EPFO Latest UPDATE: The Employees Provident Fund Organization has made the process of withdrawing money from PF even easier. EPFO has started the facility of auto mode settlement, which will benefit more than 6 crore PF members.
Now EPFO has started the facility of auto mode settlement, which will benefit more than 6 crore PF members. This is a kind of emergency facility, under which the money will come to your bank account within just 3 days.
What is Auto Mode, Settlement
Under Auto Mode Settlement, employees can withdraw advance amounts from their PF account in any emergency. Let us tell you that EPFO allows its members to withdraw money from PF accounts in certain circumstances.
These circumstances include treatment of serious illness, education of children, marriage, and buying a house. You can withdraw the advance amount from the PF account for any of these emergency needs.
The process has become easier than before
The facility of auto-mode settlement was started in April 2020. But, initially, money could be withdrawn only in case of illness.
Now the scope of this facility has been increased. Apart from illness, you can also withdraw money from PF for education, marriage, and buying a house.
Not only this but now advance amounts can also be withdrawn for the marriage of a sister or brother.
How much money can be withdrawn
The limit of the advance amount from the PF account has also been increased. Earlier, this limit was ₹ 50,000, which has now been increased to ₹ 1 lakh.
The work of withdrawing the advance amount will be done through the auto-settling mode computer. No approval will be required.
How will the money come into your account
The money will come to your account within three days. However, you will have to submit some documents, which include KYC, eligibility for claim, and bank account details.
Process for Withdrawing Advance Amount
Firstly, you have to get in to the EPFO portal. For this, you will need a UAN and password. After logging in, you have to go to the “Online Services” section and choose the “Claim” option.
Then you have to verify your bank account. The advance amount will come to this bank account. Now you have to upload a copy of your bank account check or passbook.
After this, you have to explain the reason for which you want to withdraw money. Now you have to apply after completing some more procedures. The money will be deposited into your account directly within 3 to 4 days.