EPF Withdrawal: Check Steps To Withdraw Amount From PF Account Online

Before you initiate EPFO withdrawal, it is important for subscribers to check if the Universal Account Number (UAN) associated with your EPF account is activated

Employee’s Provident Fund (EPF) is a retirement benefit scheme available for all salaried employees.  The EPF scheme is managed by the Employees' Provident Fund Organisation (EPFO). Under the EPF scheme, both the employee and the employer make an equal contribution towards the scheme. At the time of retirement, the employee gets a lump sum amount which includes the contribution made by self and the employer along with the interest. The contribution made by both the employer and the employee is 12 per cent of the employee’s basic salary. As per law, any registered company which has more than 20 employees has to get registered with the EPFO.

It is to be noted that PF deduction becomes mandatory in a company where the number of employees, drawing wages (basic + dearness allowance) up to Rs 15,000 per month touches 20 or more.

It is considered one of the best ways to save money as the scheme encourages savings for retirement purposes. But, in case of an emergency, you can even withdraw that money. The money can be withdrawn physically or online. You can use the online withdrawal claim facility only if your Aadhaar is linked to your UAN. Earlier, it was mandatory for employees to have the attestation of their employers to facilitate withdrawal.

Partial withdrawal is allowed up to 75 per cent in various situations such as in case of a medical emergency, higher education of children, etc. Nevertheless, withdrawals are subject to conditions and one should ensure that his/her demand meets the conditions before applying for withdrawal.

Check the steps to withdraw PF money

Before you initiate withdrawal it is important to check if the Universal Account Number (UAN) associated with your EPF account is activated. Aadhaar number and bank account should also be linked with UAN.

Firstly, you need to log into the EPFO’s e-sewa portal using UAN & password followed by filling in the details in the online form “Claim (Form-31, 19, 10C & 10D)”. These forms can be found in the online services menu. Then you need to verify the details after entering your bank account number.

The next step is to agree to the “Certificate of Undertaking” or the terms and conditions of making the transaction.

Once you proceed with the option for making the claim online, you will be asked to answer a few questions. The question prompt generally wants you to answer whether the withdrawal is premature. And if it is, one has to state the purpose behind the withdrawal. Here you would need to submit scanned documents to substantiate your purpose. 

After entering the amount required or the amount you wish to take out, you will receive an OTP on your Aadhaar registered mobile number. After authenticating OTP, you can submit your request.

You can also check the status of the claim on the portal itself. It usually takes two to three 3 weeks for the request to be approved and the money to be transferred to one’s bank account.

Premature withdrawal under EPF is subject to various conditions and one must meet them to be able to receive a partial refund. In case of a financial emergency, EPF acts as a safety net and can be relied upon.