The Employees Provident Fund Organization (EPFO) of the Indian government is one of the largest Social Security Organisations of the world in terms of clientele and the volume of financial transactions undertaken, has always given priority for the betterment of each of its member.
Reading the signs of the time, the EPFO makes changes in many of rules so that the members do not face any kind of problems. It also has introduced the auto-mode settlement facility for advance claims.
The auto-mode settlement facility for advance claims helps the PF account holders to withdraw money from their account in emergency cases like medical, education, marriage and housing purposes.
Earlier, the EPFO used to take 15 to 20 days for the advance claim settlement as it used to verify the account holders’ details like eligibility of the member, documents, KYC status of EPF account, bank account and etc. However, with the introduction of the auto-mode settlement facility for advance claims, the EPFO completes the work within 3 to 4 days.
Who can claim for the auto-mode for claim settlement?
- As per its earlier rules, the EPFO, which introduced the auto-mode for claim settlement in April 2020, had allowed the facility only in case of sickness. However, it now allows the members to withdraw money from EPF for education, marriage (even for the marriage of sisters or brothers) and buying a house.
How much money can be withdrawn in the auto-mode for claim settlement?
- Earlier, the limit of the claim settlement was Rs 50,000. However, not the EPFO allows the members to withdrawn up to Rs 1 lakh from their EPF accounts.
Here’s how you can withdraw 1 lakh in just 3 days:
- Visit the official website of the EPFO portal (epfindia.gov.in)
- Log in with your UAN and password
- Now, click on the ‘claim’ section on the online services
- Verify your bank account details
- Now click on Proceed for Online Claim.
- As you click on Proceed for Online Claim a new page will open on your screen
- Now select PF Advance Form 31 and PF account
- Fill up details like the reason why you want to withdraw money, how much you want to withdraw and give your address and all.
- Now upload a scanned copy of the cheque or passbook of your bank account which you have already mentioned.
- Now, allow to verify it with Aadhaar number following which your claim will be processed.
- Your claim will be sent to the employer for his/her approval (however, if it is to be done online no approval is required).
- The money will be credited to your bank account after the completion of the verification process. You can check the claim status anytime.