look news india
The Employees Provident Fund Organization (EPFO) has made the withdrawal process quite easy. EPFO has started auto mode settlement. More than six crore PF members will benefit from this. This is such a facility. Which provides funds to PF members in emergency situations. Under this, now money will come to your bank account in just three days.
Under auto mode settlement, employees can withdraw advance money from their EPF during emergency. EPFO allows its account holders to withdraw money from the fund for certain emergencies. These include treatment of emergency diseases, education, marriage and buying a house. You can withdraw money in advance from the PF account for any of these emergencies.
Auto mode for claim settlement in this fund in case of emergency was started in April-2020 itself. But then the money could be withdrawn only during illness. Now its scope has been expanded. Now you can withdraw money from EPF for illness, education, marriage and even buying a house. Apart from this, now EPF account holders can also withdraw advance amount for the marriage of brother or sister.
How much money can be withdrawn?
The limit of advance fund from EPF account has been increased. Earlier this limit was 50 thousand. Which has now been reduced to Rs 1 lakh. Advance withdrawal will be done through auto settlement mode computer. No one's approval will be needed.
The money will reach your account within three days. But you will have to submit some documents. This includes KYC, claim request eligibility, two account details.
What is the advance withdrawal process?
1 , First of all you have to log in to the EPFO portal. It requires UN and password.
2 , After logging in, you have to go to the online service and then select the claim section.
3. You will have to verify your bank account. Advance money will come into this bank account.
4. Now you have to upload a copy of your bank account check or passbook.
5. You will have to give a reason for withdrawing money.
6 , Finally, some more procedures have to be followed and implemented. The money will reach your account within three to four days.