look news india
EPFO Auto Mode Settlement: Employees Provident Fund Organization (EPFO) has made the process of withdrawing money from PF quite easy. EPFO has started auto mode settlement. More than 6 crore PF members will benefit from this. This is such a facility. Which provides funds to PF members in emergency situations. Under which money will be sent to your account within 3 days.
Under auto-mode settlement, employees can withdraw advance money from their EPF during emergencies. EPFO allows its subscribers to withdraw money from the fund for certain types of emergencies. These include emergency medical treatment, education, marriage and buying a house. You can withdraw money in advance from the PF account for any of these emergencies.
Claim settlement will be done through auto mode system
In case of emergency, the auto mode for claim settlement of this fund was started in April 2020 itself, but at that time money could be withdrawn only during illness. Now its area has been increased. You can withdraw money from EPF for illness, education, marriage and even to buy a house. Along with this, now subscribers can also withdraw advance amount for the marriage of sister or brother.
How much money can be withdrawn?
The limit of advance fund from EPF account has been increased. Earlier this limit was Rs 50,000, which has now been reduced to Rs 1 lakh. Advance withdrawal will be done through auto settlement mode computer. No need for approval from anyone. The money reaches your account within three days. However, some of your documents will need to be submitted. This includes KYC, eligibility for claim request, bank account details.
What is the advance withdrawal process?
First of all you have to log in to the EPFO portal. This requires UAN and password.
After logging in, you have to go to the online service and then select the claim section.
Then you will have to verify the bank account. Advance money will come to this bank account.
Now you have to upload a copy of your bank account check or passbook.
Then the reason for this will also have to be explained. That's why you want to withdraw money.
Now some further process will have to be followed and application will have to be done. The money will reach your account within three to four days.
