EPFO Guidelines: There Could Be No Need For A Cancelled cheque In The EPFO Declaration; Now You Could Withdraw Your Cash Like This.
The Employees' Provident Fund company (EPFO) has made a big alternative for its contributors. Until now, to withdraw money from EPFO, participants needed to add a cancelled cheque to their EPFO account; however, now this can not take place.
Also, now EPFO participants will no longer want to affirm their bank account.
This massive trade of EPFO will, without delay, benefit eight crore contributors of EPFO, and it will take much less time to settle their claims. At the same time, EPFO will no longer have many pending cases if you want to gain EPFO and its contributors.
No need to add a check and passbook.
Currently, the individuals of the personnel's Provident Fund corporation (EPFO) need to upload a demonstrated photocopy of the cheque or passbook of the financial institution account connected to the UAN (familiar account range) or PF wide variety while applying for an online withdrawal of finances from PF bills. It's also obligatory for employers to approve the applicant's financial institution account info. The exertions ministry said in a statement that EPFO has completely abolished the want to upload a photo of a check or validated financial institution passbook while filing a web declare.
A few KYC updates are still required.
Those two requirements have been abolished to make sure of ease of life for EPF contributors and ease of doing commercial enterprise for employers. It said that these measures will substantially improve the system of settlement of claims and reduce complaints associated with rejection of claims.
Those necessities had been initially exempted on an ordeal foundation for a few KYC-updated members. When you consider that its trial launch is on May 28, 2024, the circulate has already benefited 1.7 crore EPF members. The ministry said that after a hit test, EPFO has now furnished this exemption for all participants.
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