Everyone has a PF account at their workplace. A certain amount of your salary is kept in it, which comes in handy when needed. You can withdraw that amount at your own will. But earlier, to withdraw this amount, you had to stand in long lines at government offices. Sometimes, you had to wait for the application, which could take several days. But now, the Employee Provident Fund Organization (EPFO) has used a digital system to adapt to the changing times. Under the digital system 'EPFO 3.0', employees can withdraw money directly from their PF account through ATM and UPI.

Significantly, claims up to Rs 5 lakh will now be settled instantly. It is expected that this facility will be fully implemented across the country by mid-2026. Until now, employees had to stand in long queues at banks or government offices to withdraw their PF funds. They had to wait for days for the application process and approval. However, now, due to digital technology, this process will become faster and easier. Under 'EPFO 3.0', the facility of auto-claim settlement will be introduced, which will ensure that claims are settled quickly through the computer system without any human intervention. Additionally, the PF amount will be credited directly to the employees' bank accounts.

With this new feature, employees will now be able to easily check their PF balance using their UPI app. Furthermore, the EPFO ​​is preparing to issue a dedicated ATM card for its members. This card will be directly linked to their PF account, allowing employees to withdraw money directly from an ATM when needed. This will also provide significant relief to employees during financial emergencies.

To take advantage of this facility, certain conditions must be met. The member's UAN (Universal Account Number) must be active. The UAN must also be linked to Aadhaar, PAN, bank account, and IFSC code. The mobile number must also be active to facilitate the use of OTP-based services.

To speed up the PF process, the EPFO ​​has partnered with major banks in the country. This includes 32 public and private banks, including State Bank of India, HDFC Bank, ICICI Bank, Axis Bank, Punjab National Bank, and Bank of Baroda. This will make it easier for employers to deposit PF contributions and for employees to receive their claims.

PC: SaamTV