EPFO: Now withdrawing money from EPF has become easier than before. In this context, EPFO has started auto-mode settlement. Crores of subscribers of EPFO will benefit from this. What is this facility, how can it be availed?
EPFO: Now withdrawing money from EPF has become easier than before. In this context, EPFO has started auto-mode settlement. Crores of subscribers of EPFO will benefit from this. What is this facility, how can it be availed, and who can avail it? The best thing about this is that the money will be in your bank account within 3 days. Subscribers can also withdraw advance for the marriage of sister or brother.
EPFO brings auto mode settlement?
In auto-mode settlement, employees can withdraw money from their EPF at the time of emergency. EPFO allows its subscribers to withdraw money from their fund in some types of emergencies. This includes illness, education, marriage and buying a house. This means that the subscriber can withdraw advance money from his account in any one of these situations. Auto mode for claim settlement was started in April 2020 itself. But, then you could withdraw money only at the time of illness, but now you can withdraw money from EPF for illness, education, marriage and buying a house also.
EPFO increased the limit of advance amount
EPFO has also increased the limit for advance. Earlier this limit was Rs 50,000. Now it has become Rs 1 lakh. The work of withdrawing advance will be done through auto settlement mode computer. There will be no need for any officer in this. In this, the money will come to the subscriber’s bank account in about three-four days. Generally, some documents are checked for claim settlement in EPFO. This includes KYC, eligibility of claim request, bank account details. If the information given by a subscriber is found to be correct then the claim is processed quickly in auto mode.
How to apply
1. First of all you have to log in to the EPFO portal. For this UAN and password are necessary.
2. After logging in, you have to go to ‘Online Services’. Then the claim section has to be selected.
3. You have to verify your bank account. Advance money will come into this bank account.
4. You have to upload a scanned copy of your bank account check or a scanned copy of passbook.
5.You have to tell why you want to take advance money. Apart from illness and education, you can take money in advance for the marriage of yourself, daughter, son or brother.
6. You have to generate Aadhaar based OTP. Once the claim is processed, it will be sent to the employer for approval. If you wish, you can check the status of the claim by checking the online service.
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