The Employees’ Provident Fund Organization (EPFO) is always working to make things easier for its contributors. After speeding up the claim settlement process, EPFO is now planning to allow PF money withdrawal through ATMs.
If you have applied to withdraw money from your PF account or are planning to do so, one question surely comes to mind – when will the money come into your account after the claim?
According to the official website of EPFO, all claims made under the auto-settlement mode (which do not need manual checking) are settled digitally within 3 days or 72 hours. Claims made for medical treatment, children’s education, marriage, or buying a house come under this auto-settlement category.
Manual settlement may take time
If you have made a manual claim to withdraw money from your PF account, then the settlement may take 15 to 30 days. However, if your claim is not settled within 20 days, you can call the EPFO helpline number 1800-180-1425 or file a complaint on the EPFO website.
You can withdraw up to ₹5 lakh
EPFO has increased the limit of auto-settlement from ₹1 lakh to ₹5 lakh to help its members. According to EPFO, you can withdraw money from your PF account to buy a house, flat, or land, or for house construction. If an employee has not received salary for more than 2 months in a row, they can also withdraw money from their PF account.