Most of us who are salaried employees in India know that a part of our monthly salary gets contributed towards EPF (employee provident fund), right? Accumulation of this fund helps us to save something for retirement. But what if you wish to withdraw this money? When and how can you do it?
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Here are the steps you need to take when you wish to make EPF withdrawal:
When Can You Withdraw EPF?
One may choose to withdraw EPF entirely or partially. In case of complete withdrawal, EPF can be withdrawn entirely only under the following two circumstances:
When an individual retires
When an individual is unemployed for more than one month, he/she can withdraw 75% of the total accumulated amount and can withdraw the rest 25% if the unemployment period stretches beyond two months.
Individuals cannot make a complete withdrawal of EPF balance while switching employers if they don’t remain unemployed for two months or more (i.e. the interim period between changing jobs).
Conditions For EPF’s Partial Withdrawal
Partial withdrawal of EPF balance can be made only under certain circumstances. These include-Medical purposes,marriage,education,purchase of land or purchase/construction of a house,home loan repayment, house renovation and partial withdrawal before retirement.
Here,remember that the Employees’ Provident Fund Organisation (EPFO) has allocated UAN, i.e. the Universal Account Number compulsory for all the employees covered under the PF Act. The UAN would be linked to the employee’s EPF account. The UAN remains portable throughout an employee’s lifetime, and there is no need to apply for EPF transfer at the time of changing jobs.
How To Withdraw EPF Amount
Broadly, the withdrawal of EPF can be made either by submitting:
Physical application
Online application
Physical Application
Download the new Composite Claim Form (Aadhaar)/Composite Claim Form (non-Aadhaar) to withdraw the EPF balance.
Composite Claim Form (Aadhaar)
Use the Composite Claim Form (Aadhaar) if you have seeded your Aadhaar and bank details on the UAN portal and if your UAN is activated.
Fill and submit the form to the respective jurisdictional EPFO office without the attestation of the employer.
Composite Claim Form (Non-Aadhaar)
You can use the Composite Claim Form (Non-Aadhaar) if the Aadhaar and bank details are not seeded on the UAN portal.
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Fill and submit the form with the employer’s attestation to the respective jurisdictional EPFO office.
Online Application
To apply for the withdrawal of EPF online through the EPF portal, make sure that the following conditions are met:
The Universal Account Number (UAN) is activated, and the mobile number used for activating the UAN is in working condition.
The UAN is linked with your KYC, i.e. Aadhaar, PAN, bank details, and the IFSC code.
Steps to Apply For EPF Withdrawal Online
Step 1: Visit the EPF UAN portal.
Step 2: Log in with your UAN and password. Enter the captcha and click on the ‘Sign In’ button.
Step 3: Click on the ‘Manage’ tab and select ‘KYC’ to check whether your KYC details such as Aadhaar, PAN and bank details are verified or not.
Step 4: Once the KYC details are verified, go to the ‘Online Services’ tab and select the option ‘Claim (Form-31, 19 10C & 10D)’ from the drop-down menu.
Step 5: The following screen will display the member details, KYC details and other service details. Enter your bank account number and click on ‘Verify’.
Step 6: Click on ‘Yes’ to sign the certificate of the undertaking and then proceed.
Step 7: Now, click on ‘Proceed for Online Claim’.
Step 8: In the claim form, select the claim you require, i.e. full EPF settlement, EPF part withdrawal (loan/advance) or pension withdrawal, under the tab ‘I Want To Apply For’. If the member is not eligible for any of the services like PF withdrawal or pension withdrawal due to the service criteria, that option will not be shown in the drop-down menu.
Step 9: Then, select ‘PF Advance (Form 31)’ to withdraw your fund. Further, provide the purpose of such advance, the amount required and the employee’s address.
Step 10: Click on the certificate and submit your application. You may be asked to submit scanned documents for the purpose you have filled the form.
Documents Required for EPF Withdrawal
The following documents are necessary to withdraw PF amount:
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Universal Account Number (UAN)
Identity and address proof
Cancelled cheque with IFSC code and account number
Bank account information of the EPF subscriber
