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EPFO: The Employees Provident Fund Organization (EPFO) has a scheme to raise funds for retirement. However, sometimes during economic crisis, you can use the amount deposited in EPFO. The withdrawal amount will be deposited in your account in three to four days through the online process sitting at home.
What is Auto Mode Settlement?
Under Auto Mode Settlement, you can withdraw a fixed amount from EPF in case of emergency. Evacuation facility for reasons related to illness, education, marriage and housing. The Subscriber can withdraw the advance amount from his account for any of the above reasons. This facility started from April, 2020. But at that time the facility of fund withdrawal was available only in case of illness.
EPFO advance amount limit increased
A form has to be filled online in auto settlement mode. In which the amount is deposited in the customer's bank account within three-four days of application. However, certain documents need to be uploaded for claim settlement. Which includes KYC, eligibility for claim request, bank account details. First Rs. Withdrawal up to Rs 50000 was possible. Now the withdrawal limit has increased to Rs. Work worth Rs 1 lakh has been done.
Apply like this in case of illness
If a subscriber wants advance withdrawal from the fund for medical treatment in case of illness, he has to submit a certificate signed by his employer and doctor under Rule 68(J) of EPFO. In which both new and old PF account subscribers get the benefit.
Advance amount for marriage and higher education
If the subscriber wants to take advance for marriage or higher education then you can apply under Rule 88 (K). For this, his PF account should be at least 7 years old. Subscriber on active employment can withdraw money from the account up to three times for this purpose. For which necessary documents will have to be uploaded.
Withdrawal possible for buying a house
Housing advance facility is provided to the customer under EPFO Rule 68 (B). Therefore, one can withdraw advance from EPF account even for purchasing a new house and for renovation. In which there should be at least 5 years old subscribers.
Advance Withdrawal Process from EPFO:
1. First of all you have to login to EPFO portal. For which UAN and password are required.
2. After logging in, click on Online Services option and select the Claim section.
3. In which the bank account will have to be verified. So that the advance amount is deposited directly into the bank account.
4. After bank account verification, you will have to upload the photo of scanned bank passbook or canceled cheque.
5. In this you will have to mention the reason for which you want to withdraw the advance amount.
6. Generate Aadhaar based OTP. And after processing the claim will go to the employer for approval.
7. Inform the employer about your claim process and ask for approval. You can check claim status and get updates in the online service.