EPFO changed its cash withdrawal rule! now you can double the cash withdrawal

The news about your benefit is available if you are employed as well. Employees at EPFO have seen significant relief. EPFO has modified its guidelines on cash withdrawals. The EPF withdrawal cap has been quadrupled as of late. EPFO, however, has increased the maximum amount that can be withdrawn for medical care.

For advance withdrawals relating to medical matters,

EPFO has modified its rules. This claim limit was formerly set at Rs 50,000, however, it has since been raised to Rs 1 lakh. This was made clear by the April 16 circular. As per the EPFO circular, you can now take out up to Rs 1 lakh. Partial withdrawal requires the use of Form 31. EPFO has increased the withdrawal cap by twofold of money under para 68J of Form 31. Form 31 of EPF is for partial withdrawal. This form is used for premature withdrawal of money for many purposes. In this, you can withdraw money to build a house, buy a house, get married, and get treatment.

In what situations is it possible to withdraw Rs. 1 lakh?

Form 31’s Paragraph 68J is used to withhold a portion of the money for medical treatment. You can now withdraw up to Rs 1 lakh under this, whereas previously you could only withdraw Rs 50,000. However, you must bear in mind that the employee is not permitted to take out his six-month bequest, DA, employee’s share, or interest when withdrawing the funds. However, you can withdraw money from your account if you have more than Rs. 1 lakh in it.

In what situations is it possible to make a claim?

Account users may only utilize this money, under EPFO, for life-threatening illnesses. Additionally, upon the employee’s or his patient’s admission, you can withdraw funds from the hospital. Let us tell you that the employee must be admitted to a government hospital or any hospital associated with the government. At the same time, if you have admitted the patient to a private hospital, then he will be examined first and then you can make a claim.

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