Earlier it used to take 15 to 20 days to claim this facility of EPFO, but now this work is done within 3 to 4 days. This much time was also taken because details like eligibility of the member, documents, KYC status of EPF account, bank account etc. were checked.
The Employees Provident Fund Organization (EPFO) has made changes in many rules so that employees do not have to face any kind of problems. At the same time, EPFO has also provided the facility of auto-mode settlement for advance claims for medical, education, marriage and housing purposes. PF account holders, who are more than 6 crores, can take advantage of this facility. This is a facility that provides funds to people in emergency.
Earlier, it used to take 15 to 20 days to claim this facility of EPFO, but now this work is done within 3 to 4 days. So much time was also taken because details like eligibility of the member, documents, KYC status of EPF account, bank account etc. were checked. But now in the automated system, scrutiny and approval is sent to them so that the claim is done easily.
Who can claim?
The auto mode for claim settlement of this fund in case of emergency was started in April 2020 itself, but, then money could be withdrawn only in case of illness. Now its scope has been expanded. You can also withdraw money from EPF for illness, education, marriage and buying a house. At the same time, if there is a marriage of sister or brother in the family, then also advance money can be withdrawn.
How much money can be withdrawn?
Advance fund from EPF account can now be withdrawn up to Rs 1 lakh, whereas earlier this limit was Rs 50 thousand. Advance fund withdrawal can be done through auto settlement mode computer. There is no need for approval from anyone for this and the money will be sent to your account within three days. For this, KYC, eligibility of claim request, bank account details are required.
Complete process of withdrawing money
- First of all log in to EPFO portal using UAN and password.
- Now you have to go to online services and select ‘Claim’ section. Verify bank account, click on Proceed for Online Claim.
- When the new page opens, PF Advance Form 31 has to be selected. Now PF account has to be selected.
- Now you have to fill the reason for withdrawal, how much money to withdraw and address. After this, scanned copy of cheque or passbook has to be uploaded. After this you will have to give consent and verify it with Aadhaar. After the claim is processed, it will go to the employer for approval.
- You can check the claim status under online service.
Gold prices started soaring again, silver also gained wings, jumped by more than 1000 rupees
