EPFO allows employees to withdraw a part of the money deposited in their EPF account in certain situations. Usually, the money is transferred to the employee’s bank account within 10 days of applying. In some cases, EPFO rejects the claim
People doing private jobs can use the money deposited in their Employees Provident Fund (EPF) in certain situations. EPF is managed by the Employees Provident Fund Organization (EPFO). It allows subscribers (employees) to withdraw the money deposited in EPF in certain situations. Usually, the money reaches the employee’s bank account within 10 days of applying. In some cases, the application gets rejected. Recently, EPFO has released a video on YouTube explaining the reason for the rejection of the application.
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The subscriber gets a big shock when the application is rejected. The reason for this is that the subscriber decides to withdraw money from EPF only when it is very necessary. If the employees take care of the reasons given by EPFO before applying , then the chances of the application being rejected will be reduced significantly. EPFO has given the following reasons.
Incomplete and incorrect KYC
It is important that the subscriber’s KYC is correct. He must keep in mind that his Universal Account Number (UAN) must be linked to his Aadhaar. Also, your mobile number and address should be updated.
Incorrect personal information
Details like subscriber’s name, date of birth, month and year, father’s name etc. should be correct. It is necessary to match these details given in the application with EPFO records.
Incorrect bank account information
The subscriber should double check the details related to his bank account given in the application. Especially the account number, IFSC code and branch details must be correct.
Incomplete documents
The subscriber is required to attach the required documents along with the application form. These include documents related to identity proof, address proof etc. You should check all the documents before submitting the application.
Many times employers do not help employees in withdrawing money from EPF. Due to this, employees have to face problems. If help is not being received from the employer, then the employee can complain on the grievance portal of EPFO. If the employee wants, he can also complain in this matter to the Labor Commissioner’s office. In such cases, the Labor Department talks to the employer. Experts say that by keeping these things in mind, there will be no problem in withdrawing money from EPF.
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