Have you ever ever felt the necessity to withdraw cash out of your provident fund with out having to undergo the effort? This may quickly be a actuality.
‘It’s your cash and you’ll withdraw it as and while you need,’ Mandaviya had mentioned(Hindustan Occasions)
Union Labour Minister Mansukh Mandaviya, whose ministry oversees Staff’ Provident Fund Organisation (EPFO), not too long ago introduced ‘EPFO 3.0 version’, which he mentioned might be launched within the “coming days”.
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He was talking after the inauguration of the workplace advanced of EPFO’s Telangana Zonal and Regional Workplace in Hyderabad. Mandaviya mentioned the EPFO 3.0 model might be equal to the banking system.
This may permit subscribers of EPF accounts to withdraw cash from ATMs, every time they want 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 mentioned.
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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How will PF funds be withdrawn from ATMs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 prone to hyperlink subscribers’ PF accounts with an ATM-compatible system, enabling customers to entry their funds from wherever within the nation utilizing their Common Account Quantity (UAN).
To make sure safety, withdrawals will possible contain multi-factor authentication, comparable to OTP verification despatched to the registered cellular quantity.
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PF funds withdrawal through UPI
EPFO is actively working to permit customers to entry their funds utilizing a unified funds interface (UPI). This characteristic will permit subscribers to immediately withdraw funds from platforms like Paytm, Google Pay, PhonePe, BHIM, and so on.
At the moment, the withdrawal course of features a processing time of 2-3 days related to NEFT or RTGS.