The Employees’ Provident Fund Organisation (EPFO) has simplified the online process of PF withdrawal to provide better service to its members. As far as withdrawal claims are concerned, EPFO has eliminated the two important requirements of uploading a cancelled cheque or depositing the bank account, which were two important requirements of the earlier process.
Now the employee does not need to go through any kind of verification and can easily withdraw EPFO money.
What Was the Earlier Rule for PF Withdrawal?
Earlier, EPFO members had to undergo a torturous procedure for online withdrawal claims. The requirements included:
- Uploading a clear picture of a cancelled cheque
- Submission of a verified copy of his/her bank passbook
- Employer approval for bank account verification
Any mistake in submission of these documents, however small, blurred image or wrong details, almost always would lead to rejection of the claim or even delay.
What Has Changed Now?
EPFO has cancelled with immediate effect any requirement for:
- Uploading of a cancelled cheque
- Providing bank account details separately
- Providing for employer verification for withdrawals
Since the bank account is already linked and verified through UN, members can now withdraw their PF without further documentation, thus enhancing speed and reducing the chances of rejection arising through errors during processing.
How Was This Change Implemented?
This user-friendly update was piloted on May 28, 2024, for KYC-verified members. More than 1.7 crore members have already availed of this facility. After successful testing, the EPFO extended the facility to all active members.
Faster Claim Settlements for Millions of Members
This change will, therefore, give immediate relief to about 7.74 crore active EPF members, especially:
- 4.83 crore members whose bank accounts have already been linked with UAN
- 14.95 lakh members whose bank accounts were pending employer approval
Since there is no longer an employer verification step, these members will now be able to withdraw much faster without any delays.