Employees Provident Fund: How To Withdraw Money From PF Account Online

A PF or provident fund is the part of salary and this fixed amount deducted every month from an employee account, and the company contributes the same percentage of the amount. When a person leaves his/her job, he/she have a lot of questions about the PF account, such as how to claim the PF amount, is it transferable or not? Can I withdraw 100 % amount? And, a long list….

Here are the answers to all the questions that strike in your mind. We all know about the recent pandemic disease and anyone is facing a monetary crisis. Considering the current situation, the government has announced in March 2020 that a person can withdraw a few percentages of the amount from their Employees’ Provident Fund (EPF). This amendment proved favourable for many. 

The Employees’ Provident fund comes under the Employees Provident Fund Act of 1952. In this scheme, the employee and employer both contribute a specific sum of amount every month.

The Universal Account Number (UAN) remains the same and is used to check the balance in the account. The EPFO portal checks or withdraw the corpus by logging in with the UAN.

Let’s find out how an individual withdraws money from a PF account Online. For this, the account holder should satisfy three basic conditions. 

• Should have an active UAN (Universal Account Number) account 
• UAN should be verified and linked with the candidate’s Aadhaar card. 
• Bank account of the EPF member with correct IFSC should be seeded with UAN. 

Let’s come to the procedure of withdrawing money from EPF account are as follows: 

• Login into the EPFO account with the UAN and password. The forgotten password can be retrieved through OTP on a registered mobile number. 
• After logging in, go to the claims section wherein Form 31, 19, 10C and 10 D can be seen.
• Partial or full withdrawal can be claimed. Now, enter the bank details linked with UAN. 
• Follow the verification process. The reason for the withdrawal needs to be written in the drop down as per the person’s eligibility. 
• The required documents need to be uploaded, such as complete address proof, cheque or passbook details. For advance claims, there are further terms and conditions so checked them before applying. 
• An OTP will be sent for verifying the applicant. Later the Aadhar OTP has to be verified, which will finalize the claim application.
• There will be a constant check via the portal under the track claim status option and it will help the person to know whether the claim has been settled or not. 
• After the completion of the verification process by the EPFO officials, the claim will be credited to the bank account linked with the UAN. 
• The procedure seems lengthy, but if you have all your documents then it is quite easy. 

There are multiple reasons people prefer the online process. One of them is, it is simple and save time. An applicant does not have to wander from one desk to another.