Auto-Settlement Limit for PF withdrawals to Rs 5 Lakh Epfo Adds 15 Additional Empanelled Banks | Now without documentation, you will be able to remove ₹ 5 lakh from PF, 15 more new banks associated with EPFO
EPFO: PF is very important for every job. Every month a part of the salary is cut and accumulates for the future. The amount of PF helps you in expenses after retirement. If you want, you can remove something from PF even during the job. Now the EPFO has made the rules easy for this withdrawal. The Employees Provident Fund Organization (EPFO) has increased the auto-settlement limit of the advance claim.
Will be able to withdraw up to Rs 5 lakh
The EPFO has increased the amount of withdrawal from PF from Rs 1 lakh to Rs 5 lakh without writing paper. 7.5 crore members of EPFO will ease this decision. Sumita Davra, Secretary, Ministry of Labor and Employment, has approved this proposal. In which the auto settlement limit of PF withdrawal has been increased to five lakh rupees. Not only this, EPFO has reduced the claim settlement from 10 days to 3 to 4 days. That is, money will come to your bank account within three to four days of the claim race on your behalf.
Join 15 more banks
Union Minister of Labor and Employment, Dr. Manasukh Mandavia said on Tuesday that the Employees Provident Fund Organization has signed an agreement with 15 new banks to increase facilities for EPFO members. Till now only 17 banks had a tie-up with EPFOs. The services of the Employees Provident Fund Organization could be obtained through the same banks, but now this number has increased to 32 with the joining of 15 new banks. That is, people will be able to ease PF related work, withdrawal, deposit.
These 15 banks were involved
HSBC Bank, Standard Chartered Bank, Federal Bank, IndusInd Bank, Karur Vaishya Bank, RBL Bank, South Indian Bank, City Union Bank, IDFC First Bank, UCO Bank, Karnataka Bank, Development Bank of Singapore, Tamil Nadu Mercury Bank, Development Credit Bank and Bandhan Bank. 17 banks already included in the panel … State Bank of India, HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra Bank, Union Bank of India, Bank of Baroda, Canara Bank, Punjab National Bank, IDBI Bank, Indian Bank Indian Overseas Bank, Yes Bank, Bank of Maharashtra, Central Bank of India, Jammu and Kashmir Bank and Kashmir Bank and Bank of India.
Work will be done easily
The 15 banks included in the panel will be able to pay about Rs 12,000 crore directly in the annual collection. Also, they will have direct access to the employers keeping their accounts in these banks. To enable the employers under the Act to enable their monthly contribution, the EPFO has already included 17 banks in the panel. The total number of banks, including new banks, has increased to 32.
What is special in EPFO 2.0
With the recent implementation of EPFO 2.01, a strong IT system has surfaced. This has improved a lot in claim settlement. He said that in FY 2024-25, the EPFO settled more than six crore claims, which is 35 percent higher than the 4.45 crore claims dealt with in the previous year (2023-24). Mandavia said that there has been a significant increase in customers’ satisfaction and the Employees Provident Fund Organization is actively working towards the EPFO 3.0 to make it accessible and efficient like banks. Language