Tuesday , June 18 2024

EPF changed the rules related to withdrawal, now customers will get Rs 1 lakh in three days

Every employed person in the country has an EPF account. These accounts are operated by the Employees Provident Fund Organization i.e. EPFO. Every month, 12 percent amount is deducted from the employee's salary and deposited in this account. You can also access this fund in case of emergency and apply online for advance withdrawal.

Now EPFO ​​has made important changes in the rules for medically related advance withdrawal. According to the information, EPFO ​​has doubled the limit related to this. Let us also tell you what was the earlier limit for medical related advance withdrawal and what changes have been made now?

double withdrawal limit

EPFO has ordered to increase the claim limit for withdrawal under medical emergency from Rs 50 thousand to Rs 1 lakh. This announcement was made by EPFO ​​through a circular issued on April 16. The pension fund regulator has also made changes in the application software on April 10, 2024.

According to the EPFO ​​circular, it has already received the green signal from the Central Provident Fund Commissioner (CPFC). EPF partial withdrawal through Form 31 is allowed for many purposes. Which includes everything from marriage to loan repayment and from buying a flat to building a house.

Under para 68J – in respect of which the limit has just been raised – advances can be claimed from Employees Provident Fund (EPF) accounts for the treatment of illness of the subscriber or a family member. Along with Form 31, the customer must also submit a certificate signed by an employee as well as a doctor.

What is Form 31?

If a claim is to be made for partial withdrawal of funds from the Employee Provident Fund account, EPF Form 31 is submitted. Through Form 31, one can apply for withdrawal of house/flat purchase, house building advance under para 68B. Under Para 68BB, advance can also be taken to repay the loan in special cases.

Under para 68H you can apply for advance grant in special cases. Sickness advance under para 68J; Under Para 68K, advance is given for marriage or post-matriculation education of children and under Para 68N, advance is given to physically handicapped members. Apart from this, under Para 68NN, advance claim can also be made within one year of retirement.