AI Generated Content

This may include content generated using AI tools. Glance teams are making active and commercially reasonable efforts to moderate all AI generated content. Glance moderation processes are improving however our processes are carried out on a best-effort basis and may not be exhaustive in nature. Glance encourage our users to consume the content judiciously and rely on their own research for accuracy of facts. Glance maintains that all AI generated content here is for entertainment purposes only.
News18    •    4 min read

PF Withdrawals Via UPI And ATMs By This Diwali? EPFO 3.0 Could Bring Major System Overhaul

WHAT'S THE STORY?

EPFO 3.0: The long wait for EPFO 3.0 for over 8 crore EPF members appears to be coming closer and could change their experience once and for all before this Diwali. A major system overhaul, which is dubbed

AD

as “EPFO 3.0” will ease the funds withdrawal process for members through UPI and ATMs and make services more transparent and quicker.

The launch, which was expected in June 2025, has been delayed due to technical reasons and tests. However, some reports suggest that the managing organization, Employees Provident Fund Organization (EPFO) will soon launch its digital platform EPF0 3.0.

According to Economic Times report, a meeting led by Union Labour and employment minister Mansukh Mandaviya is scheduled for October 10-11.

The ET report stated that the meeting will focus on discussing certain facilities to subscribers on par with banking services like UPI and ATMs withdrawal of funds.

So far, EPFO members can withdraw funds online or offline by submitting claims (Form-31, 19, 10C and 10D) and bank account details. They are required to submit documents for particular reasons, including house or medical.
For offline withdrawal, they can fill up composite claim form, attach the necessary documents and submit at the regional EPFO office or through employer.

How Will ATM and UPI Withdrawals Work?

Though the precise operational details are awaited, the EPFO 3.0 upgrade is expected to integrate PF accounts with the broader financial infrastructure supporting the Unified Payments Interface (UPI) and ATM networks. This would allow subscribers to withdraw eligible EPF funds directly via UPI apps or bank ATMs, possibly using a secure PIN or Aadhaar-based verification. Withdrawal limits and conditions are likely to be implemented to ensure fund safety and compliance.

Benefits of Digital Withdrawals

Experts suggest the new digital withdrawal methods promise multiple benefits. Firstly, it enhances convenience by eliminating paperwork and lengthy waiting periods. Secondly, it enables anytime, anywhere access to EPF savings, crucial in emergencies. Thirdly, it aligns with the broader vision of Digital India and financial inclusion by integrating government-backed savings schemes with the digital financial ecosystem commonly used by most Indians.

Online Claims And Seamless Experience

Moreover, EPFO 3.0 aims to simplify the process of applying for claims via online, removing the requirement of visiting EPFO office to correct their PF claims and personal details. Along with that, it will employees will get a better and user-friendly digital interface while using the EPF services, such as easily tracking the status, contributions and other details of their PF accounts.

AD
More Stories You Might Enjoy

Economic Shifts & India's Financial Landscape

India's economic landscape sees debates on capitalism vs socialism, ED raids in liquor scam in Andhra Pradesh, and SEBI dismissing Hindenburg's claims against Adani after investigation. A british billionaire faced a setback in NYC, showing challenges in investment.

AI Generated Content
AD

Indian Economy: Key Trends and Market Insights

India's economy sees housing market growth with rising property prices and sales projections. Financial markets shift with increased SIP inflows and RBI rule changes. Stock market shows mixed performance; tax deadlines extended, and new policies introduced, impacting investments and savings.

AI Generated Content

India's Online Gaming: New Rules Launching October 1st

India's government, led by Ashwini Vaishnaw, will implement new online gaming regulations on October 1st. These rules aim to enhance user safety, ensure fair play, and establish a secure gaming environment. The changes will affect game design, content moderation, and user verification.

AI Generated Content

Credit Cards: No Bank Account Needed?

Yes, it is possible to get a credit card without a bank account in India. These cards cater to those without traditional banking access, often requiring a security deposit. Eligibility involves alternative income verification like pay stubs. These cards help build credit history with timely payments.

AI Generated Content
AD

Bima Sugam: What It Is, How It Works, And Why It Matters For Policyholders

IRDAI has announced Bima Sugam, a digital platform for seamless insurance buying and management. Delayed from April, the first phase is expected in December 2025. It aims to be a one-stop marketplace for policies, renewals, and claims, promising transparency and efficiency.

AI Generated Content

PF Transfers: Simplifying Processes for Employees in India

The indian government is simplifying provident fund (pf) transfers with enhanced online portals, reduced processing times, and a 'passbook lite' feature for easy access to account information. These changes aim to reduce administrative burdens, improve user experience, and empower employees.

AI Generated Content

India's Economic Ideologies: Capitalism, Socialism, and the Future

India's economic journey blends capitalism and socialism. Post-independence, a socialist model shifted towards market reforms in the 90s. Today, it's a mixed economy where the government plays a key role in some sectors. Challenges remain like inequality, but opportunities exist in digital transformation and renewable energy.

AI Generated Content
AD

India's GST 2.0: A Global Tax System Comparison

The text compares global consumption taxes like GST and VAT, contrasting them with the US sales tax. It examines Australia and New Zealand's GST systems, the US sales tax variations, and VAT in the UK, France, and Indonesia, highlighting structural similarities and country-specific nuances.

AI Generated Content

GST 2.0: Economic Sectors Poised for Change

GST 2.0 is poised to reshape India's key sectors like retail, healthcare, luxury goods, MSMEs, FMCG, and e-commerce. It will impact pricing, supply chains, and compliance, potentially creating winners and losers. Businesses need to adapt to changes in taxation to maintain competitiveness.

AI Generated Content

Financial Inclusion in India: Millions Benefit

India's Finance Ministry has significantly boosted financial inclusion, opening 6.1 million new bank accounts and enrolling 26 million individuals in insurance schemes. These initiatives empower citizens by improving access to savings, credit, and financial security.

AI Generated Content
AD