EPFO Introduces Simplified Withdrawal Rules for Faster Claim Settlements

The Employees Provident Fund Organization (EPFO) has introduced new rules to simplify the process of settling claims for its members.

In a recent circular, EPFO announced that members will no longer be required to provide images of certified bank passbooks or check leaves when making claims.

This change aims to expedite the claim settlement process and reduce the likelihood of rejections.

Enhanced Verification Methods

EPFO has implemented alternative verification methods to streamline the process:

1. Online Bank KYC Verification: KYC details will now be verified directly from the member’s bank or through the National Payments Corporation of India (NPCI).
2. Employer Verification via Digital Signature Certificate (DSC): Employers can use DSC to verify the bank account details of their employees.
3. Seeded Aadhaar Number Verification: UIDAI will validate Aadhaar numbers with the member’s bank, further enhancing security and accuracy in the verification process.

Benefits of the New Rules

These changes are expected to accelerate the online claim settlement process and reduce the number of rejected claims.

With verification no longer reliant on bank passbook images or cheque leaves, members can expect smoother and more efficient claim processing.

Eligibility Criteria and Documentation

EPFO has also revised eligibility rules for claim settlement:

Validated Bank Data: Members whose bank details have been previously validated through KYC or other methods will not need to submit additional documents.

Claim Amount Discount: Certain claims below a specified limit may be eligible for expedited processing.

Submitting Claims Online

To submit a claim online, members should follow these steps:

1. Log in to the member interface using your Universal Account Number (UAN) credentials.
2. Verify that your KYC details and eligibility criteria are accurate and complete.
3. Select the appropriate claim type.
4. File the claim online and verify with the OTP received on the registered mobile number linked to UIDAI.

Qualifications for Eligibility

To be eligible for claim settlement, members must have a registered member status and a valid UAN. Additionally, their Aadhaar number, bank account number, and other KYC details must be verified and linked to their UAN account.

These requirements ensure smooth processing and efficient disbursal of funds to EPFO members.