The Employees’ Provident Fund Organization (EPFO) has given a big relief regarding online claim for withdrawal of money from PF. Now to withdraw money from PF, neither the image of cancelled cheque will have to be uploaded nor the bank account details will have to be given. Apart from this, there will be no need to confirm it from the employer or the company.
What was the rule till now?
Till now, when EPFO members applied online for PF withdrawal, they had to upload a photo of the cancelled cheque or a certified copy of their bank account passbook. Apart from this, the employers also had to digitally verify that bank account.
What has changed now?
EPFO has completely done away with both these processes. Now the bank account is already linked and verified with the Universal Account Number (UAN), so no additional documents are required. This will not only reduce the chances of claim rejection but will also reduce complaints due to bad or unclear files uploaded.
Changes possible through pilot project
This exemption was first introduced as a pilot project for some KYC-verified members on May 28, 2024. So far, 1.7 crore members have benefited from it. After successful testing, this facility has now been implemented for all EPF members.
Claim settlement will be faster
EPFO has 7.74 crore active members, out of which 4.83 crore have already linked their bank accounts with UAN. Along with this, bank accounts of about 14.95 lakh members are still pending with their employers. Now since the approval of the employer is not required, these members will get immediate relief and the claim process will be faster.
Changing bank accounts will also be easy.
Members who want to change their previously linked bank accounts will now be able to enter the new account number and IFSC code and verify it with an Aadhaar-based OTP. This will not only make the claim process easier. In fact, long-pending bank accounts will also get approved soon.
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