EPFO allows its subscribers to withdraw money from the fund for some types of emergencies. This includes treatment of emergency diseases, education, marriage and buying a house.
Employees’ Provident Fund Organization (EPFO) has made the process of withdrawing money from PF easier. EPFO has started Auto Mode Settlement. More than 6 crore PF members will benefit from this. This is a facility which provides funds to PF members in emergency. Under this, money will be sent to your bank account within 3 days.
Under auto-mode settlement, employees can withdraw advance money from their EPF at the time of emergency. EPFO allows its subscribers to withdraw money from the fund for some types of emergencies. This includes treatment of emergency diseases, education, marriage and buying a house. For any one of these emergencies, you can withdraw advance funds from your PF account.
Claim settlement will be done through auto mode system
The auto mode for claim settlement of this fund in emergency was started in April 2020 itself, but at that time money could be withdrawn only in times of illness. Now its scope has been expanded. You can withdraw money from EPF for illness, education, marriage and even buying a house. Along with this, now subscribers can also withdraw advance funds for the marriage of sister or brother.
Up to how much money can be withdrawn?
The limit of advance fund from EPF account has been increased. Earlier this limit was Rs 50,000, which has now been increased to Rs 1 lakh. The work of withdrawing advance will be done through auto settlement mode computer. There is no need for approval from anyone. The money comes to your account within three days. However, you will be required to submit some documents. This includes KYC, eligibility of claim request, bank account details.
What is the process to withdraw advance amount?
- First of all you have to log in to the EPFO portal. For this UAN and password are necessary.
- After logging in, you have to go to online services and then select the claim section.
- Then you will have to verify the bank account. Advance money will come into this bank account.
- Now you have to upload a copy of your bank account check or passbook.
- Then you will have to tell the reason due to which you want to withdraw money.
- Now you will have to follow some further processes and apply. The money will come to your account within three to four days.
