EPFO to Introduce Banking-Like Services for PF Accounts by June 2025
Big changes are coming for Employees’ Provident Fund Organization members. By mid-June 2025, EPFO will roll out banking-like services, making it easier for members to withdraw money instantly and access a range of digital services.
EPFO 3.0 and IT System Upgrade
Its IT infrastructure to enhance user experience. The Centralized IT-Enabled System (CIETS 2.01) and EPFO 3.0 are set for completion by March 31, 2025. After successful testing, these upgrades will bring several new features, transforming how members interact with their PF accounts.
Key Features of the New EPFO System
- Instant Withdrawals – Members will be able to withdraw a fixed amount from their PF accounts anytime, similar to a bank.
- Enhanced Online Services – Employees will soon have the option to increase their PF contributions online and access other digital services.
- Simplified Verification Process – The need for unnecessary verifications will be removed, making partial withdrawals faster and more convenient.
- Faster Claim Settlements and Pension Disbursement – The new system will streamline pension payments and speed up claim processing.
- Aadhaar-Based Payment System (ABPS) – Pension disbursements will be linked to Aadhaar, ensuring a secure and efficient transaction process.
Higher Pension on Wages – Latest Update
EPFO is also working on updates related to pensions on higher wages, following the Supreme Court’s decision on November 4, 2022. The update process is expected to be completed by March 31, 2025. This will allow eligible employees to apply for and receive higher pension benefits seamlessly.
What This Means for EPFO Members
The introduction of EPFO 3.0 marks a major digital transformation, bringing instant PF withdrawals, faster claim settlements, and improved pension payments. These reforms will make managing PF accounts easier, enhancing convenience for millions of employees across India.
