The majority of the young workforce, even though covered under PF, do not know about the benefits and withdrawal process of PF. If you too are looking for all the information about PF and its withdrawal process without going PF office, then this is the right piece of information.
Employee Provident Fundis a Social security scheme run by the government for the employees.The scheme is managed by the Employees Provident Fund Organization.
EPF scheme covers such institutions, companies and factories etc. That employs more than 20 employees in a year. After this, it becomes mandatory for these institutions, companies etc. to get registered with EPFO. Under which facilities like Provident Fund (PF) are given to the employees working here. Under this scheme, a minimal part is deducted from the salary of the employees and the equal amount is deposited by the employer in this account.This accumulated amount is returned along with other benefits after the employee leaves the job or in the middle of the job. Yes, employee can withdraw his Provident Fund even before leaving the job as per the convenience.
Conditions under which you can withdraw during your job:
- Repayment of Home Loan: For this your job should be 10 years.Under this, any person can withdraw PF money up to a maximum of 36 times of his basic salary. For this, PF money can be used only once during the time of your job.
- Treatment of disease: PF account holder can withdraw the entire amount of PF for the treatment of himself or family. PF money can be withdrawn at any time in this situation. For this, proof of hospitalization for one month or more has to be given. Also, for this time, the Approval Leave Certificate has to be given by the employer. To take medical treatment with PF money, a person also has to give a certificate approved by his employer or ESI. To withdraw money, an application has to be made under Form 31.
- For marriage: The account holder can withdraw the amount of PF for the marriage of his or her siblings or their children. For this, you should have at least 7 years of service. You have to give proof of this.
- For Education: In the case of education, you have to apply through your employer under Form 31. You can withdraw PF only 50 percent of the total deposit till the date of withdrawal of PF. Any person can use PF for education only three times in his entire service.
- To buy a land: Your tenure should be at least 5 years to use PF money to buy a plot. The plot should be registered in the name of you, your wife or both. The plot or property should not be involved in any kind of dispute nor any legal action should be going on it. Any person can withdraw PF money up to a maximum of 24 times of his salary to buy a plot.In such a situation, you can withdraw PF money only once in the total time of your job.
- To construction of house: In this situation also it is necessary to complete 5 years of your job.Under this, any person can withdraw PF money up to a maximum of 36 times of his salary. For this, PF money can be used only once during the time of your job.
- House Renovation: In this situation at least 5 years of your job should be completed. Under this, any person can withdraw PF money up to a maximum of12 times of his salary. For this, PF money can be used only once during the time of your job.
- Voluntary retirement: Your age should be 54 years for this.In this situation, you can withdraw up to 90% of the total PF balance, but this withdrawal can be done only once.
How to withdraw PF online?
Now you can easily withdraw your PF through online facility within 3-4 days. However, there are certain terms and conditions for withdrawing money from EPF account online.
- The Universal Account Number (UAN) of the member should be active.
- Moreover, Your bank account recorded in EPF account should be linked with Aadhaar.
- It is necessary to have the approval and verification of e-KYC by the company.
- Do not file a withdrawal claim if your KYC or bank details are not complete.
- On leaving the job, the online claim facility can be used after at least two month.Making a claim immediately after leaving the job can get stuck. Also, the approval of the company will be necessary for this.
If all the above conditions are fulfilled, that you can check by seeing your PF account profile on EPFO website, you can withdraw PF online.
Process to withdraw PF online:
- The EPFO member needs to log on to the e-sewa portal https://unifiedportal-mem.epfindia.gov.in/memberinterface/
- After this, go to the ‘Online Services’ tab, click on ‘Claim (Form-31, 19, 10C & 10D)’.
- Now a new page will open in front of you. On this page, the member has to enter the bank account number linked to the UAN. After that click on ‘Verify’.
- The ‘Certificate of Undertaking’ needs to be approved before proceeding for Bank Account Verification.
- Now click on ‘Proceed For Online Claim’.
- Now the member has to choose the reason for withdrawal from PF account from the given list. Here you will see the options that you are eligible for.
- Now the member has to enter his full address. Also, the member has to upload the scanned copy of the check or bank passbook on the portal.
- Now selecting the terms and conditions, click on ‘Get Aadhaar OTP’.
- Now an OTP will come on the mobile number linked with Aadhaar. After entering the OTP, click on submit and your PF amount will be transferred to your bank account within few days.