Employees’ Provident Fund (EPF) is a mandatory savings and retirement scheme for an eligible organisation’s employees. These employees can depend on this fund’s corpus after their retirement.
According to the EPF rules, employees should contribute 12% of their basic salary every month to this fund. Their employer contributes
As per the EPF rules, the employees must contribute 12% of their basic pay every month to this fund. The employer contributes the same amount to the PF account of the employee. The amount in an EPF account earns interest yearly.
Employees can withdraw the total accumulated amount in their EPF account once they retire. This blog will tell you how and when you can withdraw your EPF savings online.
Process for EPF Withdrawal Online
The Employees’ Provident Fund (EPF) has an online withdrawal facility. As a result, the entire process has become less time-consuming and more comfortable.
If you wish to apply for the EPF withdrawal online, you need to make sure that you meet the following prerequisites:
- You have activated the Universal Account Number (UAN), and the mobile number that you used for activating your UAN is working.
- You have linked and verified your Aadhaar with UAN.
- The bank account in which you wish to receive the amount should be the same bank account that you have registered with your Aadhaar.
- If you wish to make any modifications or changes, you can complete the eKYC process and update your details before you submit a claim.
Steps to Follow When You Apply for EPF Withdrawal Online on UAN Portal
You can withdraw your EPF amount online easily using your UAN by visiting the EPFO e-SEWA portal. Following are the steps you need to follow.
Login to the portal
Visit the EPFO e-SEWA portal. Log in with your UAN and password. You then need to enter the captcha. If you forget your password, you can reset it using an OTP that you will receive on your registered mobile number.
Visit the online services section
After logging in, go to the ‘Online Services’ tab. Click on the option, ‘Claim (Form-31, 19 & 10C)’, that you find in the drop-down menu.
Enter your bank account details
In this step, you will encounter a screen that displays the member, KYC, and other service details. Enter your bank account number that you have seeded with UAN. Click on ‘verify’.
Confirm terms and conditions
After verifying your details, you have to click on ‘Yes’ to sign the certificate of the undertaking. You can now click on ‘Proceed for Online Claim’.
Select the claim you need
In the claim form, click on the claim you need. It can be a full EPF settlement, EPF part withdrawal (advance/loan), or pension withdrawal. You find these options in a drop-down menu under the ‘I Want to Apply For’ tab. If you are not eligible for services such as pension withdrawal or PF withdrawal because of the service criteria, the drop-down menu will not show that option. You need to fill out form 19 for PF’s final settlement. You have to choose form 10C for pension withdrawal. You fill out form 31 for partial EPF withdrawal.
Select the reason for withdrawal
If you are making a partial EPF withdrawal, click on the ‘PF Advance (Form 31)’ to withdraw your fund. You need to provide your purpose for withdrawal and the amount you need.
Submit details and upload documents
After you give your reason for withdrawal, you need to submit your complete address. You may also need to upload the details of your passbook/cheque details when the option you choose is ‘Advance Claim’. You will have to accept further ‘Terms and Conditions’ before you request an OTP for verification.
Get Aadhaar OTP
After confirming your details and accepting the Terms and Conditions, you have to request an OTP. You will receive this OTP on the mobile number that you linked to your Aadhaar. You submit your application by entering the OTP.
After applying, you can track the status of your claim under the ‘Track Claim Status’ tab after you log into your Member e-SEWA portal account. The EPFO officials will verify the data you have submitted in your claim form with your data in their records. Upon verification, they will process your application and credit the sum to the bank account you have linked with your UAN.
When Can You Make Your Withdrawal?
You can choose to withdraw your EPF amount either completely or partially.
Under the following circumstances, you can withdraw your EPF amount completely:
- When you retire
- When you remain unemployed for more than a period of two months. In this case, you must get an attestation from an attested office to withdraw your amount.
You cannot withdraw your EPF balance completely while switching jobs if you are not unemployed for two or more months.
You can make a partial withdrawal of your EPF balance only in circumstances. You can read about them below:
|SI No.||Reasons for Withdrawal||Limit for Withdrawal||Number of Years of Service Required||Other Conditions|
|1||Medical purposes||Lower of the following:|
a) Six times your monthly basic salary
b) The total employee’s share along with interest
|No criteria||Medical treatment of self, your spouse, your children, or your parents|
|2||Marriage||Up to 50% of the employee’s share of EPF contribution||7 years||Marriage of self, your son/daughter, or your brother/sister|
|3||Education||Up to 50% of the employee’s share of EPF contribution||7 years||Either for the education of the account holder or the education of the child (post matriculation)|
|4||Purchase of land or construction/purchase of a house||For land –|
Up to 24 times the monthly basic salary plus dearness allowance.
For house –
Up to 36 times the monthly basic salary plus dearness allowance,
The limits mentioned above are restricted to the total cost.
|5 years||a) You can have the asset (land of the house) either in your name or jointly with your spouse.|
b) You can withdraw the amount just once during the entire service for this purpose.
c) The construction must start within six months and should be over within 12 months from the last withdrawn instalment.
|5||Repayment of housing loan||Least of the following:|
a) Up to 36 times your monthly basic salary plus dearness allowance, or
b) Total amount that consists of employee and employer’s contribution with interest, or
c) Total principal and interest outstanding on the housing loan.
|10 years >||a) You should have the property registered in your name or your spouse or jointly with the spouse.|
b) Permitted withdrawal is subject to your submission of necessary documents as the EPFO states relating to the availed housing loan.
c) The accumulated amount in your PF account (or together with your spouse), including the interest, should be more than INR 20,000.
|6||Renovation of house||Least of the following:|
a) Up to 12 times the monthly salary and dearness allowance, or
b) Employee’s contribution plus interest, or
c) Total cost
|5 years||a) You should have the property registered in your name or spouse. You can also hold the property jointly with the spouse.|
b) You can avail of this facility twice:
|7||Partial withdrawal before retirement||Up to 90% of the accumulated amount with interest||Once the employee is 54 years old. Withdrawal should be before one year of superannuation/retirement.|
How to Withdraw your EPF Without UAN?
In this case, you need to complete the PF withdrawal form and submit the same at the Regional Provident Fund Office. It is easy to check the jurisdiction of your PF office using the alpha-numeric provident fund Account Number that indicates your location and state from your salary slip.
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