EPFO has rolled out EPFO 3.0 for its over 70 million members, making it easier and more convenient to access retirement savings. Union Minister Mansukh Mandaviya introduced new software, ATM cards, and smart mobile apps that are set to launch by June 2025.
Currently, EPF members face a wait of 7-10 days for withdrawals and need employer approval, but with EPFO 3.0, this will speed up significantly, offering services similar to banks. This upgrade will allow members to manage their funds more easily and effectively.
Updates from EPFO include a new mobile app that simplifies managing your Provident Fund account. With this app, you can check your balance and file claims all in one place, saving you time and hassle.
EPF Withdrawal with ATM Card: EPFO members can now conveniently withdraw their funds using a dedicated ATM card. Whether it’s for a medical emergency or any financial need, this card simplifies the money withdrawal process.
Self-Attestation Feature: The EPFO is set to introduce a self-attestation option in June, eliminating the need for employer approval to complete the KYC process.
How to Withdraw PF Money from the ATM: The lengthy process of withdrawing PF is now a thing of the past. With EPFO 3.0, employees will receive a special PF ATM card that functions just like a regular bank ATM card. This means you can directly access your PF funds from an ATM, allowing for instant withdrawals without the hassle of a complicated process.
Faster Withdrawal Process: EPFO 3.0 is designed to streamline the withdrawal process significantly. You won’t have to wait long to access your money anymore. This new system greatly reduces the time required for fund withdrawals. Additionally, EPFO has launched a dedicated mobile app for users, enabling you to check your EPF account details, monitor your balance, track contributions, and file claims easily from anywhere.