Government introduces new EPF withdrawal rules

The Employees Provident Fund Organisation (EPFO) has made it mandatory to file online claims for provident fund withdrawals above INR 10,00,000 (Indian National Rupees Ten Lakh), taking another step towards becoming a paperless organisation. The Employees Provident Fund Organisation (EPFO) has also made it mandatory to file online claims for withdrawals of above INR 5,00,000 (Indian National Rupees Five Lakh) under the Employees’ Pension Scheme, 1995. The bank account of the subscriber has to be seeded and verified in the system before the online claims can be settled. Moreover, the subscriber should have been issued a universal account number and same must be activated.

March 12th, 2018