Employees Provident Fund Organization (EPFO) is going to launch EPFO 3.0 platform this month for the convenience of all its members. Under which PF accounts of the employed people are opened by the Employees Provident Fund Organization i.e. EPFO. Meanwhile, crores of EPFO members are going to get a big relief soon.
Under EPFO 3.0, members will start getting many new facilities including withdrawing the money deposited in their PF account directly through ATM.
This new digital platform is being called EPFO 3.0. According to media reports, the purpose of the new system is to adopt the digital process by eliminating paperwork in PF withdrawal. The new platform can start from this month i.e. June.
The Employees Provident Fund Organization will issue a card to its PF account holders. It will be just like an ATM card. One will have to go to the ATM with this card. Then one will be able to withdraw money from the PF account with the help of this card. Initially, account holders will be able to withdraw 50 percent of the total amount deposited in their PF account through ATM.
However, this limit can be increased further. After getting the ATM card, PF account holders will get the facility to withdraw money from the ATM. Along with this, one will also be able to check the balance of the PF account. Apart from this, one can also transfer their funds to the bank account of your choice.
The facility of auto-claim settlement is available in EPFO 3.0 . This will allow the money to be transferred directly to your account without any manual intervention. This means that you will not have to wait long to get the money. In the new system, as soon as you submit an online claim request, the system will process it automatically, and the money will reach your bank account within the stipulated time.
