From Provident to Prominent: EPF May Soon Be Just an ATM Tap Away

In a major digital leap, the Employees’ Provident Fund Organisation (EPFO) is set to roll out instant PF withdrawals via UPI and ATMs under its new EPFO 3.0 platform, expected to launch by June 2025. This move aims to simplify fund access for over 9 crore EPF members, reducing paperwork and wait times.

 

Key Highlights:

Direct Withdrawals: Members will soon be able to withdraw up to ₹1 lakh instantly using UPI or ATM cards linked to their EPF accounts2.

 

Auto-Settlement Mode: Claims up to ₹5 lakh will be processed electronically within 3 days, up from the previous ₹1 lakh limit.

 

Digital Upgrades: EPFO 3.0 enables OTP-based KYC updates, error corrections, and balance checks via UPI apps2.

 

No Banking License Needed: EPFO is partnering with banks and NPCI to enable these services without holding a banking license.

 

Outlook:

This upgrade is expected to revolutionize retirement fund access, especially during emergencies. With real-time fund transfers, EPFO is aligning itself with modern banking standards, offering members speed, convenience, and control over their savings.

 

 Source: Deccan Herald