The EPF (Employees’ Provident Fund) is a mandatory saving scheme designed for employees that will help them after retirement. This fund is also known as Provident Fund (PF). As per the EPF guidelines, the employee must contribute 12 per cent of their basic salary to this fund every month, the employer too has to contribute the same amount every month.
PF Account Withdrawal Conditions
An individual can withdraw their PF amount partially or fully depending on their needs. The individual can be retired or be unemployed for a period of more than two months. Upon which, the amount can be withdrawn pending an attestation from a gazetted office.
However, a partial withdrawal on the other hand needs to meet several benchmarks. An individual can withdraw money for education to land or house purchase, from home loan repayments to treating COVID-19 but all these withdrawals must meet a minimum of 5 to 7 years, except the pre-retirement withdrawal, where the employee must be at least 54-years-old.
The Withdrawal Process:
Offline Withdrawal
For offline withdrawal, you just need to download the Composite Claim Form (Aadhaar) or (Non-Aadhaar) and submit the filled form to withdraw the funds. For the Composite Claim Form (Aadhaar), you will need your Aadhaar number and bank details but for the non- Aadhaar, such details are not needed.
After filling out the form you need to submit it to the respective jurisdictional EPFO office with the attestation of the employer.
Online Withdrawal
Online withdrawal is more preferable to offline because the process is more streamlined and less time-consuming for the employee.
Step 1:
Ensure that the Universal Account Number (UAN) is activated and linked with a registered mobile number. Make sure that all your bank details like name, account number and IFSC code are updated. If these details are up to date then you do not need the attestation of your employer for the withdrawal.
Step 2:
Go to the UAN portal and log in with your UAN and password. Enter the captcha and proceed with signing in.
Step 3:
Go to the ‘Online Services’ tab on the top, drop-down menu and click on the ‘Claim (Form-31, 19 & 10C)’ option.
Step 4:
This will take you to a new page with all the member details, KYC details and so on. Fill out your bank account number and click on ‘Verify’. Then you need to fill in the reason for leaving the services of PF.
Step 5:
A pop-up will appear named, ‘Certificate of Undertaking’. Click on ‘Yes’.
Step 6:
Go to the drop-down menu again and select the ‘I Want To Apply For’ option and from there choose the ‘Only PF withdrawal (Form 19)’ option.
Step 7:
Fill in the ‘Complete Address’ section and upload scanned copies of your Passbook or Cheque.
Step 8:
Select the tick option on the disclaimer and click on the ‘Get Aadhaar OTP’ option. From there fill in the OTP received on your registered and linked mobile number. After this, submit the application.
Step 9:
After submitting this form, follow the same steps and submit ‘Form 10C’ via the portal. The amount you requested should be deposited into your registered bank account within 15 to 20 days.
