EPFO 3.0 Revolution: Now Withdraw Your PF Directly from ATMs

Hyderabad: The Employees Provident Fund Organisation (EPFO) is set to launch ‘EPFO 3.0’, a major upgrade that will allow subscribers to withdraw their Provident Fund (PF) directly from ATMs. This new system aims to provide banking-like convenience and make transactions smoother for employees.

EPFO to Function Like a Bank

Union Labour Minister Mansukh Mandaviya, announcing the update at an event in Hyderabad, said that EPFO 3.0 would function like a bank, giving subscribers the ability to manage their funds effortlessly.

“In the coming days, the EPFO 3.0 version will come. This means the EPFO will become equivalent to a bank. Like transactions are carried out in a bank, you (EPFO subscribers) have your Universal Account Number (UAN), and you will be able to do all your work,” Mandaviya said.

With this upgrade, employees will no longer need to visit EPFO offices or get approvals from employers to withdraw their PF savings. Instead, withdrawals can be made instantly through ATMs, just like a regular bank account.

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Faster and More User-Friendly Withdrawals

Currently, withdrawing PF involves lengthy paperwork and can take weeks to process. EPFO 3.0 aims to simplify this by offering:

• Instant fund withdrawals via ATMs
• Easier claim settlements
• Faster pension transfers
• Seamless account management through UAN

However, it is still unclear what withdrawal limits will be set for ATM transactions under this new system.

EPFO Reforms and Upcoming Mobile App

Over the past few years, EPFO has introduced several reforms to enhance user experience. The number of complaints has significantly reduced, and new features like:

• Faster claim processing
• Name correction options
• Pension withdrawals from any bank

have already been rolled out.

Additionally, the government is planning to launch the EPFO 3.0 mobile app by May or June 2025. This app will allow users to check their PF balance, track transactions, and make withdrawals conveniently.

Freedom to Access PF Anytime, Anywhere

Mandaviya emphasised that PF money belongs to the employees, and they should have the freedom to access their funds anytime, anywhere, without unnecessary delays.

With the launch of EPFO 3.0, millions of employees across India can expect a hassle-free, faster, and more accessible way to manage their retirement savings.