EPF or PF, which is also known as employee provident fund scheme. In this, the employee makes the contribution of their remuneration small part, which is basically 12% of the per month. Well, the employer contributes the same amount and together with its form a corpus. This fund gets in use when the employees get to retire. It can be withdrawal by the employees, even during the cause of their employment but with some basic situation.
When can the EPF withdrawal?
There are several situations in which the EPF amount can be withdrawn. However, it can completely amount withdrawal or can be done partially. There are basically two situations, once the employee gets the retirement from its work. He or she can get the complete amount of money.
However, if the employee stays unemployed for more than two months, he or she need to get certified by the gazetted officer. It also includes when the employee switches to one job to another with or without a period of 2 months. There are some set of rules and regulation that have to be followed.
What is the Process of Withdrawing the EPF?
There are two options in which the withdrawing of the EPF can be done i.e., Submitting the application in physical form or doing it online. In the process of the online application, there are steps that you can follow, includes:
Step 1: Go to the portal of UAN
Step 2: Here, you have to login in your UAN. And there will be captcha to enter
Step 3: Once your account gets open, you will find the manage tab, choose KYC t check if you have submitted the Aadhaar card, PAN and details regarding bank are submitted and verified.
Step 4: Once the details are verified, choose the online services tab and click on the claim from – 31, 19 & 10 C option (you will get drop-down menu here)
Step 5: The claim screen will show the details regarding the member, KYC, and other services. You have to enter the 4 Last digits of the bank account f yours to proceed and verification
Step 6: Click the yes, you get the certification pop up
Step 7: Go with Proceed for online claim
Step 8: To the form, you have to fill EPF settlement, part withdrawal, etc. that will be under the tab of I want to apply for/ Of you are not eligible for such services including the PF withdrawal or pension withdrawal. It will be not shown on the menu
Step 9: Choose the PF Advance from 31. Fill the information to withdraw the funds
Step 10: Submit the application, and you are done. However, it will take 15 0r 20 days, so you have to wait to see the money credited in your bank account. The application request needs to get approved first so the withdrawal can be processed.
We do know that EPF stands for employee provident funds. There are several situations in which we can withdraw the funds from our Provident fund account. In this post, we have added all things in details that you need to know for the funds withdrawal from your PF account.
Krishna Murthy is the senior publisher at Finance XOD. He is not only the senior publisher but also the owner of Tricky Finance. Krishna Murthy was one of the brilliant students during his college days. He completed his education in MBA (Master of Business Administration), and he is currently managing the all workload for sharing the best banking information over the internet. The main purpose of starting Tricky Finance is to provide all the precious information related to businesses and the banks to his readers.