Withdrawal of money from EPFO ​​becomes easy, No need to upload cancelled cheque

EPFO Claim: Applicants wishing to make online withdrawal from Provident Fund will no longer need to upload photos of cancelled cheques and get their bank accounts verified by their employers. The retirement body has informed about making the claim process easier for the subscribers with these decisions. This move by the pension regulator will make the claim settlement process easier for about eight crore EPFO ​​​​members.

Bank account linked

Currently, Employees Provident Fund Organisation (EPFO) members are required to provide UAN (Universal Account Number) while applying for online withdrawal of funds from PF accounts. Or one has to upload a verified photocopy of the check leaf or passbook of the bank account linked to the PF number. Employers are also required to approve the applicant’s bank account details.

EPFO Claim

The Labour Ministry said in a statement that EPFO ​​has done away with the requirement of uploading photo of cheque leaf or verified bank passbook while filing online claim. According to EPFO, this decision has been taken to simplify the claim process of EPF members. According to the pension regulator, these measures will significantly improve the process of settlement of claims and complaints related to rejection of claims will decrease.

According to EPFO, this exemption was initially given on a pilot basis for some KYC-updated members. Already 1.7 crore EPF members have got the benefit since the pilot launch on May 28, 2024. After the successful pilot, EPFO ​​has now extended this exemption to all members, the ministry said.

Bank account verification

According to EPFO, the average time taken to clear the process after bank account verification by the employer is around 13 days. This also increases the workload on the employer. This results in a delay in linking the member’s bank account. Keeping this in mind, it has been decided to end this process.

Account holders will get changes

At present, out of 7.74 crore members who contribute every month, 4.83 crore members have linked their bank accounts with UAN and 14.95 lakh approvals are pending at the employers’ level. As approval from employers is no longer required, this will immediately benefit over 14.95 lakh members whose approval is pending with the employers. According to the statement, the simplified process will also facilitate those who wish to change their previously linked bank account by entering their new bank account number along with IFSC code duly authenticated through Aadhaar-based OTP.