EPFO 3.0: With the arrival of EPFO ​​3.0, accessing your PF (Provident Fund) account will be much easier than before. One of its biggest features is that in this you will be able to withdraw your PF money through ATM and UPI. This means that now you will not have to visit the bank or EPFO ​​office to withdraw funds.

The purpose of this digital transformation is to make your access to the savings in your PF account faster and easier so that there is no need to run here and there in times of emergency.

The entire system will be as easy as the bank.

A PF ATM card can be issued to subscribers under EPFO ​​3.0. With its help, you will be able to withdraw cash by going to any ATM and entering your PIN or OTP. Similarly, you will also be able to link your UPI ID to your PF account. After this, you will be able to transfer money directly to your bank account through EPFO ​​portal or Umang app.

To avail the facility of withdrawing money from ATM and UPI, EPFO ​​members will have to fulfill certain conditions. All users will be required to have a valid Universal Account Number (UAN). Apart from this, the mobile number linked to UAN should also be active. Members must also ensure that their UAN is completely KYC-compliant, including linking to Aadhaar, PAN, bank account details and IFSC code.

Cash withdrawal limit

In this, members can be allowed to withdraw only 50 to 75 percent of their total PF balance using ATM or UPI. This restriction has been imposed so that some part of the savings remains reserved for future needs or emergency situations. You can make partial withdrawal 5 times for marriage and 10 times for education. At the same time, after one month of leaving the job, you can withdraw up to 75 percent of the funds. Another specialty of this is that the auto-settlement limit has been increased from Rs 1 lakh to Rs 5 lakh without any manual verification.

Why is there a delay in the process?

EPFO 3.0 is targeted to be activated from April itself. During this time, a new mobile application can also be launched, which will allow withdrawal of cash from UPI. Due to this, partnership has also been made with 32 government and private banks. It is being told that there is a delay due to some technical challenges in UPI-EPFO and ATM linkage, work on which is going on. It is expected that it will be fully launched in the middle of the year.

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