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EPFO 3:0 allows ATM withdrawals, auto settlement up to Rs 5 lakh, and UPI.
EPFO Latest Updates: With the launch of EPFO 3.0, subscribers will be able to access their funds faster, along with ATM withdrawals.
EPFO Latest Updates: EPFO has set an interest rate of 8.25 percent for the financial year 2026. Interest rates have remained unchanged for the past few years. Currently, several changes have been made to this scheme to maximize benefits for private sector employees. It’s worth noting that in EFPO 3.0, the organization has placed significant emphasis on ATM withdrawals and paperless settlement. Let’s explore what changes are coming for subscribers.
What is the update related to EFFO 3.0?
The organization is working to ensure faster claim settlement. EPFO 3.0 will provide subscribers with greater access to their funds. This will allow them to transfer PF funds through UPI and withdraw funds from UPI-enabled ATMs. This new initiative will allow subscribers to make withdrawals when needed. Once EPFO 3.0 services are launched, subscribers will be able to easily withdraw or transfer funds from their bank accounts using UPI.
The Ministry of Labor has also intensified efforts to launch this new service. The data transfer was completed in July. Now, all data is on a single national database.
What changes are coming with EPFO 3.0?
Currently, subscribers must visit the website or office to complete a form for partial or full withdrawals. Once your claim is processed, the funds will be transferred to your account within 15 to 20 days. There is no timeline for this in EPFO 3.0.
After the launch of this new service, subscribers will be able to withdraw 50 to 75 percent of their funds through UPI or UPI-enabled ATMs. Subscribers will be able to check how much money will be transferred to their bank account.
The biggest benefit for subscribers is that they will be able to transfer funds to their bank account using their linked UPI PIN. Once the funds are transferred, subscribers will be able to use the funds as needed.
Members will be able to activate their UAN through the UMANG App using face authentication. This will allow them to easily access their passbooks, correct incorrect information, and settle claims online.
The auto-settlement limit has been increased from ₹1 lakh to ₹5 lakh. Additionally, subscribers will now be able to access their funds within just three days. This decision will enable subscribers to make timely payments for everything from buying a house to paying children’s fees.
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The post EPFO 3:0 allows ATM withdrawals, auto settlement up to Rs 5 lakh, and UPI. first appeared on informalnewz.
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