EPFO Rule Change: You will get Rs 1 lakh in just 3 days. PF New Update 2024. Auto Mode Settlement
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00:00 The Employers' Future Fund, or EPFO, has made the process of withdrawing money from PF easier.
00:08 EPFO has started an auto-mode settlement.
00:11 This will benefit more than 6 crore PF members.
00:15 It is a facility that provides funds to PF members in emergencies.
00:21 Under this, the money will be sent to your bank account in three days.
00:26 Under the auto-mode settlement, employees can withdraw advance money from their EPF during an emergency.
00:34 EPFO provides the facility to withdraw money from the fund to its subscribers for some types of emergencies.
00:42 This includes the treatment of emergency diseases, education, marriage, and buying a house.
00:47 For any of these emergencies, you can withdraw advance funds from the PF account.
00:53 The auto-mode settlement for the fund started in April 2020.
01:01 But then, only during the time of illness, money could be withdrawn.
01:05 Now, the scope of this has been increased.
01:07 You can withdraw money from EPF for illness, education, marriage, and buying a house.
01:14 Along with this, you can also withdraw advance funds for the marriage of your subscribers' sister or brother.
01:20 The limit of advance funds has been increased from the EPF account.
01:25 Earlier, this limit was Rs. 50,000, which has now been reduced to Rs. 1 lakh.
01:29 The work of withdrawing advance will be done through the auto-settlement mode computer.
01:35 No one needs approval.
01:37 The money comes into your account within three days.
01:41 However, you will need to submit some documents.
01:44 This includes KYC, claim request eligibility, and bank account details.
01:50 Let me tell you the process of withdrawing advance money.
01:55 First of all, you have to log in to the EPFO portal.
01:59 For this, you need a UAN and a password.
02:02 After logging in, you have to go to online services and then select the claim section.
02:09 Then you have to verify the bank account.
02:12 The advance money will be transferred to this bank account.
02:15 Now you have to upload a copy or passbook of your bank account cheque.
02:21 Then you have to tell about the reason why you want to withdraw money.
02:26 Now you have to follow some further processes and apply.
02:30 The money will be transferred to your account within three to four days.
02:34 Bureau Report, Patrika TV.
02:36 TV.