EPFO Withdrawal via ATMs to Become a Reality Soon with New EPFO 3.0 System

In a major technological advancement, the Employees' Provident Fund Organisation (EPFO) is set to launch EPFO 3.0, enabling subscribers to withdraw provident fund (PF) money directly from ATMs. This initiative, announced by Union Labour Minister Mansukh Mandaviya, aims to streamline fund access for over seven crore subscribers.

The cutting-edge EPFO 3.0 software, expected to roll out by June 2025, will introduce ATM cards specifically for EPFO members. These cards will allow users to withdraw their savings, access claims, and even benefit heirs of deceased subscribers under the Employees' Deposit Linked Insurance (EDLI) scheme, which provides up to ₹7 lakh.

Currently, EPFO subscribers face a 7-10 day wait for online claim settlements, with funds transferred to beneficiaries’ bank accounts after processing. The new system will drastically reduce this waiting time, offering instant access to funds through ATMs after claim approval.

The initiative is part of EPFO’s broader push to modernize its services. Mandaviya also highlighted the successful rollout of the Centralised Pension Payments System (CPPS) across all regional offices. The CPPS allows pensioners to access their pensions from any bank, anywhere in the country, eliminating the need for physical verification.

“This transformative initiative reflects our commitment to modernizing EPFO services, ensuring convenience, transparency, and efficiency for all members,” Mandaviya said.

The introduction of EPFO 3.0 and ATM-enabled fund withdrawals marks a historic milestone in EPFO’s service delivery, aligning with the organization’s vision of a tech-driven, member-centric approach. Subscribers and pensioners alike stand to benefit from these advancements, making EPFO services more accessible and efficient than ever before.