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The EPF or the Employees’ Provident Fund scheme is a popular scheme adopted by organisations to promote savings facilities for their employees. The EPF scheme is also commonly referred to as the PF (Provident Fund) scheme. The EPF was created by the Employees Provident Fund Organisation (EPFO) and functions in accordance with the Employees’ Provident Funds and Miscellaneous Provisions Act of 1952, under the Government of India. The main aim of the EPF scheme is to generate a lump sum for salaried employees to bear their retirement expense requirements.
While the habit of saving in terms of hoarding capital exists in India, the EPF scheme inculcates a pattern of saving and growing wealth for retirement needs. The EPF scheme, as with most other financial instruments these days, may be monitored and accessed online easily, once a company opens an employee’s EPF or PF account. With a PF member login, your EPF activities can be conducted online, including making a withdrawal.
Before you delve into the process of the withdrawal of your PF online, you should be aware of how PF withdrawals work. According to the regulations of the EPFO, you can make withdrawals with some conditions attached. The sum of money accumulated in any PF account is meant to be withdrawn after an employee retires. The purpose of the corpus collected is to help employees generate income in the absence of any income from employment. However, there are certain circumstances that may compel individuals to withdraw amounts in their PF account due to particular emergencies. You may read the following to get a grasp on key PF withdrawal rules:
Employees can enjoy the advantage of withdrawals from their PF online. Nonetheless, employees should ensure that their mobile number used to activate their UAN is functional. Apart from this, the linking of relevant bank accounts and KYC verification should also be completed before you attempt to apply for PF online withdrawal.
It is important to note that there are a few ways in which you can initiate the process of PF withdrawal:
Since this article is focused on the online method of withdrawal of PF, the offline method will not be touched upon here.
As with all other financial services provided to individuals, the EPFO has made an online application for the withdrawal of PF possible recently. The process is hassle-free and quick. However, pay attention to a few criteria that must be met before you apply for the withdrawal of your PF online. First, your UAN must be activated and the number linked to it must be operational. Furthermore, the UAN must be linked to the KYC information of the said member, such as the PAN, Aadhaar, and bank account information with IFSC codes. Once this is in order, you may head to the EPFO portal and proceed with the following steps:
Once you are at the EPFO portal, use your UAN and your password to log into your EPF/PF account. To authenticate the login, you will have to enter the captcha provided.
Select the tab that says “Manage” to gain access to different options. Select the KYC tab to know whether your KYC information is accurate.
Now choose the tab that says “Online Services” and select Claim Forms 31, 19, and 10C. Verify the details shown on the current page. These comprise KYC details and additional service information.
As you proceed, you will have to enter the last four digits of your bank account and then click on “Verify”.
Then choose “Yes” for your digital certificate of undertaking that states that the claim amount in the EPF account will be credited to the mentioned bank account. Press “Proceed for Online Claim”.
You will now see a section that says “I want to apply for” and options such as Full EPF Settlement, EPF Part Withdrawal, or Pension Withdrawal. Choose the appropriate one. Then select the reason for which you wish to make the withdrawal.
Enter the amount that you want to be withdrawn.
Now you can upload your scanned documents that are required for approval of your application. After your application is approved, you may expect the amount withdrawn to be credited to your bank account within 20 days from the date of your application.
Also Read: UAN Member Portal
The online PF withdrawal process is simple and straightforward, and individuals only need their activated UAN to log into the EPFO portal and conduct the process. If you want to avail of the online withdrawal avenue, you may also do so through the Unified Mobile App for New Governance (UMANG). Through the app, the process of online withdrawal is made seamless through your smartphone.
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