The central government has earlier announced the EPFO 3.0 version to improve the system for the workforce and make it employee-centric. On 6th March, the Union Labour Minister Mansukh Mandaviya said they will soon launch EPFO 3.0.
With this announcement, the EPFO members are most excited about the withdrawal facility from ATMs. This feature will solve many problems for members and allow them to easily access their EPFO fund. The members speculating about the EPFO 3.0 ATM withdrawal and other features can learn everything here.
EPFO 3.0 PF Withdrawal ATMs
Since the central government has hinted about the EPFO 3.0 and its ATM withdrawal feature, there’s been a buzz about this feature among the members. Currently, the EPDO members who wish to withdraw money from their provident fund have to apply either online or visit the EPFO office in-person.
The process of withdrawing money from the provident fund can be hectic as it involves application, documents, or other effort, like waiting in the long queue. This can create a problem when they urgently need money. But with ATM withdrawals, the members can easily withdraw their money without wasting any time, and quickly in the time of emergency.
The revolution to ATMs will be a great step to make the process simpler and reduce the need for officers to move forward with their withdrawal. This will promote transparency and reduce corruption as members have direct access to their money.
How to withdraw money from EPFO 3.0 PF ATMs?
The EPDO members who are wondering about the functioning of the EPFO 3.0 ATM withdrawal feature should know that the organization will release the PF withdrawal card to the subscribers that will be linked to their Universal Account Number.
The members will be able to withdraw their money from the EPFO provident fund to particular EPFO-approved ATMs. The authority will disclose the approved ATMs list and the limit of withdrawal shortly after the launch of EPFO 3.0 version. The members would be able to withdraw their money from their EPFO provident fund in the same way they withdraw money from a normal ATM.
The members would be able to generate the pin to withdraw the money and perform any tasks with the PF withdrawal card. The subscribers should know that the withdrawal will be possible through an ATM, but the withdrawal rules will adhere to existing EPFO rules if the ministry does not change the rules with the launch of EPFO 3.0.
What are the current eligibility criteria for EPFO withdrawals?
As per the EPFO current guidelines, the members of the EPFO can withdraw the money when they meet the following conditions:
- Members can withdraw the full PF when they reach the retirement age of 58.
- If the member does not have any work and is unemployed for more than two months, he/she can withdraw 75% of the EPF balance, and if the unemployment remains after two months as well, you can withdraw the remaining PF too.
- Members can withdraw money from the PF balance for six times the monthly basic pay for medical purposes, like treatment of spouse, parents, or children.
- Members can withdraw at least 50% of the EPF balance for their marriage or for the marriage of their children or brother/sister.
- Members can also withdraw money from the PF balance for their home loan repayments, or house construction, or purchase.
- You can also withdraw money from your PF balance, if you wish to pursue higher education or for your children’s higher education.
The subscribers should know that the PF balance withdrawal before completing five years of employment will be taxable under the Indian tax system.
What are the features of EPFO 3.0?
According to the central government announcement, the upcoming version of EPFO will have the following features apart from ATM withdrawals:
- EPFO 3.0 app: The government plans to launch the EPFO 3.0 mobile app that will be launched by May or June 2025. The mobile app would allow the users to check their PF balance, withdraw funds, track transactions, and other services that would make it easy for the members to navigate their PF account.
- Banking System: The EPFO 3.0 version will bring a banking-like convenience for members, meaning the subscribers will have a Universal Account Number and they will be able to manage their funds easily.
- New reforms for EPS-95: With the EPFO 3.0, the government may bring new reforms for the EPS-95 that will help the members in high pension benefit and contribute more for their retirement income.
The central government plans to make the EPFO system more modernized, digital, and employee-centric to ensure that members can easily navigate their balance and have a secure retirement.