Employee Provident Fund (EPF) is a retirement benefits scheme in India. It is a scheme where both employees and employers contribute a portion of the employee’s basic salary to a long-term savings fund. It is regulated by Employees’ Provident Fund Organisation (EPFO). Every salaried individual is given the facility of Provident Fund (PF). For this, some amount is deducted from the employee’s account, so that they can use it later after their retirement. A 12-digit number is issued to the employee by EPFO when he opens a PF account. This is called the Universal Account Number (UAN).
Interestingly, EPFO allows employees to withdraw their EPF balance upon retirement, resignation, or death, and under circumstances like house construction, higher education, marriage, or medical emergencies.
Here’s how you can withdraw money from your PF account online.
Steps To Withdraw Money:
Visit EPFO Portal or Umang app.
Login using UAN and password.
You will be redirected to home page, click on ‘online service.’
Click on ‘Claim’ Option from the online service options.
Verify your bank account number and click ‘Proceed for online claim.’
Select on PF Advance form 19.
State the reason for withdrawing the amount along with the sum you want to take out.
Upload the scanned copy of Passbook or Bank cheque.
Give your consent and verify it with your Aadhaar.
Write the reason for withdrawing the amount and submit it.
The money is credited to your bank account within 7 to 10 working days from the day of your withdrawal request.
Furthermore, employees can withdraw their PF and EPS amount, using Aadhaar card number. Using Aadhaar card makes the process simple and consumes less time.
Also Read: EPFO: Will Private Workers Get Rs 9000 Minimum Pension? Here’s What We Know So Far
