'Like a bank’: PF withdrawal to get hassle-free after launch of EPFO 3.0

Union Labour Minister Mansukh Mandaviya recently announced that EPFO will be launching EPFO 3.0, which will be equivalent to the banking system.

Published on: Mar 13, 2025, 19:55:06 IST

By HT News Desk

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Have you ever felt the need to withdraw money from your provident fund without having to go through the hassle? This will soon be a reality.

'It is your money and you can withdraw it as and when you want,' Mandaviya had said (Hindustan Times)

Union Labour Minister Mansukh Mandaviya, whose ministry oversees Employees' Provident Fund Organisation (EPFO), recently announced ‘EPFO 3.0 version’, which he said will be launched in the “coming days”.

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He was speaking after the inauguration of the office complex of EPFO's Telangana Zonal and Regional Office in Hyderabad. Mandaviya said the EPFO 3.0 version will be equivalent to the banking system.

This will allow subscribers of EPF accounts to withdraw money from ATMs, whenever they wish to.

“Like how transactions are carried out in a bank, you (EPFO subscribers) have your Universal Account Number (UAN) and you will be able to do all your work,” Mandaviya said.

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“Neither do you have to visit EPFO offices nor do you have to go to your employer. It is your money and you can withdraw it as and when you want. Now you still need to go to EPFO offices,” he added.

How will PF funds be withdrawn from ATMs

EPFO is likely to link subscribers' PF accounts with an ATM-compatible system, enabling users to access their funds from anywhere in the country using their Universal Account Number (UAN).

To ensure security, withdrawals will likely involve multi-factor authentication, such as OTP verification sent to the registered mobile number.

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PF funds withdrawal via UPI

EPFO is actively working to allow users to access their funds using a unified payments interface (UPI). This feature will allow subscribers to instantly withdraw funds from platforms like Paytm, Google Pay, PhonePe, BHIM, etc.

Currently, the withdrawal process includes a processing time of 2-3 days associated with NEFT or RTGS.

ABOUT THE AUTHOR
HT News Desk
Follow the latest breaking news, major developments and agenda-setting stories from India and around the world with the newsdesk at Hindustan Times. Operating round the clock, the desk brings together experienced editors, reporters and correspondents to deliver fast, accurate and contextual reporting across subjects that influence public policy, governance, business, society and international affairs. The HT News Desk covers politics, elections, government policies, the economy, business and markets, science and technology, the environment, law and order, infrastructure, education, climate issues and geopolitics, while closely tracking developments across states, institutions and global capitals. The team also leads coverage of major breaking news events, policy announcements, court proceedings, natural disasters, public emergencies and significant international developments. Reports published by the newsdesk are based on information gathered from reporters on the ground, official statements, government agencies, court records, regulatory filings, recognised institutions and other authoritative sources. Stories undergo editorial scrutiny and verification processes to ensure accuracy, fairness and relevance, and are updated as events evolve and additional information becomes available. Whether covering a key political decision in New Delhi, an economic policy shift affecting millions, a landmark court ruling or a major global event, the HT News Desk aims to provide readers with reliable, fact-based journalism that delivers not only the latest developments but also the context and analysis needed to understand their wider implications.Read More

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