EPFO: For the working class, withdrawing money from their Provident Fund (PF) has often been a long and tedious process. But, now this is going to be a thing of the past. The Employees’ Provident Fund Organization (EPFO) is preparing for a major digital transformation, which has been named ‘EPFO 3.0’. Under this new system, PF account holders will not have to wait long to withdraw their money. Now you will be able to withdraw the amount from your PF account directly through ATM or UPI.
New digital revolution in PF withdrawal
The main objective of EPFO is to rapidly digitalize its entire system. ‘EPFO 3.0’ is an important step in this direction. Through this upgrade, the organization wants to provide instant services like banking to its account holders. Till now, to withdraw PF money, one had to fill online claim form and wait for approval for several days. But under the new system, this entire process is being made very easy and transparent. Its direct effect will be that in case of emergency, employees will not have to wait for weeks for their money.
How to withdraw your funds from ATM card and UPI?
The most interesting aspect of this new scheme is to directly link the PF account with your everyday transaction process. EPFO is considering issuing a special ‘PF ATM Card’ for its account holders. After its issuance, like any normal debit card, you will be able to withdraw PF money as per your need by visiting the nearest ATM machine. Apart from this, the facility to link your PF account with UPI will also be provided. Also, the option to transfer funds to bank account through the existing EPFO portal and UMANG app will be made easier than before.
How much amount will you be able to withdraw from the account?
Now the biggest question is how much amount you can withdraw under this new facility. According to initial information, EPFO will set a limit on PF withdrawal through ATM or UPI. At present it is believed that account holders will be able to withdraw only 50 to 75 percent of their total deposited funds through these means. However, this is the initial limit and it may be increased in future. A detailed and official announcement from EPFO regarding the exact withdrawal limit and other conditions is still awaited.
When will this facility start?
Earlier there were reports that EPFO 3.0 would be launched in the month of April itself, but at present there is some delay in its implementation. Experts believe that EPFO may soon launch a new mobile application. Through this new app, account holders will get the benefit of withdrawing money from UPI and other modern facilities.
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