EPFO has changed the rules for PF withdrawals. From now on, you won't need cancelled checks or passbook photos for KYC; verification will be done via Aadhaar and OTP. Approximately 75 million PF account holders will benefit from this change.
Good news for PF account holders! EPFO has changed the claim settlement process. PF account holders can now verify bank details via Aadhaar OTP.
Employer approval is no longer needed for bank seeding. Bank seeding links UAN to bank accounts for direct PF transfers.
75 million PF account holders will benefit from this new rule. This change will reduce delays in claim settlements.
No need to upload photos anymore, benefiting millions of members. The trial for this settlement process change lasted 10 months.
More than 70 million EPFO members can now directly benefit. The limit for automatic advance claim settlement is now ₹5 lakh.
The proposal has been sent to the Central Board of Trustees for approval. PF account holders can withdraw up to ₹5 lakh via auto-settlement. Auto-settlement now takes only 3-4 days, much faster than before.
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