How to withdraw the Employee Provident Fund
Employee Provident Fund aka EPF is a long-term most popular and trusted scheme for a long-term retirement fund. The accounts are managed by EPFO and Misc. Provisions Act, 1952. The idea behind EPF saving is that both the employer as well as an employee contribute in EPF account and one can withdraw amount at the age of 58 after his or her retirement. You can learn more about equity invest in Employee Provident Fund Office.
When can you withdraw money?
- Those who have EPF account can withdraw money from their kitty under the following circumstances like education, emergency or marriage.
- There are various other factors when an individual can apply for withdrawal of amount. However, the eligibility of withdrawal depends on defined criteria and limit of amount withdrawal depends on situation to situation.
- According to a new rule, an eligible candidate can withdraw 75% of EPF corpus. This is a case if the member remains unemployed for one or more months. He or she are allowed to withdraw 25% from their balanced amount to make settlement during the unemployed duration.
How can you withdraw money from EPF account?
An eligible individual can withdraw EPF fund by using an online portal. If you have linked your Aadhaar with UAN member e-Sewa portal then you can withdraw amount by using following steps.
- Go to the UAN member portal online
- Using UAN number and password open your account in the portal
- To raise EPF claims, choose Online Service
- Then select Claim form 31, 19 & 10C
- A member detail page will get open, fill the last 4 digits of your bank account and click verify
- Click yes to sign the certificate of undertaking
- Click on proceed for online claim option
- For partial withdraw select form 31
- In order to make full settlement select form 19
- In case of form 31, a new form will open asking about the purpose for an advance requirement of money followed by employee address.
- Go and select generate OTP.
- Once you enter OTP you Aadhaar credential will get verified. Tick certificate and submit your application
- Depending on the situation to situation documents submission is also required. Submit the scan copy of the required document
- Point to be noted that successful submission of application is not enough. Your employer will also approve your request for the final withdrawal of an amount
We all do saving for making our future safe and secure. This saved amount is a helpful source during our dark days or in case of emergencies. Always plan your future well in advance in terms of monetary requirements. Those who are professional must start saving from the very initial of their job duration. There are many other saving schemes like PPF, NSC, Kisan Vikas Patra, Fixed Deposit, RD etc. The earlier you’ll start the more benefits you will attain.