EPFO is preparing to launch its upgraded platform EPFO 3.0. This platform may be launched within the next few weeks. Union Labor Minister Mansukh Mandavia had said that the new platform of EPFO could be launched between May to June this year. This will benefit 9 crore subscribers of EPF. Let us know in detail about this platform.
3.0 The correction in the account with platform will also be easy
EPFO 3.0 Platform IT infrastructure has been upgraded. This will provide EPFO subscribers to auto claim settlement, digital account taxes and ATM -based fund withdrawal. EPFO subscribers are very excited about the facility of withdrawal from ATMs. With the introduction of this facility, after the claim is approved, you will be able to withdraw EPF money from the subscribe ATM.
As soon as the claim is approved, the subscribers will be able to withdraw money from the ATM
With the introduction of EPF money from the ATM, the subscribers will not have to visit the EPF office or the office of their employees repeatedly. He will get information about the claim approval on his mobile phone. Then, he will be able to withdraw money from the ATM. The EPFO claim is also trying to reduce the time taken in the approval. After the IT infrastructure upgrade is expected to decrease in the claim approval.
Caution is important in withdrawing atm
Experts say that the facility of withdrawing EPF money from ATM is good. However, subscribers will have to take care in using this feature. The reason behind this is that the EPF account money is necessary for your financial freedom after retirement. If a subscribers withdraw this money for the necessary expenses or to buy an expensive thing, it will affect your long term saving. This may reduce your fund for post -retirement expenses.
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More interest than other instruments in EPF
The EPFO has recently approved 8.25 per cent interest rate on EPF deposit. The EPFO has maintained it at the level of a year ago. Despite this, it is the highest interest found on fixed income instruments. The interest rate of any options under the government’s small finance scheme is not so high. Experts say that subscribers need to be kept in mind. Since, so much interest is not found on any other instruments, so that you can miss taking advantage of this interest rate when you withdraw money from EPF.