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EPFO News : Employees Provident Fund Organization (EPFO) has simplified the withdrawal process for medical, education, marriage and home purchase. For this, the facility of automatic claim settlement (auto-mode settlement) has been introduced. Therefore, the money will now be deposited in the account of the citizens within three days. Currently this process takes 10 to 15 days.

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Advance withdrawal from EPFO ​​takes a long time before this. Because EPF member's eligibility, documents submitted for claim, KYC conditions, valid bank account etc. are verified. Invalid claims are often dismissed, or denied, in this process. As this process will be done online, now the human intervention in this process will be reduced.

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You can withdraw up to Rs.1 lakh

In this process, the advance claim will be settled automatically. KYC, eligibility and bank account verification are to be settled through IT tools. Due to this, the claim settlement period will come down from 10 days to 3-4 days. Members can withdraw up to Rs 2 lakh through auto-mode settlement. Earlier this limit was only 50 thousand rupees.

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The claim will not be rejected

Under the new process, any pending claim will not be canceled or rejected. The claim will be forwarded to the second level of investigation and approval and settlement.

To withdraw advance amount from PF account under auto mode, application has to be made through e-seva portal of EPFO. For this, it has been made mandatory for the member to fill and submit Form-31 online.

What is the loss of PF after withdrawal?

If one withdraws Rs.10,000 from Khatya, his loss will be Rs.50,000 after 20 years and Rs.1,14,000 after 30 years. If 20 thousand rupees are withdrawn now, after 20 years the loss will be 1 lakh 1 thousand rupees and after 30 years it will be 2 lakh 28 thousand rupees. A withdrawal of Rs 50 thousand will result in a loss of Rs 2 lakh 53 thousand after 20 years and Rs 5 lakh 71 thousand after 30 years. If you withdraw Rs 1 lakh today, the loss will be Rs 5 lakh 07 thousand after 20 years and Rs 11 lakh 43 thousand in 30 years. If you withdraw 2 lakh rupees now, you will lose 10 lakh 15 thousand rupees and in 20 years, you will lose 22 lakh 87 thousand rupees.