How To Withdraw Money From Your EPF Account Online?

If you are looking to withdraw your money online from your Employee’s Provident Fund (EPF) Account, then you have landed at the right place!

In this article we are going to tell you all about your EPF withdrawal - be it the step-by-step process, documents required, situations where you can withdraw your EPF, and so on.

But first, it’s time for some basics!

What Is EPF?

Employees’ Provident Fund (EPF), also referred to as PF (Provident Fund), is a scheme instated by the Indian Government, as per the Employee Provident Fund Act of 1952. This is actually a mandatory savings cum retirement scheme for employees of a registered organization.

As per the EPF Act, the employees have to contribute 12 percent of their basic salary each month to this fund. This is not it! Your employer also contributes a matching amount to your PF account in the same manner. And since a specific amount is invested monthly, it helps you build a corpus for your retirement life.

Further, the amount that you have deposited in your PF account also earns interest on an annual basis.

If you are wondering that what if you leave your job and join somewhere else, then worry not! While your Provident Fund (PF) account will change each time you start working at a new place. But your consolidated EPF account will not change.

Why? Actually, the magic is in the Universal Account Number (UAN). This 12-digit number is extremely useful for all your PF woes. So, don’t ever forget to ask about this at your organization!

When Can You Withdraw Money From Your EPF Account?

Before we begin with the procedure, you should note that you can only withdraw your entire Provident Fund only when you retire. On the other hand, partial withdrawal is also possible for certain conditions. Read on to know these varied EPF withdrawal conditions!

Conditions For Partial Withdrawal

Partial withdrawal of your Provident Fund balance can be made only under certain circumstances. They are as follows:

• Unemployment: When you have remained unemployed for more than a month, you are allowed to withdraw 75 percent of the EPF corpus. But you should also note that if you are making a withdrawal because of this reason, you have to get an attestation from a gazetted office.
• Medical Purpose: The claiming process of PF withdrawal does not require a minimum service year if you want to withdraw your PF amount for the medical treatment of yourself, your spouse, children, or your parents.
• Wedding: If you want to withdraw EPF for wedding purposes, then you must have a minimum of 7 years of service life. Also, you can only withdraw up to 50 percent of your total amount.
• Educational Purposes: To withdraw EPF for your own education or your child’s education at the post-matriculation level, then you must have a minimum of 7 years of service life.
• Purchase Of Land Or Construction Of House: The eligibility for EPF withdrawal in case of purchase of land or construction of a house is that the asset (land or house) should be in your name or jointly with your spouse. Also, to avail of this, you must have to completed 5 years of service.
• Renovation or Reconstruction of House: If you are withdrawing your PF for renovating or reconstructing a house then you should note that this facility can be availed twice - after 5 years of the completion of your house and after 10 years of the completion of your house. Further, you must have completed 5 years of employment.
• Repayment for Home Loan: You can withdraw your EPF amount for repaying a home loan but you must complete 3 years of service life to avail.

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Procedure For EPF Withdrawal (Online Application)

So, now you know all about the Provident Fund withdrawal conditions, we have come to the main bit!

Truly, with the introduction of the Employees' Provident Fund Organization (EPFO) portal’s online Employee Provident Fund (EPF) facility, the process of withdrawal of PF has become hassle-free and less time-consuming. Who wants to go outside in this COVID era, right?

Prerequisites For Online Withdrawal Of PF

To withdraw your EPF amount online through the EPFO portal, you will need to ensure the following:

1. Your Universal Account Number (UAN) is activated.

2. The mobile phone number used for activating the UAN is in working condition.

3. Aadhaar Card number must be linked and verified with the UAN.

4. PAN Card must be linked and verified with the UAN.

5. The bank account where you want to receive the money must be the same as the bank account registered with your Aadhaar Card.

Step-By-Step Procedure For EPF Withdrawal

Image Courtesy: epfindia.gov.in

You can easily withdraw your EPF online by following these easy steps:

Step 1: Visit the EPFO e-SEWA portal.

Step 2: Log in using your Universal Account Number (UAN) and password. Then, enter the captcha code and click Sign-in. In case you've forgotten your password, you can reset it with an OTP sent to your registered phone number.

Step 3: For confirming your details first, click on the ‘Manage’ tab and select ‘KYC’ to check whether your KYC details such as Aadhaar Card, PAN Card, and bank details are verified or not.

Step 4: After confirming the details, visit the ‘Online Services’ section from the top menu and select the ‘Claim (Form - 31, 19, 10C and 10D)’ option.

Step 5: Once this section opens, it will display your KYC details and other service details. Then, you will be required to enter your bank account number as a verification process. Click on ‘Verify’.

Step 6: Once you've verified your details, click on ‘Yes’ to sign the certificate of the undertaking.

Step 7: You can then click on ‘Proceed for Online Claim’.

Step 8: In the claim form, you'll find a dropdown menu, from which you would need to choose the reason for withdrawing from your EPF account. You will only be presented with the options for which you're eligible.

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Step 9: After selecting the reason for PF withdrawal, you would need to enter your complete address, withdrawal amount, and you may also need to upload your passbook details if you've selected the option for ‘Advance Claim’.

Step 10: You'll need to accept the Terms and Conditions.

Step 11: Then, you would need to request an OTP, which will be sent to the mobile number registered with your Aadhaar Card.

Step 12: After entering the OTP, click on the certificate and submit your request. You may be asked to upload scanned documents relating to the purpose of your withdrawal. This may also need approval from your employer.

Once you've submitted your application, you can track the status of your claims by logging into your Member e-SEWA portal account under Track Claim Status. It usually takes 15-20 days to get the money credited to the bank account linked with your UAN.

Are you thinking of withdrawing your EPF? Would you be applying online? Do share your thoughts with us on our Facebook page. For more such stories, stay tuned to HerZindagi!