EPF online withdrawal: Step by step guide to withdraw money from your account.

The second wave of coronavirus has hit the country very badly.  Since people have been forced to stay inside their houses for more than a year, it is difficult for some to even meet the immediate expenses. Last year the government relaxed the Employees Provident Fund (EPF) rules and gave them permission to withdraw a portion of their retirement savings to help the citizens in need.

An Employees Provident Fund Organization (EPFO) subscriber can withdraw an amount equal to three months of basic salary and the dearness allowance or around 75 per cent of the credit balance in the account, as per the new relaxed norms. Partial withdrawal in emergency cases, such as healthcare needs, marriage, calamity, and others is also permissible according to some of the provisions.

However, the full amount can only be transferred from an EPF account if an individual retires or remains unemployed for more than two months despite of the relaxations given by the government for EPF withdrawal.

EPF and its withdrawal 

The Employees’ Provident Fund or EPF, is the contribution provident fund in India that offers the employees several kinds of saving, pension, and insurance benefits. Every regularized worker in the country must contribute to the EPF with 12 per cent of their basic pay and dearness allowance, where applicable every month.

The contribution that goes into the EPF account, the money contributed by both the employee and the employer, along with the interest, can be taken out at the time of retirement. The withdrawal can be made both online and offline.

Online withdrawal

Check a few things before making a withdrawal from the EPF account. The Universal Account Number (UAN) associated with your EPF account must be activated. Your Aadhaar number must be verified and linked with UAN. The bank account, with the correct IFSC code, should be linked to UAN.

Steps to be followed for online withdrawal of money from EPF-

  1.  Go to the UAN Member e-Sewa portal, i.e. www.unifiedportal-mem.epfindia.gov.in/memberinterface
  2. Enter your UAN and password along with the CAPTCHA. Click on the Sign-in button.
  3. Then click on Online Services from the top menu.
  4. Next, click on the CLAIM (FORM-31,19,10C&10D) option.
  5. You need to verify the details appearing on the Online Claim form.
  6. After verification, enter your bank account number.
  7. Click on Verify button.
  8. Select the yes button available on the certificate of the undertaking.
  9. After that you will be asked to proceed with the claim by clicking on the Proceed for Online claim. 
  10. Claim form will require you to enter whether you are applying for the advanced PF withdrawal.
  11. Select the purpose of withdrawal from the drop-down menu titled ‘Purpose for which advance is required’.
  12. Enter the amount required and then enter your mailing address in the Employee Address section. 
  13. Click on the certificate and submit your request.
  14.  After that You will be asked to submit scanned documents for the purpose for which you have filled out the claim form.

Every employee withdrawing the EPF amount must make it sure that their request must be approved by their employer in order to proceed with the withdrawal. It usually takes 15-20 days to receive the money in the bank account that is linked with the EPF account.

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Krishna Rath is a SEBI Registered Investment Adviser, and since 2015 has been educating netizens on investments and insurance. Krishna is a fee only SEBI RIA and is Odisha's first SEBI RIA. With background in IT, Krishna is changing the advisory space with new innovations in AdvisoryTech.

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