New Delhi: The Employees Provident Fund Organization (EPFO) has made a big change. PF account holders will now be able to withdraw up to Rs 1 lakh instead of 50 thousand. Union Labor Minister Mansukh Mandaviya announced this earlier this week on the occasion of completion of 100 days of the government.
Mansukh Mandaviya said that if you are an EPFO account holder and there is an emergency in the family, then now you can withdraw more money. He said that the limit of lump sum amount has been increased. Also, the facility of withdrawal has been given within 6 months of starting the job. Earlier PF account holders had to wait a long time. That is, even if they leave the job within 6 months, they will be able to withdraw money from their PF account.
He announced the launch of a new digital infrastructure that simplifies the withdrawal process and allows faster withdrawal of money.
For what needs can you withdraw this fund?
EPFO provides many services to its account holders. It provides the facility to withdraw funds for everything from pension to medical or other important works. As an emergency fund, now it is allowed to withdraw Rs 1 lakh instead of Rs 50,000 from PF, that is, you can withdraw money from PF for medical, marriage, education or other important family needs.
How can you withdraw money from a PF account?
PF account holders can withdraw money from their EPFO account for medical treatment, education or any family emergency.
- First of all you have to visit EPFO Member e-Service Portal.
- Go to the Members section here.
- After this, log in using UAN (Universal Account Number), password and captcha.
- After logging in, go to the Online Services tab and select Claim (Form-31, 19, 10C and 10D) from the drop-down menu.
- Now before proceeding, verify your personal information like name, date of birth and other details and update the details.
- Now select Form 31 for partial withdrawal and mention the reason for withdrawal from the list.
- After submitting this, an OTP will come on the mobile number linked to your Aadhaar, enter it.
- After submission, you can check your claim status under Track Claim Status option in the Online Services tab.
- Usually the money will be transferred to your bank account by EPFO within 7 to 10 working days.
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