Provident Fund Withdrawal Process & Rules
Find online PF withdrawal procedure to withdraw PF. Do you need to know how to withdraw PF amount? Here is a complete answer for you. If you are leaving a job, you can withdraw your PF. PF withdrawal process is now less tangled and quicker. The EPFO scheme allows employees to withdraw their savings in advance. However, certain conditions apply for the same.
Employees can also apply for a loan on their PF amount. Find all EPF rules and procedures related to withdrawal of PF. Myepfbalance.co.in is the best place to explore all information on PF balance check. Users may also browse our site for pension related queries.
Withdraw PF Amount Online after Leaving Company
EPF is a major retirement scheme in India. An employee is liable to get provident fund amount after retirement. However, early withdrawals are also possible. But under certain conditions and procedures. An employee also has a right to claim PF at the time of changing job. Find out the procedure of how to withdraw PF amount.
Step wise Procedure for Online PF Withdrawal [With UAN]
First thing, make sure that your UAN is activated. Link following with your UAN.
- Your valid and working mobile number. Also, make sure, this number is registered in aadhar. If not, update aadhar card with a valid mobile number.
- Your bank account details and IFSC code number.
- Link your aadhar card and PAN number on EPFO portal. You need to take this step only if the duration of your job is less than 5 years.
After ensuring above all, take following steps for online PF withdrawal. The sequence will explain how to withdraw PF online with UAN.
- Log on to the UAN portal with your UAN number and password.
- Visit the ‘Manage’ tab and click ‘KYC details’.
- Verify all your KYC details and update if needed.
- Under the option of “Online Services”, click the option ‘Claim’.
- You will see following three options before online Pf withdrawal process.
- Full PF settlement
- PF Part withdrawal against advance or loan
- EPS withdrawal
Select the type of claim you want to make.
- Fill up the PF claim form available on the screen now.
- Verify the online PF withdrawal with One Time Password procedure.
Enter one time password and complete the procedure. Now you can check PF claim status online.
Check PRAN status online
PF Loan and EPF Rules for Online PF Withdrawal
An EPFO member can apply for PF loan only for certain prescribed purposes. Here are the rules for PF withdrawal and loan on PF money.
- EPFO member can withdraw up to 90% of the PF amount or cost of house whichever is less. This money can be withdrawn only for purchase or construction of home/flat/land.
- You can get money from PF fund to make monthly installments against any loan.
An EPFO member can withdraw PF money in advance under following conditions.
- If the duration of EPFO membership is at least five years.
- The PF money together with the spouse’s PF money is more than Rs.20,000/-. (If both the spouse are EPF members, total PF money of their accounts is considered).
- A single withdrawal is possible.
- EPFO can make payment directly to the government agency or housing society.
- An employee can also get PF money for medical treatment of the member or any family member.
- Early online PF withdrawal is allowed or PF loan is allowed for expenses of marriage.
- If the employee is handicapped, he/she can get partial PF withdrawal to buy equipment.
The relaxations in PF withdrawal are given to help employees in the case of property purchases, major expenses, and medical emergencies.
However, if there is no any necessary requirement, it is not recommended to withdraw PF. If you are changing job, you can transfer your PF amount. The EPFO has recently introduced simplified procedure to transfer PF. It is now much easier to transfer PF with New EPF Form 11. We are sure this post helps you to know make online PF withdrawal. For any query, leave your comments. Check how to download EPF statement online on our blog.