EPF withdrawal: If you are a member of the Employees’ Provident Fund Organization (EPFO), you can withdraw money from your Employees’ Provident Fund (EPF) account. As per EPF withdrawal rules, EPF account holders can withdraw partial or full amount from their account depending on their eligibility. Generally, the entire EPF amount can be withdrawn only if the member has been unemployed for two months or more.
Add rightsofemployees.com as a Preferred Source
Apart from this, EPFO member can withdraw the entire amount from his PF account after retirement. Meanwhile, EPFO member can also apply for partial withdrawal from his PF account in various situations.
These situations are as follows:
own or child’s marriage
Medical needs
To buy a house
To repay a home loan
To renovate a house
Note that for most of these partial withdrawals, the member must have been an EPF member for a minimum of five or seven years. If you change jobs, your EPF passbook balance will be automatically transferred to the new employer.
Withdraw money from your PF account online like this
First of all, you need to ensure that you have four details – Universal Account Number (UAN), member’s bank account number, ID proof and a canceled cheque.
- Now you have to go to the UAN portal and enter your UAN number and password.
- Now you will get an OTP on your mobile number linked to Aadhaar. Enter this OTP and captcha.
- Now your profile page will open. On the top right side of the web page you will find the option “Online Services”. Now click on ‘Claim’ from the scroll down options.
- Now you have to verify the member details by entering the bank account number linked to EPFO.
- You will then receive a Certificate of Undertaking stating that the claimed amount will be credited to this bank account by EPFO. Now you have to click on ‘Yes’ to the terms and conditions.
- Now you can proceed for online claim. As soon as you click on this option, a section will open in which you will have to enter more details.
- Here you have to provide your address and also upload some documents like scanned check and Form 15G.
- In this way, claim will be submitted to withdraw the balance of EPF account.
Cash Limit At Home: How much cash can you keep at home, know the income tax rules otherwise…
Add rightsofemployees.com as a Preferred Source
