The opportunity to withdraw money online is offered by EPFO. Here is all the information you need to withdraw money from your Provident Fund (PF) online, together with the documentation needed and additional data.
Key Highlights:
Members can withdraw their entire EPF balance upon retirement.
To withdraw funds online, members must provide their Universal Account Number (UAN).
Process involves logging into the EPFO Member Portal, verifying KYC details, selecting the claim type.
How to take money out of your Provident Fund (PF) account:
A lot of EPFO members want to take money out of their PF account, but they find it difficult since they don't know the proper process. The primary purpose of the PF is to serve as a retirement fund to pay for costs after retirement. As a result, withdrawals ought to be thought of only in dire circumstances. Here's a guide explaining how and when to take money out of your PF account.
Depending on their eligibility, holders of EPF accounts may withdraw the full amount in their accounts or just a portion of it. Generally, if a member has been jobless for two months or longer, they are eligible to access their whole EPF balance. Furthermore, at retirement, the entire sum may be withdrawn.
If you have been out of work for more than two months, you are eligible to withdraw your whole EPF balance.
Retirement: At the time of retirement, the entire sum may be taken out.
Medical Needs: For the account user, their spouse, kids, or parents' treatment of severe diseases or procedures. There is no service period requirement for this option.
Marriage: After seven years of employment, an employee may take up to fifty percent of their contribution for their own marriage or the marriage of any dependents.
Education: For the account holder's or their child's further education or occupational training, up to 50% of the employee's contribution may be withdrawn after seven years.
Purchase of land or building of a home: Funds may only be withdrawn for the purchase or construction of a home following a five-year service tenure.
Education: For higher education or vocational training.
To settle home loan: The account holder is able to take money out of the account to pay off the home loan after ten years of service. The property must be owned jointly with the employee's spouse or in the employee's name.
To renovate the house: The money needed for the renovations can also be withheld.
Required documents for an online PF withdrawal
The aforementioned paperwork is needed in order to withdraw the PF amount:
· Universal Account Number (UAN)
· Bank account information of the EPF subscriber
· Identity and address proof
· Cancelled check with IFSC code and account number
This is how to take money out of your PF account:
· Go to unifiedportal-mem.epfindia.gov.in/memberinterface to access the EPFO Member Portal
· Using your password and UAN, log in
· Once logged in, click the "Manage" tab and pick "KYC" from the drop-down menu
· Check to see if your Aadhaar, PAN, and bank information are current as part of your KYC details
· Select "Online Services" from the menu
· From the dropdown menu, choose "Claim (Form-31, 19, 10C and 10D)." Choose the claim type (complete withdrawal, partial withdrawal, etc.) that you want to submit
· Enter the necessary data, including your bank account details
· Check the member's information, then send in the claim
· After that, you'll get a Certificate of Undertaking certifying that the EPFO will deposit the claimed amount into this bank account
· To accept the terms and conditions, click "Yes." Proceed with the online claim
· To go to the following stage of the claim procedure, select "Proceed for Online Claim"
· Now, under the "I Want To Apply For" page, choose the kind of claim you want to submit
· Upload a few papers, such as Form 15G and a scanned check
· The money will be deposited into your bank account after it has been approved
Note- This article is for general information only. Before making any kind of investment in the stock market, definitely take advice from your market experts.
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