Overview: EPFO’s latest changes
The Employees' Provident Fund Organisation (EPFO) has implemented significant reforms aimed at making PF withdrawals easier and increasing interest rates for account holders. These modifications are designed to improve accessibility, shorten processing times, and give higher returns on investment.
Simplified PF withdrawal process
The EPFO 3.0 scheme has simplified the PF withdrawal process for users by allowing UPI and ATM withdrawal options. Withdrawals will also be processed faster, due to UPI integration.
Increased Interest Rate
The EPFO has raised the PF interest rate to 8.25% for 2024-25, providing stronger returns for account holders. Interest will now be charged up to the actual withdrawal date, avoiding losses from mid-month withdrawals and providing greater transparency.