EPFO Tips: If you want to withdraw money from EPFO in emergency then follow this trick, money will come to your account soon...
Employees' Provident Fund Organization (EPFO) constantly tries to simplify its functioning for the benefit of employees. In this series, it has started auto-mode settlement of advance. Crores of EPFO subscribers will benefit from this. What is this facility, how can it be availed, and who can avail it? Let us try to know the answers to these questions.
What is auto-mode settlement?
Auto-Mode Settlement refers to the facility of withdrawal of employees' money from EPF in emergencies. EPFO allows its subscribers to withdraw money from their funds in some types of emergencies. These include illness, education, marriage, and housing.
This means that the subscriber can withdraw money in advance from his account in any one of these situations. Auto mode for claim settlement was started in April 2020. But, at that time its use was allowed only in case of illness. Now it has been implemented for all types of situations.
EPFO also increased the limit of the advance amount
Auto-Mode Settlement: There is no human intervention, due to which the request is processed quickly. Due to this, the money comes to the subscriber's bank account in about three to four days. Generally, for claim settlement in EPFO, verification of some documents is required.
These include KYC, eligibility of claim requests, and bank account details. If the information given by a subscriber is found to be correct then the claim is processed quickly in auto mode. EPFO has also increased the limit for advance. Earlier this limit was Rs 50,000. Now it has become Rs 1 lakh.
Advance can be taken in case of illness
If a subscriber wants to take advance from his fund in case of illness, then under Rule 68J of EPFO, he has to provide a certificate with the signature of his employer or doctor. A subscriber can apply at any time if funds are required for treatment. This means that no condition like his PF account being a few years old is applicable for this.
Advance can be taken for marriage or higher education
If the subscriber wants to take advance for marriage or higher education, he will have to apply under Rule 88K. For this, his PF account must be at least 7 years old. The subscriber can withdraw money from the account for this purpose three times during the service period. He will have to apply for this with the necessary documents.
You can take advance to buy a house
EPFO also provides a housing advance facility to the subscriber under Rule 68B. This means that the subscriber can take advance even to buy a house. For this, the EPF account must be at least 5 years old. To apply under this rule, he will have to apply with the necessary documents. If all his documents are found correct then his application is processed immediately in auto mode.
What is the process to apply:
1. First of all you have to log in to the EPFO portal. For this UAN and password are necessary.
2. After logging in, you have to go to 'Online Services'. Then the claim section has to be selected.
3. You have to verify your bank account. Advance money will come into this bank account.
4. You have to upload a scanned copy of your bank account check or a scanned copy of your passbook.
5. You have to tell why you want to take advance money. Apart from illness and education, you can take money in advance for the marriage of yourself, your daughter, your son, or your brother.
6. You have to generate an Aadhaar based OTP. Once the claim is processed, it will be sent to the employer for approval. If you wish, you can check the status of the claim by using the online service.
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