Hello Friends, Today we will know how to withdraw PF online. Almost every employee from an eligible organization has contribute 12% amount of their basic pay. Also the company or organization contribute the same amount for your EPF account. So let’s see how to withdraw PF online.
EPF (Employees’ Provident Fund)
EPF (Employees’ Provident Fund), or PF (Provident Fund), is a mandatory savings cum retirement scheme for every employee of an eligible organization.
This fund is for your retirement when your job is completed, that means when you retire from the job. Under this, every month of their Basic salary has a contribution of 12% and an equal amount of employer contributes.
That amount is deposited directly into the EPF account. You also get an annual interest in this account. You can withdraw all the total money from this account after your retirement.
It is not that you can withdraw your money only on retirement. You can withdraw some amount from it even before retirement. Which has some conditions, about those conditions we will see in this article.
Here, it would be relevant to mention that Employees’ Provident Fund Organisation has allocated UAN, i.e. the Universal Account Number compulsory for all the employees covered under the PF Act.
Universal account number is linked to your EPF account. Even if you change your job, your universal account number remains the same.
Conditions For Withdrawal of EPF Amount Before Retirement
- Medical purposes
- Purchase of land or purchase/construction of a house
- Home loan repayment
- House renovation
- Partial withdraw before retirement
|Particulars of reasons for withdrawal||Limit for withdrawal||No. of years of service required||Other conditions|
|Medical purposes||Six times the monthly basic salary or the total employee’s share plus interest, whichever is lower||No criteria||Medical treatment of self, spouse, children, or parents|
|Marriage||Up to 50% of employee’s share of contribution to EPF||7 years||For the marriage of self, son/daughter, and brother/sister|
|Education||Up to 50% of employee’s share of contribution to EPF||7 years||Either for account holder’s education or child’s education (post matriculation)|
|Purchase of land or purchase/construction of a house||For land – Up to 24 times of monthly basic salary plus dearness allowance|
For house – Up to 36 times of monthly basic salary plus dearness allowance,
Above limits are restricted to the total cost
|5 years||1. The asset, i.e. land or the house should be in the name of the employee or jointly with the spouse.|
2. It can be withdrawn just once for this purpose during the entire service.
3. The construction should begin within 6 months and must be completed within 12 months from the last withdrawn instalment.
|Home loan repayment||Least of below: |
1. Up to 36 times of monthly basic salary plus dearness allowance
2. Total corpus consisting of employer and employee’s contribution with interest.
3. Total outstanding principal and interest on housing loan
|10 years||1. The property should be registered in the name of the employee or spouse or jointly with the spouse.|
2. Withdrawal permitted subject to furnishing of requisite documents as stated by the EPFO relating to the housing loan availed.
3. The accumulation in the member’s PF account (or together with the spouse), including the interest, has to be more than Rs 20,000.
|House renovation||Least of the below:|
Up to 12 times the monthly wages and dearness allowance, or
Employees contribution with interest, or
|5 years||1. The property should be registered in the name of the employee or spouse or jointly held with the spouse.|
2. The facility can be availed twice:
a. After 5 years of the completion of the house
b. After the 10 years of the completion of the house
|Partial withdrawal before retirement||Up to 90% of accumulated balance with interest||Once the employee reaches 54 years and withdrawal should be within one year of retirement/superannuation|
Online Application for EPF Withdrawal
Step 1 : Go to the UAN Member portal (Click here to login)
Step 2 : Login with your UAN (Universal account number) and password. Enter UAN Number and password, enter captcha.
Step 3 : Now click on “CLAIM (FORM-31, 19, 10C & 10D)” under Online Services tab. Make sure your all KYC Documents are linked correctly.
Step 4 : Here you can see all information about your account, in the bank account tab enter your bank account number or it will ask you for last 4 digit of your bank account number, enter then click “verify”.
Step 5 : Click on ‘Yes’ to sign the certificate of the undertaking and then proceed.
Step 6 : Then click on the “Proceed For Online Claim” Button
Step 7 : Now under “I want to Apply for” select the claim option you require or select PF-Advance (form-31)
Step 8 : Select the purpose of advance if you trying to withdraw before retirement then enters the amount you want to withdraw after that enter your address details.
Step 9 : Now you have to upload scanned copy of your bank passbook or cheque.
Make sure Only JPG and JPEG file of a minimum 100 KB & maximum 500 KB size are supported.
Bank Account Number, IFSC and name should be visible on the cheque.
Scanned image should be readable.
Step 10 : After uploading a scanned copy of your bank passbook click in the check box to certify that all information is correctly filled by you. then click on “Get Aadhar OTP” Button, you will received a One time password to proceed final for withdraw pf online.