If you are a working person then you would know that withdrawing your hard earned money i.e. Provident Fund (PF) money is no less than a big challenge. From paperwork to navigating through online portals, PF withdrawal has always been a long and tedious process. Money is often needed in an emergency, but due to verification and security reasons (such as protection from online fraud), it takes several days and sometimes weeks for the claim to be settled. But now a very good news is coming for crores of employees. Employees Provident Fund Organization (EPFO) is preparing to completely change its old system. EPFO is working on such a state-of-the-art system after which you will not have to wait for days for money. Under EPFO 3.0, you will now be able to withdraw PF money directly through your UPI (Unified Payments Interface). Now PF money can also be credited to your bank account immediately, just like you make payment at the shop or send money to friends. This step will not only make the process transparent but will also make PF services very easy and fast in the era of Digital India.
What is EPFO 3.0 and when will it arrive?
This new facility is part of a larger mission of EPFO which is being called ‘EPFO 3.0’. The department is completely updating its old system so that all your work related to PF can become easier, faster and completely online. If reports are to be believed, EPFO can launch this special facility and new mobile app in the market by April 2026. Just like you can transfer money in the blink of an eye through apps like Google Pay or PhonePe, now you will get the same experience with PF also. After the arrival of this new app, you will be able to check PF balance directly from your phone and can also withdraw it immediately.
How will the method of withdrawing money from UPI work?
After the introduction of the new system, withdrawing money from PF will become as easy as transferring money from the bank. Let us understand how this facility will work?
- Money directly into bank account: You just have to enter your UPI PIN and the PF money will be directly transferred to your bank account which is linked to the PF.
- No one’s permission is needed: Now you will not have to fill lengthy online forms or wait for approval from any official. This system will be completely automatic.
- How much money will you be able to withdraw? According to initial reports, you will be able to withdraw up to ₹ 25,000 at a time through UPI.
- Savings for old age will also be safe: A safety rule is also being made to ensure that your entire deposit is not lost. About 25% of your total balance will always be locked so that you have a good amount left at the time of retirement.
Strict testing and security arrangements
To make this new system completely secure, EPFO is currently testing it rigorously through some dummy accounts. The main objective of this testing is to identify and remove the technical shortcomings of the system, so that future payments are completely secure and completed without any interruption. When this app is launched in its final form, it will work in tandem with the existing UPI platform, adhering to such stringent security standards that there is no scope for any fraud with your transactions and your hard-earned money.
