EPFO: EPFO has now made it easier than ever to withdraw money from EPF. Now EPF subscribers can withdraw Rs 1,00,000 from their account in just 3 days. All this money will come to the bank account of the subscribers in three days
EPFO: EPFO has now made it easier than ever to withdraw money from EPF. Now EPF subscribers can withdraw Rs 1,00,000 from their account in just 3 days. All this money will come to the bank account of the subscribers in three days. EPFO told about those emergencies in which subscribers can withdraw advance money from EPF. Till now money could be withdrawn only in medical emergency, but now you can also withdraw advance from EPF for marriage of children, sister or brother, buying a house.
EPFO brought auto mode settlement – money will come to the bank account in just 3 days
In auto-mode settlement, employees can withdraw money from their EPF in times of emergency. EPFO allows its subscribers to withdraw money from their funds in some types of emergencies. This includes illness, education, marriage and buying a house. This means that the subscriber can withdraw advance money from his account in any of these situations. The auto mode for claim settlement was started in April 2020 itself. But, then money could be withdrawn only in times of illness, but now you can also withdraw money from EPF for illness, education, marriage and buying a house.
EPFO increases limit of advance amount
EPFO has also increased the limit for advance. Earlier this limit was Rs 50,000. Now it has become Rs 1 lakh. The work of withdrawing advance will be done through auto settlement mode computer. No officer will be required in this. In this, the money will come to the subscriber’s bank account in about three-four days. Generally, some documents are checked for claim settlement in EPFO. This includes KYC, eligibility of claim request, bank account details. If the information provided by a subscriber is found to be correct, then the processing of the claim is done quickly in auto mode.
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This is how you can apply for advance from EPF
First of all, you have to log in to the EPFO portal. UAN and password are required for this. After logging in, you have to go to ‘Online Services’. Then you have to select the claim section. You have to verify your bank account. The advance money will come in this bank account. You have to upload a scanned copy of your bank account check or a scanned copy of the passbook. You have to tell the reason why you want to take the advance money. Apart from illness and education, you can take money in advance for yourself, daughter, son or brother’s marriage. You have to generate Aadhaar based OTP. Once the claim is processed, it will be sent to the employer for approval. If you want, you can check the status of the claim by going to the online service.
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