PF withdrawal: How to withdraw Provident Fund money

New Delhi: Employees’ Provident Fund (EPF) is a government-run scheme, maintained by the Employees’ Provident Fund Organisation. Its main purpose is to create a retirement corpus for the EPF member. As per the EPF rules, both the employee and employer have to mandatorily contribute 12 per cent of the employee’s salary to the Provident Fund (PF) account of employee. The EPF accounts generate interest of 8.2 per cent on an annual basis, as per the latest rates announced by the government.

Employees can withdraw the entire PF amount after retirement. But there are certain circumstances, where one withdraws money from their EPF account. Let’s take a look:

Conditions for PF withdrawal

There are two types of withdrawal available to EPF members – Partial and Complete.

Complete Withdrawal is available when EPF member retires from job.
As per the website of EPFO, If a member has resigned from the job and that individual is unemployed, then after two months of resigning from the job, the EPF member can withdraw PF amount. In case of unemployment, a person can withdraw up to 75 per cent of the total PF balance.

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PF withdrawal: Other conditions

A EPF member can take non-refundable advances during their job for various purposes:-
Treatment of illnesses (TB, leprosy, paralysis, cancer, mental, etc) of self/family
Marriage (self, children, brother/sister)
Education of child
To purchase a house, flat. Dwelling house and addition/alteration of house are also included in this.
For repayment of loan for the purchase of house and flat
If only one year for retirement is left, then the member can withdraw up to 90 percent of total PF balance.

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How to withdraw money from PF account

You can withdraw money from EPF account by applying online. For online withdrawal, check if your Universal Account Number (UAN) is activated and is linked with Aadhaar, PAN, bank details, and the IFSC code. Now you have to follow these steps for EPF Withdrawal Online on UAN Portal

Visit the UAN portal and sign in with your UAN.
After log in, click on the ‘Manage’ tab
Select ‘KYC’ to check if your KYC details are verified.
Now, click on ‘Online Services’
Select ‘Claim (Form-31,19,10C&10D)’
Enter your bank account number and ‘Verify’.
To sign the certificate of the undertaking, click on ‘Yes’.
Select ‘Proceed for Online Claim’.
Now you will have to choose if you wish to partially withdraw your money or claim for full settlement. Select the desired requirement under ‘I Want To Apply For’ tab.
Select ‘PF Advance (Form 31)’ to withdraw your fund.
Click on the certificate and submit your application.

 EPF Withdrawal: You can withdraw money from PF account by applying online. For online Provident Fund withdrawal, check if your Universal Account Number (UAN) is activated and is linked with Aadhaar, PAN, bank details, and the IFSC code.  Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today