PF Withdrawal: How To Withdraw PF (Provident Fund): Steps And Rules Explained

How to Incorporate PF (Provident Fund): Steps and Rules Explained

It is important to complete the KYC formalities before withdrawing the provident fund.

Employees Provident Fund (EPF) is a lifetime deposit that comes in handy during crucial phases of one’s life. It consists of 12 percent of an employee’s monthly base salary, which is deposited with the Employee Provident Fund Organization (EPFO). The employer also contributes a share in this fund, which will eventually become a sizeable corpus.

Employees can withdraw their PF quite easily online. This can be facilitated through EPFO’s member e-SEW portal.

The employees can withdraw their entire savings in the PF as soon as they retire. But even before they retire, they can withdraw some of the amount if they meet certain criteria.

Important points for withdrawing Provident Fund

It is mandatory to link your Aadhar card to the Universal Account Number (UAN) to deposit money into the PF account. This can be done online via the EPFO ​​website or even via the UMANG mobile app.

Completing the “Know Your Client” or KYC formality is also important before withdrawing PF.

KYC requires a PAN card and EPFO ​​gives the PF account a “verified” status after completing the process.

Important steps to incorporate the Provident Fund

Visit the UAN portal at https://unifiedportal-mem.epfindia.gov.in/memberinterface/

Log in with your UAN and password and enter the captcha for verification.

Now go to the ‘Online Services’ tab and select the ‘Claim (Form-31, 19 & 10C)’ option from the drop-down menu.

Enter your bank account number in the next screen and click on ‘Verify’.

Now click on ‘Yes’ and continue.

Then click on ‘Continue for online claim’.

Now select the claim you need in the claim form under the tab ‘I want to submit an application’.

Select ‘PF Advance (Form 31)’ to withdraw your money. Then state the purpose of this advance, the amount required and the address of the employee.

Now click on the certificate and submit your application.

You may be asked to submit scanned documents for the purpose for which you filled out the form.

After the employer approves the withdrawal request, you will receive money in your bank account. It usually takes 15-20 days to get the money in the bank account.

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