The Employees Provident Fund Organization (EPFO) has announced a significant change in its withdrawal rules.
PF account holders can now withdraw up to ₹1 lakh from their EPF accounts, instead of the previous limit of ₹50,000. This relaxation aims to provide financial relief to employees during times of need.
Increased Flexibility for Withdrawals
This change offers greater flexibility to employees who may need to access their PF funds for emergencies or other important purposes. The EPFO has also relaxed the withdrawal waiting period, allowing employees to withdraw funds within 6 months of starting a job.
Simplified Withdrawal Process
The EPFO has implemented a new digital infrastructure to streamline the withdrawal process. This makes it easier for employees to submit claims and track their status online.
Eligible Withdrawals
EPFO account holders can withdraw funds for various reasons, including medical treatment, education, or other family emergencies. The increased withdrawal limit provides much-needed financial support during difficult times.
How to Withdraw from Your PF Account
To withdraw funds from your PF account, follow these simple steps-
Visit the EPFO member e-service portal.
Log in using your UAN, password, and captcha.
Go to the ‘Online Services’ tab and select ‘Claim (Form-31, 19, 10C and 10D)’.
Verify your personal details and select Form 31 for partial withdrawal.
Submit your claim and enter the OTP sent to your mobile number.
Track the status of your claim under the ‘Track Claim Status’ option.
Interest Rate and Scheme Benefits
The EPFO currently offers an interest rate of 8.25% for the financial year 2024. This provides a significant return on your savings. The EPFO manages various employee-related schemes, including provident fund, pension, and insurance.
The EPFO’s decision to increase the withdrawal limit for PF accounts is a welcome move that provides much-needed relief to employees.
With the simplified withdrawal process and increased flexibility, employees can now access their funds more easily during times of need.