Saturday, December 10, 2022

PF Withdrawal: Rules, Steps & More

Pf Withdrawal: Rules, Steps & More

Before withdrawing provident fund, it is necessary to complete KYC formalities.

Employees’ Provident Fund (EPF) is a lifelong deposit that comes in handy during critical stages of one’s life. This includes 12 per cent of the employee’s monthly basic salary, which is deposited with the Employees’ Provident Fund Organization (EPFO). The employer also contributes a portion to this fund, which over time becomes a larger corpus.

Employees can easily withdraw their PF online. This can be facilitated through the member e-SEW portal of EPFO.

Employees can withdraw their entire savings in PF after retirement. However, even before retirement, they can withdraw a partial amount if they meet certain criteria.

Important Points for Provident Fund Withdrawal

It is mandatory to link your Aadhar card with Universal Account Number (UAN) to deposit money in PF account. It can be done online through EPFO ​​website or also through UMANG mobile app.

It is also important to complete the “Know Your Customer” or KYC formalities before withdrawing PF.

PAN card is required for KYC and EPFO ​​after completing the process gives “Verified” status to the PF account.

Important Steps to Withdraw Provident Fund

Visit the UAN portal

Log in using your UAN and Password and enter the captcha for verification.

Now go to the ‘Online Services’ tab and select the ‘Claim (Form-31, 19 and 10C)’ option from the drop-down menu.

On the next screen, enter your bank account number and click ‘Verify’.

Now click on ‘Yes’ and proceed.

Then click on ‘Proceed for Online Claim’.

Now in the claim form, select the claim you need under ‘I want to apply for’ tab.

Select ‘PF Advance (Form 31)’ to withdraw your funds. Then provide the purpose of such advance, the amount required and the employee’s address.

Now, click on Certificate and submit your application.

You may be asked to submit scanned documents for the purpose for which you have filled the form.

After the employer approves the withdrawal request, you will receive the money in your bank account. It usually takes 15-20 days for the money to be credited to the bank account.

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