EPF Withdrawal Procedure – EPFO UAN Withdrawal Process
February 1, 2020
EPF Withdrawal Procedure: Employee Provident Fund Scheme also refereed as provident Fund, is an investment by employee and employer. Here employee share of 12% from this total basic will be invested monthly, also the same amount from employer will be deposited. This combination of amount form employee and employer forms a corpus which will be used at the time of Employees Retirement. The period of retirement is set and employee must withdraw this amount once he met his maturity period. This whole guide will let you walk through details about EPF and its withdrawal process, which will be most helpful for an Employee after their retirement.
Moreover the amount added in EPF account is far secure and can be eligible to have a loan on its one third amount. This is a risk free process initiated by government for betterment of its employee in Go and Private sector. The AIM of EPF account has been taken far, as at the end of maturity period. One has authority to take whole amount out from account or can even make it as pension. The principal amount will then give interest as per Bank’s terms and conditions. This is an important part of the EPFO platform because you would have to withdraw your PF money at some point.
What are we going through this Article:
We will come across below mentioned points in this article
Withdrawal of EPF time bound
Process of Withdrawal EPF
EPF Withdrawal Process: Let us first start with the point of when an employee holding EPF account, will be eligible to withdraw the EPF account money.
Withdrawal of EPF Time Bound:
The amount added in EPF accountwill be eligible truly once the retirement period of an employee is met. Other than that there are more condition that occurs pre-conditioned, when EPF withdrawal is acceptable. This has been describe in below points when and at what condition EPF can be taken home.
The time of retirement is met, EPF money will be transferred to your respective account
An Employee is unemployed for more than 60days of time, then he is eligible to attain the saved EPF amount with a process from local gazette officer.
50% from total amount collected, can be withdrawn if their comes an occasion of marriage
50% form total EPF amount can be taken out, if their comes an condition of education for children’s
24time of Monthly Dearness Allowance can be withdrawn if there is a condition to buy flat or plot
90% from can be withdrawn, if the condition of home loan repayment comes
12 months current salary, can be withdrawn from EPF account to renovate home
Employee reaches 57 years, will be eligible to withdraw a total of 90% with a reason of pre-retirement process
This are some actual conditions, which will be accepted to withdraw the EPF money. No other reason than this will be accepted to withdraw.
How to Withdraw EPF Account Money:
Now let’s work on to withdrawal process of EPF money, as this has an actual fully documented process. The process here followed must be clean and the document submitted should be fulfilled with above stated reasons. One can go with process of Submission of document physically and online application.
Submit Physical Application to Withdraw EPF:
Process to download the application and submit it offline is describe here, where one need to visit the EPF portal to download the application form. The download form need to be filled with all details in required columns. Employee having Aadhar and Non-Aadhar need to download different forms. The same need to be filled with details with proofs. Non-Aadhar form need to be signed by employer before submitting it to EPFO office. The document proofs need to have your name and address with bank details verified. Application once submitted will be taken back and any mismatch in details will be canceled there & then.
Submit Online Application to Withdraw EPF:
The online facility from EPFO is been recently bought with quick process and approvals. Employee should have all their documents linked to UAN account and the prices to withdraw amount will be quick easy. To process with the process, the KYC and mobile number must be linked with UAN account, else you need to choose offline prices for withdraw.
Select the appropriate option here and then select PF Advance Form 31 to withdraw fund
Clicks on certificate and submit to start the process of Withdrawal from EPF side
That’s it! Now you have successfully claimed your EPF account, at the last step you even has selected the option of withdrawal with appropriate option. The fund from EPF based on your submission request will be sent to your bank in 7 working days.
Hope that now you have got to know the process to withdraw the EPF fund in easy way. I would suggest you to link your KYC documents with EPF UAN number which will make your process to withdraw far easy. Any query regarding this process, can be posted in comment section.