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How to Withdraw EPF Online – Eligibility & Process Explained

What is EPFO? When Can EPF Be Withdrawn and How Much Time Does It Take to Withdraw EPF? How to Withdraw PF Online - Eligibility & Process Explained

How to Withdraw EPF Online: Employee Provident Fund (EPF) is compulsory at Indian workplaces. EPF is an account made by companies registered under Employment Provident Fund Organization. These companies make an account in the name of an employee.

In that account, 12% of the employee’s salary is deducted and added; similarly, the employer contributes 12% in the EPF account.

What is EPFO?

Employee Provident Fund scheme falls under the Employee Provident Fund and Miscellaneous Provision Act, 1952. All the work regarding EPF is managed by the Provident Fund Organization (EPFO).

According to the norms, the employees whose basic salary is more than 15000/- P.m. are not eligible for the EPF scheme; if the employee wants the benefit of EPF, then that employee and their employer need to take permission from Assistant PF Commissioner.

The employees who have a basic salary of less than Rs 15000/- are eligible for the EPF scheme.

If the organization is limited to 20 employees, then the contribution of an employer and employee is 10%.

From the EPF amount, 8.33% is diverted to the Employee Pension Scheme (EPS) if the employee salary is less than Rs 15000/- and if the salary of an employee is equal or more than Rs 15000/- then the diversion of the amount is Rs 1250/-.

When can an Employee Withdraw their EPF Amount?

The employee can withdraw their EPF amount partially and completely; one can withdraw a Partial amount under certain circumstances such as home loan repayment, medical issues, Renovation of the house, etc.

The entire EPF amount can be withdrawn after retirement or remaining unemployed for more than two months.

Employees can withdraw the amount online as well as offline. In the online procedure, the employee can withdraw it from the EPFO portal, and in the offline procedure, the employee has to visit the EPFO office and fill out the Composite Claim Form.

Eligibility Criteria For Epf Withdrawal

For withdrawal of the EPF, one must be eligible for claiming it. There is specific criteria’s set by the EPFO for the employees, and these criteria’s are as follows:

  • Employees can withdraw the total EPF amount after retirement. One can take early retirement after 55 years of age, according to the EPFO rules.
  • In case of a medical emergency, house purchase, higher education of the children, and construction of house, one can claim the partial EPF corpus.
  • One can withdraw 90% of the EPF amount one year before retirement.
  • If the employee gets unemployed or bankrupt can claim for EPF corpus.
  • According to the new rule, employees can withdraw 75% of the ERP corpus only when they are unemployed for more than one month.
  • The remaining 35% of the amount would be transferred to the new EPF account.
  • If the employee links their UAN and Aadhar to their EPF account, they don’t need their employer’s permission for withdrawal.

Different Ways to Withdraw EPF

There are two ways through which you can withdraw EPF money. below we have discussed in detail about the online and offline processes to withdraw EPF Money.

Online Procedure For Withdrawing Epf Money

If you are looking for the procedure to withdraw your EPF money online, read the steps which will guide your whole process and step-wise procedure for online withdrawal.

Step-1: Go to the official website of the EPFO (www.epfindia.gov.in) and Sign in with your UAN and Password.

Step-2: In the menu bar, which will be on the top, click on the Online Services option and select the claim (Form-31, 19, 10C & 10D) from the drop-down menu.

Step-3: The member’s details will display on the portal, then the member needs to enter the last four digits of their account number and click on the verify tab.

Step-4: The employee needs to click on the Yes option to sign the certificate of the undertaking and proceed further

Step-5: An employee needs to click on the ‘Proceed for Online Claim’ option.

Step-6: After proceeding, select PF Advance (Form 31) for online withdrawal of your funds.

Step-7: After this, one new section of the online form will open, where you have to select the purpose to withdraw money in advance enter the amount required and the employee’s address.

Step-8: There will be the certification tick and apply.

Step-9: The employee needs to submit the scanned documents, and also you need to attach the letter in which you must have written the purpose for which you are filling the Form

Step-10: Then, the employer needs to approve your request for withdrawing the EPF amount, and then the amount will be deducted from the employee’s EPF account and transferred into the account, which is given at the time of filling the form.

If the employee is ineligible for claiming the EPF corpus, it will show their withdrawal in red.

You will receive all the EPF process and amount transfer details via SMS. The amount will be transferred to your bank account within 15-20 days after filling out the form and submitting scanned documents.

Offline Procedure For Withdrawing Epf Money

If the employees found difficult for withdrawing money online, then they can follow the offline procedure for withdrawing the money:

Step-1: One must submit the filled Composite Claim Form in the respective EPFO office.

Step-2: After submitting the form, one will get the amount on certain days.

Note- Previously, the employee had to submit forms like Form 19, Form 31, and Form 10C, but new these forms got replaced from one EPF form known as Composite Claim Form.

The Composite Claim form has two types; one is linked with Aadhar, and another is not linked with Aadhar. The form linked with Aadhar doesn’t require any authentication from the employer.

Suppose you are filling the Non- Aadhar, which means Aadhar is not linked with the account; one has to authenticate the documents from the employer before submitting them to the EPFO department.

Read Related Articles:

Aadhar Card Download – Instantly Download the Digital Version of the Aadhar Card

Documents Required For Withdrawing Epf Money

While filling out the online form or offline form, one has to submit the following documents:

  •  Employee has to submit Composite Claim Form.
  •  With the Composite Claim Form, you must submit the two revenue stamps.
  • Employee’s bank account details, the bank details should be in the name of the PF holder.
  • Employee’s Identity proof needs to submit.
  • Then, one has to submit his/her address proof.
  • The employee needs to submit his/her blank cancelled cheque with a clear IFSC code.
  • One’s personal details such as father’s name, date of birth, etc. It should match with the identity proof.

Note- If the employee withdraws his/her EPF money before the five years of their continuous service, he/she is accountable to aid for ITR Forms 2 and 3 to show the total breakage of the PF account.

Conclusion:

In the above article, we have compiled all the necessary information regarding EPFO and the procedure of withdrawing money from the EPF account to your bank account. Also, when one is eligible for withdrawing the money and the requirements for partial withdrawal.

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