4 days ago

EPFO 3.0 Adds UPI Withdrawals and Faster Claims

EPFO 3.0: Centralised database, UPI and ATM withdrawal options, quicker settlement — Changes for subscribers, explained · livemint.com

EPFO is the system that helps many workers save money for retirement in India.

A new plan called EPFO 3.0 aims to make this system more digital and easier to use.

Members may be able to move or withdraw some of their savings using UPI or special ATMs.

They may be allowed to withdraw between 50% and 75% of their eligible balance, depending on the rules for their situation.

The system will use one central database instead of several separate systems.

Some claims could be settled within three days, rather than taking much longer.

Members will also be able to activate their UAN and access services through the UMANG app using face authentication.

They can respond online if EPFO asks for more information about a claim.

The changes are intended to reduce paperwork, delays and rejected applications.

Key facts

EPF interest rate: The Centre ratified an 8.25% EPF and VPF interest rate for FY26, with interest credits completed in July.
Centralised database: EPFO migrated its member database to a single national platform under the Centralised IT Enabled Services (CITES) project in July.
Withdrawal options: Subscribers may be able to withdraw 50% to 75% of their eligible EPF balance through UPI or UPI-enabled ATMs, subject to applicable conditions.
Auto-settlement limit: The limit increased from ₹1 lakh to ₹5 lakh.
Settlement target: Eligible auto-settled claims may be processed within three days; the comparison table projects overall settlement in 3–5 days.
Digital access: Face authentication in the UMANG app can be used to obtain or activate UANs and access passbooks, corrections and online claims.
Online clarifications: Members will be able to digitally respond to queries raised by EPFO offices during claim processing.

livemint.com · 4 days ago