EPF withdrawal: If you are an Employees’ Provident Fund Organisation (EPFO) subscriber, then you are allowed to withdraw funds from your Employees’ Provident Fund (EPF) account. As per the EPF withdrawal rules, EPF account holders are allowed to withdraw money from their EPF account balance either partial or full, based on their eligibility.
EPF withdrawal rules
Usually, the full EPF withdrawal is allowed only when the subscriber is jobless for two months or longer or after the subscriber’s retirement.
Meanwhile, the EPFO subscriber can apply for partial withdrawal for a range of purposes which include marriage of self or child, medical needs, house purchase, home loan repayment, or house renovation. It is noteworthy that for most of these partial withdrawals, the subscriber must have been an EPF subscriber for a minimum of five or seven years as the case may be.
Meanwhile, if you plan to change your job, your EPF passbook balance stands to get automatically transferred to the new employer, according to the new policy introduced by the PFRDA. For details, one can read this article.
EPF withdrawal online: A step-by-step guide
1. Necessary details: First of all, you need to make sure you have four documents or details handy: Universal account number (UAN), bank account number of the subscriber, identify proof and a cancelled cheque.
2. Visit the UAN portal when you are supposed to enter your UAN number and password.
3. Now you will receive one time password on your mobile number registered with aadhaar.
4. You now are supposed to enter the OTP and captcha as shown in the image below.
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5. Now your profile page will open. Here at the upper right portion of the web page, you will find the ‘online services’. Click ‘claim’ in the scroll down options.
6. Now you need to verify member details by entering the bank account number linked to the EPFO.
7. Then you will get a certificate of undertaking which says that the claimed amount will be credited to this bank account by EPFO. And as one would expect, you need to click ‘yes’ to the terms and conditions.
8. Now you can proceed for online claims. As you click the option, a section will open you need to enter more details as shown in the image below.
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9. Now, you need to enter a slew of details which include ‘I want to apply for’, ‘employee address’. You also need to upload some documents such as scanned cheque and form 15G.
10. You can submit the form to withdraw your EPF account balance.
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Published: 13 Apr 2024, 12:23 PM IST