATMs. This digital advancement is designed to minimize paperwork and accelerate fund access.
The EPFO 3.0 initiative, launched last year, aims to modernize the organization's digital infrastructure and streamline services. Alongside instant PF withdrawals via ATM and UPI, proposals include auto-claim settlement and seamless fund transfers to employee-chosen bank accounts. Testing of the new system has reportedly been completed.
Under existing rules, withdrawals up to 75% are permitted based on specific purposes and eligibility. Reports suggest the new UPI and ATM facility will allow for instant transfers of up to 75% of the available EPF balance directly to a subscriber's linked bank account, keeping 25% locked for retirement protection.
Subscribers will need an updated PAN, verified bank account with correct IFSC, and a registered mobile number for OTP authentication. The platform will also incorporate Face Authentication Technology (FAT) via the UMANG app for identity verification, further simplifying the claim process and enhancing convenience.
