Need money? How to get Provident Fund balance in your bank account within 3 days
The coronavirus outbreak has brought the entire country to standstill with the number of cases in India going past 1000. The economy has taken a hit and there is a chance that you might need money to sail through the tough days.
The coronavirus outbreak has brought the entire country to standstill with the number of cases in India going past 1000. The economy has taken a hit and there is a chance that you might need money to sail through the tough days. While it is advised to use your savings to address any money requirement, you can also dig into your provident fund account to complete larger payments.
The labour ministry on Sunday issued a notification allowing EPFO subscribers to withdraw a portion of their retirement savings with immediate effect. The EPFO subscribers can withdraw 75% of their savings or up to a maximum of three months' basic pay and dearness allowance from their PF account – whichever is lower.
“Please note that the Covid-19 has been declared a Pandemic by appropriate Government for the entire country and therefore the employees working in establishments and factories across entire India, who are members of the EPF Scheme, 1952, are eligible for the benefits of non-refundable advance under the sub-para (3) of Para 68L which has come into force from today", said the notification, which comes into effect immediately.
How to withdraw PF money during coronavirus crisis:
- Log in to your UAN account through this link - https://unifiedportal-mem.epfindia.gov.in/memberinterface/.
- Go to online services and click on claim form.
- You will be re-direct to a page that has all your details.
- It will ask you to validate your bank account by entering the last four digit of your account number.
- Enter the details and proceed.
- Click on PF advance form 31.
- From the dropdown list, select outbreak of pandemic COVID-19.
The page will also ask you to upload a scanned copy of your bank cheque or passbook. You will then have to validate the request through an Aadhaar OTP. The amount will be credited into your account in three working days.
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