, ,

Withdrawing PF Above ₹5 Lakhs? Here’s All You Need to Know the New Rules

The decision was motioned in a meeting lead by Central Provident Fund Commissioner on January 17, 2018.

In another move towards having a stronger digital presence, the Employees Provident Fund Organisation (EPFO) has announced that every provident fund (PF) withdrawal above ₹10 lakh will have to be mandatorily claimed online hereafter.

The decision was motioned in a meeting lead by Central Provident Fund Commissioner on January 17, 2018. As per the Employees Pension Scheme 1995, an EPFO subscriber is entitled to the provision of part withdrawal of pension, commonly known as commutation of pension money.

Prior to the new mandate, one could choose between filing online and manual claims for both provident fund withdrawal and pension.

Here is everything you need to know about the changes made by the retirement fund body in regard to PF withdrawal claims:

Source: Facebook.

1. EPFO has also made it mandatory for PF withdrawal claims of above ₹5 lakh to be filed online.

2. The bank account of subscribers would be seeded and verified in the system before the online claims could be settled.

3. The universal and unique account number that is assigned to every EPFO subscriber will be utilised to activate the provision.

4. All field offices under EPFO have already been directed to accept only online claims for PF withdrawals above ₹10 lakh.

5. Field offices will not accept any claims exceeding the prescribed limits in the physical form here onwards.

Like this story? Or have something to share?
Write to us: contact@thebetterindia.com
Connect with us on Facebook and Twitter.
NEW: Click here to get positive news on WhatsApp!

Love reading positive news? Help The Better India grow

Support our endeavor to become every Indian's source of daily inspiring positive news. Learn more.

Written by Lekshmi Priya S

Shuttling between existentialist views and Grey's Anatomy, Lekshmi has an insanely disturbing habit of binge reading. An ardent lover of animals and plants, she also specializes in cracking terribly sad jokes.