The Employees’ Provident Fund Organisation (EPFO) has made many changes to the rules so that employees do not face any kind of problem. EPFO has also introduced an auto-mode facility for settling advance withdrawal applications for medical, education, marriage and house purchase. PF account holders with an income of more than Rs 6 crore can avail this facility.
This is a facility that can save people from many problems in emergency situations. Earlier, it took 15 to 20 days to claim this facility from EPFO, but now this work is done within 3 to 4 days. It used to take a lot of time as details like member’s eligibility, documents, KYC status of EPF account, bank account, etc. were checked. But now they are sent to the automatic system for verification and approval, so that the claim can be made easily.
Who can claim?
The automatic mode for settling advance withdrawal applications in emergency situations was started in April 2020, but at that time the facility of withdrawal of money was given only during illness. Now its scope has been expanded. You can withdraw money from EPF for illness, education, marriage and buying a house. At the same time, if there is a marriage of a sister or brother in the house, then you can also withdraw money in advance.
How much money can be withdrawn?
Now, advance funds of up to Rs 1 lakh can be withdrawn from the EPF account, where earlier this limit was Rs 50,000. Advance money can be withdrawn through the auto settlement mode computer. For this, no approval is required from anyone and the money will be sent to your account within three days. For this, KYC, eligibility for claim request, bank account details are required.
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Complete process of withdrawal
- First log in to the EPFO portal using UAN and password.
- Now you have to go to online services and select the ‘Claim’ section.
- Now verify the bank account, click on ‘Proceed’ for online claim.
- When the new page opens, you have to select PF Advance Form 31.
- Now you have to select the PF account.
- Now you have to fill in the reason for withdrawal, amount to be withdrawn and address.
- After this, you have to upload the scanned copy of the cheque or passbook.
- After this, you have to give consent and verify it with Aadhaar.
- After this, it will go to the employer for approval.
- You can check the status of the application under online services.
