Any subscriber to the Employees’ Provident Fund (EPF) can withdraw funds at an emergency. One can fill and submit a withdrawal form online. However, there are certain norms that a subscriber has to follow in order to claim funds online from the EPF account.
EPF withdrawal
First, a subscriber has to activate the Universal Account Number or UAN and it has to linked to his/her KYC items such as Aadhaar, PAN and bank account. Also the mobile number has to be linked to Aadhaar, since the OTP is sent to Aadhaar-linked mobile numbers only. If these are done, a subscriber can follow the following steps:
Sign in to the UAN member portal with UAN and password. The menu will display Online Service on which one has to click. A drop down menu will display different claim forms (Form 31, 19, 10C and 10D). The applicant has to select the form appropriate to the withdrawal that he/she is trying to make.
At this stage the screen will display details about the member. One has to type in the last 4 numbers of the bank account and ‘Verify’ it.
A certificate of undertaking will appear on which one has to click ‘Yes’ to move ahead. Now one has to select ‘Proceed for Online Claim’ option. One has to select ‘PF Advance’ (Form 31) at this step.
In another section of the form the subscriber has to state the purpose for which the withdrawal is being applied for. Only certain reasons such as medical treatment and buying of house or marriage are considered for withdrawals.
One has to select the certification and then submit the application. The system might ask for scanned documents to prove the veracity of the reason for withdrawal. The employer has to approve the request for withdrawing funds.
Complete withdrawal possible
Also, remember that rules state that if one remains unemployed for more than 2 months, a subscriber can withdraw the entire funds from the EPF account. However, it is advisable that one does so only as a matter of last resort since EPF offers high interest rate backed by the government as well as income tax relief on the contributions.
EPF withdrawal rules 2024: There are certain steps that one needs to follow for claiming money online from Employees’ Provident Fund account. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
