Advantage of PF account
Every month, both the employer and employee contribute 12 per cent of the basic salary and dearness allowance to the EPF account. The EPFO scheme offers a lifelong pension scheme under Pension Scheme 1995 (EPS). In case of death of the account holder, the family of the member can avail the benefit of the same. The PF (Provident Fund) account will change every time you join a new organisation, however, you will still have a consolidated EPF account that is identified by a Universal Account Number (UAN).
How to withdraw PF amount online?
You can either withdraw the complete amount or can even opt to draw a certain amount, depending on your need or requirement. You can only withdraw the complete amount either after retirement or if no contribution has been made in the last two months. Govt. has allowed for partial EPF withdrawal under certain circumstances, including medical purposes, home loan repayment, marriage, etc. If you want to know how to withdraw PF amount online, you will first have to fill the EPF withdrawal form online. You will also have to make sure that your UAN is activated and is linked with KYC (this includes bank details, PAN number, and Aadhar Card details). Now, follow the below mentioned steps carefully to withdraw PF amount online.
Visit the EPFO e-SEWA portal and login with UAN Enter the correct password Click on the menu bar. Here, tap on the ‘Online Services’ tab and select ‘Claim (Form-31, 19 & 10C)’ from the drop-down menu At this stage, you will be able to see all the details on the screen. Now, carefully enter the last 4 digits of your bank account. Don’t forget to click on ‘Verify’ to proceed further Click on ‘Yes’ to accept all the terms and conditions click on the ‘Proceed for Online Claim’ option Select ‘PF Advance (Form 31)’ to withdraw PF amount online Here, you will be presented with a form. select the ‘Purpose for which advance is required’, the amount required and the employee’s address Tick on the certification and submit your application You might be asked to submit a scanned copy of a few documents depending on the reason for premature withdrawal.
Remember, you cannot withdraw money without your employers’ consent. Once the employer approves PF withdrawal online request, only then the money will be withdrawn from the EPF account and then will be deposited in the bank account mentioned in the withdrawal form. You will also receive a notification via SMS. Only after the claim is processed, it usually takes 15-20 working days, the amount will be credited to your bank account. Also Read: Here’s How to Withdraw PF Online with UAN – Step by Step You can also withdraw PF amount by visiting the respective EPFO office. You will be asked to submit a duly filled Composite Claim Form along with a list of documents depending on the reason for the claim. Stay tuned for more updates on how to withdraw PF money online. You can also sign in for our newsletter to receive tips on savings and investments.
