It is very good news to those that are in salaries. Employees; Provident Fund Organisation (EPFO) released guidelines that have made it very simple and quick to withdraw your PF (Provident Fund) money. Due to a new update, eligible claims could now be paid and transferred to your bank account in as little time as 72 hours- three working days.
What’s Changed?
In the past, it was possible that it took several days or even weeks to withdraw money in PF. Now, however, EPFO has streamlined the whole process by creating a faster online system. With your information accurate and KYC (Know Your Customer) done, your money will be deposited in no time and safely.
How Does It Work?
In order to have your PF money within 72 hours, you must:
You should log into the EPFO portal with your Universal Account Number and password.
On the ‘Online Services’ section, select the claim form.
Check and ensure that your Aadhaar and bank number are authorized and connected.
Fill in the form and confirm it by the OTP on your mobile.
You will have automatically processed claim once you have submitted it on EPFO. In the case of everything going into order right, the money will be deposited into your bank account in a matter of three days.
Auto-Settlement Limit Increased
The other major change is the EPFO has increased the limit of auto-settlement on advance claims to 5 lakh rupees. This translates to more individuals to be able to receive their money in quicker time particularly in instances of emergency care or loss of income.
Why This Matters
This reform is in favor of more than 7 crore EPFO members nation-wide. It increases efficiency in the system, halves the wait time and gives people faster access to their savings in times of need.
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