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If you are a salaried employee, chances are you have an Employee Provident Fund (EPF) account maintained by the Employees Provident Fund Organization (EPFO). This account aggregates the monthly contributions of the employee and the employer, and its primary purpose is to bind the retirement pool. A portion of this contribution is also given to the pension fund.
However, EPFO allows partial withdrawal from your PF account under certain circumstances. Here’s a detailed look at rules and procedures for withdrawing money from your PF account.
When can you withdraw a partial amount from your PF account?
Marriage: Your own or your child’s wedding.
Buying a home: To buy property.
Medical emergencies: For health expenses.
Home improvement: Home improvement or repair is done.
Home loan repayment: To repay the housing loan.
You need to be an EPF member for at least 5 to 7 years to qualify for most of these partial exemptions.
Step-by-step process for PF withdrawal
Step 1: Visit the UAN portal and log in using your Universal Account Number (UAN) and password.
Step 2: An OTP will be sent to your Aadhaar-linked mobile number. Enter the OTP along with the CAPTCHA code.
Step 3: Once logged in, your profile page will appear. Click on the “Online Services” option located at the top-right corner of the page. Scroll down and select ‘Claim’ from the dropdown menu.
Step 4: Verify your details by entering the bank account linked to your EPF account.
Step 5: You will receive a Certificate of Undertaking, confirming that the claimed amount will be credited to your verified bank account. Agree to the terms and conditions to proceed.
Step 6: Click on ‘Proceed for Online Claim,’ and a new section will open requiring additional details about your withdrawal.
Step 7: Provide your current address and upload necessary documents such as a scanned copy of a canceled cheque and Form 15G (if applicable). Submit the claim form to complete the process.
Points to remember:
Ensure your Aadhaar is linked to your UAN for a seamless process.
The claim amount is directly credited to your verified bank account.
This straightforward process allows EPFO members to access their savings during crucial times while maintaining transparency and efficiency.
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