EPFO has changed their rules for PF Withdrawals, If someone wants a PF withdrawal more then 10 lakh INR, Then the online claim is a must, EPFO will no longer approve a physical form.
Welcome to epfoscheme.in, as we have told you in the previous para that the EPFO makes online claims must for PF withdrawals above Rs 10 lakh. Below are the briefly explained points. Do share it with others.
If you have more than Rs. 10 lakh in provident fund (PF) account then you have to apply online to claim the money. For this, the Employees Provident Fund Organization (EPFO) will no longer approve a physical form. This step has been taken to prevent the frauds running in the claims.
Online Claim For More Than 5 Lakh INR (Pension Claims)
EPFO Has made online application compulsory for the extraction of more than Rs 5 lakhs from the Employees Pension Scheme (EPS) 1995.
Under the Pension Scheme, there is provision for withdrawal of the partial amount of pension. This is called conversion of pension money.
An official said that this decision was decided in the meeting held on January 17, 2018, under the chairmanship of the Central Provident Fund Commissioner.
How To Apply For Online Claim?
Applying for the claim can be done online by visiting the website of the EPFO or the members can also use the UMANG app in order to claim their amount.
You can also visit the given link in order to understand the process of PF Claim using UMANG App.
Click Here – EPF Withdrawal Claim Using UMANG App
Bank Account Must Be Linked With EPFO Database
For Online Claim, The bank account of the PF Member must be linked/submitted in the EPFO database. or else, the member cannot be able to claim their amount online.
The system will verify the bank account details before final claim settlement.
Also Read: How To Update Bank Details in EPF UAN?