EPF withdrawal claim: How many days does it take to settle an EPF withdrawal claim?

Many Employees’ Provident Fund (EPF) members have been facing issues after applying for withdrawal claims from their EPF accounts. Some of them expressed their worries, pointing out that there has been no update on the matter after submitting a withdrawal claim.

Some EPF members posted their queries and complaints on social media platforms to get the EPFO’s attention. For most of the queries on withdrawal claims updates, the EPFO’s social media handle stated this: “Dear member, normally it takes 20 days to settle a claim or release the PF amount.”

Also read: New EPF rule on auto withdrawal claims under 68J; check details

Individuals should file a complaint with the EPFO if their claim requests are not settled within 20 days. The EPFO stated in a response to a tweet from an EPF subscriber: Dear member, kindly register your grievance on http://epfigms.gov.in and you can track your grievance status at http://epfigms.gov.in

How many more days it will take to settle claim?

17 days still the claim is under process. When it is gonna process. P.S: One of the slowest process I have ever seen digitally.

— kohlivishuu (@kohlivishuu)

Dear member , normally it takes 20 days to settle a claim or release the PF amount. You can trace your claim status and reason of rejection available.

— socialepfo (@socialepfo)

I submitted my withdrawal request on 31st of march 2024 and it’s showing “under process” status. How many more days will be required to process my request?

— piyush1094 (@piyush1094)

Steps EPF members must take before filing EPF claim

Select the proper form for the individual’s claim type and complete it accurately. The paperwork for EPF account transfer and EPF withdrawal varies. Check the qualifying criteria for EPF withdrawal, as there are different rules for different reasons of withdrawal, such as PF advances, final settlement, etc.Check that the form is filled out completely and properly. Attach any essential papers, such as a cancelled cheque, ID proof, address proof, and other relevant documents (where applicable). Update the Know Your Customer (KYC) data, such as Aadhaar, PAN, and bank account details; connect these to the EPF account. Ensure that the nomination and member profile have been updated.

Things to check before applying for EPF claim

Correcting mismatch in nameMismatch in date of birthWrong application formIncomplete KYCJoint bank accountError in bank account detailsDate of joining and leaving the organisation Not linking of UAN with Aadhaar

What happens when an EPF member withdraws funds before interest is credited
It is possible to withdraw EPF whole or in parts. After retirement or after being unemployed for longer than two months, a person may take a complete withdrawal. On the other hand, policy allows for partial withdrawal in specific cases. According to EPFO, there won’t be any money lost because the interest was calculated in accordance with policy.

Also read: When will EPF interest be credited for FY 2023-24? Here’s what EPFO has said, 4 ways to check PF balance

This means that the EPF member will not experience any loss of interest as a result of the withdrawal process’s design. The interest is computed from the day it becomes due until the date of withdrawal, and it will be credited to the member’s account if they withdraw before the interest is announced or updated in their account.

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : The Times of India – https://economictimes.indiatimes.com/wealth/save/epf-withdrawal-claim-how-many-days-does-it-take-to-settle-an-epf-withdrawal-claim/articleshow/109778175.cms