EPFO Rule Change: Employees’ Provident Fund Organization has changed the rule of partial withdrawal from PF account. Now EPFO members can withdraw up to Rs 1 lakh from PF account. In this article, we will tell you when partial withdrawal can be made from PF account and what is the way to claim for partial withdrawal.
Employees’ Provident Fund Organization (EPFO) is giving many facilities to its members. By investing in EPFO, on one hand investors can get the benefit of pension along with making a huge fund. Apart from this, EPFO also gives the facility of partial withdrawal to the members. Now EPFO has changed the rules of partial withdrawal (EPFO Rule Change).
EPFO Rule Change
EPFO has changed the rules of partial withdrawal. This information has been given by Union Labor Minister Mansukh Mandaviya. Mansukh Mandaviya said that the limit of partial withdrawal from PF account has been increased. Now EPFO members can withdraw Rs 1 lakh instead of Rs 50,000 from their PF account.
Apart from this, withdrawal can now be done within 6 months of starting the job. Earlier, the member had to wait longer for a full withdrawal, but now it is not so. If an employee leaves the job within 6 months, he can make a full withdrawal from the PF account.
Process of withdrawing funds from PF Account
- Go to EPFO’s e-service portal. Click on the member option here.
- After this, log in with the help of UAN, password and captcha.
- After logging in, go to ‘Online Services’.
- Now choose one of Form-31, 19, 10C and 10D.
- After this, verify the personal details.
- Now select Form 31 and give the reason for withdrawal.
- After this, fill the OTP received on the registered mobile number and submit it.
- After submitting the form, go to ‘Online Services’ and track the claim. You can also check the status of the claim from here. Please note that the claim amount is transferred to the bank account by EPFO within 7 to 10 days.
When can you withdraw funds
You can withdraw money from PF account in case of medical, marriage, education or any family emergency.
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