EPF: Know the step-by-step guide to withdraw money in case of medical emergency
EPFO Money Withdrawa.EPFO Money Withdrawal: What if you are facing a medical emergency? And if you want to withdraw money from your Employees Provident Fund account, it is possible. EPF Withdrawal: We all save money for some of our goals or for any bad phase in life. For saving, we Indians have many options including savings accounts, fixed deposits, recurring deposits, small savings schemes and others. The thing is that all these savings options come with their own terms and conditions- some allow instant withdrawal and some have some terms. What if you are facing a medical emergency? And if you want to withdraw money from your Employees Provident Fund account, it is possible. The Employees Provident Fund Organization (EPFO) allows its members to withdraw money to deal with medical emergencies, house construction, marriage, education, home loans and other requirements. What is Employees Provident Fund (EPF)? The Employees Provident Fund (EPF) is a retirement savings scheme. Under this, a part of the salary of salaried employees is deposited every month and employers also have to contribute to it. The deposited money is released at the time of retirement. This scheme allows salaried employees to build a solid fund in the long run for old age. It is a risk-free savings instrument. Withdrawal limit from PF for medical emergency EPFO members can withdraw up to Rs 1 lakh in certain situations such as medical emergency or life-threatening situation. Earlier, this money could be withdrawn based on the estimate given by the hospital. Now, the limit has been fixed at Rs 1 lakh. How to withdraw advance from PF – Visit the e-service portal: https://unifiedportal-mem.epfindia.gov.in/memberinterface/ – Log in using Universal Account Number (UAN), password and captcha code. – Next, you have to enter your bank account details and click on the verify button by checking to accept the terms and conditions box. – Now, click on Online Services, click on the online service link, and select Claim Form-31 for the illness.
- Click on ‘Proceed for Online Claim’. If the patient is discharged from the hospital, the employee has to submit the medical bill to EPFO within 45 days to make withdrawal of money from PF easier and avail the service.
