New Delhi: Withdrawal of money from your provident fund is no longer a cumbersome process. According to a new rule by EPFO, under the Medical Advance Claim, you can withdraw Rs 1 lakh from the provident fund. The subscribers can withdraw the amount without any paperwork.
In the case of a medical emergency, this can prove to be beneficial for millions of account holders under the EPFO. According to the latest memorandum, in case of a life-threatening disease, the person can withdraw Rs 1 lakh for hospitalization. But there are certain conditions for the same.
What Are The Conditions For Withdrawing Money From PF?
The person must be admitted to Government Hospital/ CGHS Panel Hospital.
In the case of a Private Hospital, an investigation will be done before allowing the withdrawal.
If an application is filed on a working day, the money will be transferred on the very next day.
The money can be transferred to the employee’s account or the hospital’s bank account.
Complete Process To Withdraw Rs 1 Lakh From PF Account
- Go to the official websitewww.epfindia.gov.in
- Click on ‘Online Services
- Fill the forms 31, 19, 10C and 10D
- Now, enter the last four digits of your bank account to verify
- Click on ‘Proceed For Online Claim’
- Select Form 31 from the drop-down menu
- Enter the reason to withdraw money
- Enter the amount and upload a copy of the hospital bill
- Enter your address and click on ‘Submit’