EPF (Employees Provident Fund) is a scheme managed by EPFO (Employees Provident Fund Organisation), which is basically a retirement corpus of salaried employees during their employment. 12 percent of the basic salary of the employee goes into the EPF account every month. The entire savings can be withdrawn by the employee at the time of retirement.
WHEN THE MONEY IN EPF ACCOUNT CAN BE WITHDRAWN?
- After the retirement from the service you are in.
- In the case of unemployment for a continuous phase
- If the member EPFO is unemployed for one month of continuous phase then, he/she can withdraw 75% of his PF and rest 25% will be carried forward to secure new employment.
- 100% withdrawal of the savings is permitted for two months of continuous unemployment.
- Partial withdrawal for a reasonable cause
THIS IS POSSIBLE FOR THE FOLLOWING SITUATIONS
- Children’s marriage
- Medical emergency
- Purchasing a house
- Renovation of home
- Home loan repayment
HOW TO WITHDRAW EPF ONLINE USING UAN?
- Sign in to UAN Member Portal by using your UAN and password.
- From the top menu bar, select the ‘online services’ option.
- Select ‘claim (form-31,19,10C)’ from the drop-down menu.
- Details of the member will be displayed. Enter the last four digits of your bank account and then click on the verify button.
- Click on ‘yes’ to agree the undertaking and proceed.
- Click on ‘proceed for online claim’ option.
- Select the PF Advance (form 31) to withdraw the funds online.
- Now a new form will be displayed where you have to select the purpose for the withdrawal, the amount required and employee’s address.
- Now tick to the certificate of agreement and submit the application.
- Please note that you may require to submit the scanned documents as proof for the purpose for application.
- Your employer has to approve the request for withdrawal after which the money will deducted from the EPF account and will be deposited to the bank account you mentioned at the time of application.