EPFO 3.0 big update: How to withdraw PF money through ATM & UPI soon; Check eligibility, limits

The Employees' Provident Fund Organisation (EPFO) is set to introduce a major digital upgrade under EPFO 3.0, allowing provident fund (PF) withdrawals through ATM and UPI soon. The new system is aimed at making PF access faster, simpler and more convenient for crores of EPF subscribers across India. EPFO 3.0 is also set to simplify claim settlement, reduce paperwork and improve overall user experience for subscribers.

What is EPFO 3.0?

EPFO 3.0 is the Employees' Provident Fund Organisation’s new digital upgrade focused on modernising PF-related services and improving claim processing. The upgraded system is set to introduce:

• ATM-based PF withdrawal
• UPI-linked PF transfer and withdrawal
• Higher auto-settlement limits
• Simpler withdrawal process
• Reduced dependency on employer approvals

The number of PF withdrawal categories may also come down from 13 to three, making the process easier for subscribers. EPFO may also increase the auto-settlement limit from Rs 1 lakh to Rs 5 lakh under the upgraded framework.

How PF withdrawal through ATM could work

One of the biggest highlights of EPFO 3.0 is the upcoming PF-linked ATM card facility. Subscribers may soon get dedicated ATM cards linked directly to their PF accounts. The card could work like a regular debit card and help users withdraw PF money directly from authorised ATMs. To withdraw PF money through ATM, users may need to:

• Visit an EPFO-enabled ATM
• Select PF withdrawal option
• Enter UAN details
• Choose withdrawal amount
• Complete OTP authentication

Subscribers may be allowed to withdraw up to 50 per cent of their PF balance through ATM withdrawals.

How PF withdrawal through UPI may work

EPFO 3.0 is also set to introduce UPI-based PF withdrawals. Subscribers may soon be able to log into the EPFO portal or mobile app, select UPI as the payment mode, enter their UPI ID and receive PF money directly into their linked bank account after verification. The facility is expected to make PF withdrawals quicker and reduce paperwork.

EPFO 3.0: Key PF withdrawal rules

Under the proposed EPFO 3.0 system:

• Subscribers may withdraw up to 75 per cent of total PF balance
• Minimum 25 per cent balance may need to remain in account
• ATM withdrawal limit could be capped at 50 per cent of PF corpus
• Auto-settlement limit may increase to Rs 5 lakh
• Employer attestation may not be required for most withdrawals

EPFO is yet to officially announce the final operational guidelines for all EPFO 3.0 features.

Who can use ATM, UPI PF withdrawal facility?

To access EPFO 3.0 features, subscribers may need:

• Active Universal Account Number (UAN)
• Aadhaar linked with UAN
• PAN linked with EPFO account
• Updated bank account details and IFSC code
• Registered mobile number for OTP verification
• Complete KYC details