Five latest developments that 5 crore EPF account holders should know

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Updated: Nov 20, 2017 | 16:53 IST | Source - ET Now Digital

EPFO members can submit withdrawal claim online. (Representational image)

Employees' Provident Fund Organisation or EPFO, which manages a corpus of over Rs 10 lakh crore, has taken many initiates for its over 5 crore subscribers recently, which will benefit them. These initiates will hasten the claim settlement process relating to EPF withdrawal, pension fixation and advances. The EPFO receives nearly 1 crore claims every year.

Here are five latest initiates taken by EPFO

1) Online linking of Aadhaar with UAN

The retirement fund body has introduced a new facility, using which its subscribers can link their UAN with Aadhaar sitting at home. Employees' Provident Fund Organisation on its website - epfindia.gov.in - has created a link "eKYC Portal", through which its subscribers can link their Aadhaar card with their UAN. Those who link their UAN with Aadhaar, can submit claims directly to the EPFO online. 

2) EPF auto transfer

Transferring your EPF account while changing jobs has become easier now. EPFO has launched a new composite Form 11, which has replaced Form 13 in all cases of auto transfer. Once you fill the Form 11 and your details are validated by the new employer, your EPF account balance will be transfered to the new employer as soon as your first month contribution gets credited.

3) PF rule for paying home loan EMI

Subscribers can now withdraw up to 90 per cent of their EPF accumulation for purchase/construction of house or purchase of land. Eligibility for this withdrawal also gets reduced to 3 years of membership from 5 year earlier.

Read: Resigned or retired? You won’t get any tax relief on EPF interest

4) Online EPF withdrawal/advance

Those EPF members who have linked their UAN with Aadhaar and bank account, can submit withdrawal/advance claim online without attestation of the employer.

5) Relaxed rules for medical advances

EPF members are no longer required to submit any mediacal certificate or any supporting documents to avail advances for medical purposes. By submitting a simple declaration form, EPF members can now avail medical advance.