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EPF New Rules: The Employees' Provident Fund Organization (EPFO) has changed its rules, which can benefit the account holders of the Provident Fund. Now it will be even easier for PF account holders to withdraw money.

Under the new rules, account holders will be able to withdraw money from their PF account without wasting time. The purpose of these changes is to simplify the claim settlement process of EPFO (EPFO's latest update), which will make it easier for account holders to get financial assistance.

Check or passbook will not be deposited-

EPFO has changed the rule by making the PF withdrawal process easier. Under this, there will be no need for PF account holders to upload a photo of the canceled checkbook. Nor will it be necessary to submit the passbook of the account holders. Employer verification of the bank account will not be required.

Benefit to about 8 crore shareholders-

EPFO has simplified the process of withdrawing money from the PF account, which will benefit about 8 crore shareholders. Now it is not necessary to upload a check or bank passbook to withdraw money. Apart from this, the verification process of the bank account has also been abolished, which will speed up the claim settlement process.

What was necessary earlier?

Earlier, EPF account holders had to upload their Universal Account Number (UAN) or passbook of the bank account linked to the PF account or photo verification of the check while applying for online withdrawal. However, the new rule has removed the requirement to upload both these documents, making the process simpler.

For your information, let us tell you that this process is going on from 28 May 2024 on a trial basis. Under this, it was also implemented for some KYC-updated members. During this process, 1.7 crore EPF contributors got benefits and this testing was also successful. After this, it has been implemented for all EPF account holders.

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