Whether you are just a few months away from retirement or faced with unexpected financial obligations, you might have thought of making a withdrawal from your Provident Fund.
Are you worried about standing in queues or waiting for weeks to receive your funds? The good news is that you can now do so from the comfort of your home by filling out the PF withdrawal form online. With EPFO’s introduction of the provident fund withdrawal-online facility, you can instantly claim to withdraw your funds without having to wait in queues.
To understand how the PF online withdrawal process works, just follow this detailed guide on PF withdrawal online process.
Before getting into the PF and EPF withdrawal online application process, let’s go through some essential points.
What is the PF or the EPF?
Employee’s Provident Fund (EPF) is a retirement benefits scheme maintained by the EPFO (Employee’s Provident Fund Organization). It also acts as an emergency corpus when met with unforeseen expenses.
Benefits of PF
Here are some benefits of having a PF account:
- You can register for the Employees' Deposit Linked Insurance Scheme (EDLI)
- Pension Schemes are available for the EPF account holder.
- Income Tax exemption is available on provident fund withdrawals
- Partial Fund Withdrawals are allowed (as we will explore in this article)
- You can take a loan against PF.
What are the documents required for PF and EPFO online withdrawal?
You will need to submit the following documents when you apply for PF withdrawal online
- Your Aadhar card
- PAN (Permanent Account Number) card
- UAN (Universal Account Number)
- Bank account details
In case you are making PF withdrawal due to consistent unemployment, you will need an attestation from a gazetted officer.
Are there any prerequisites for the PF withdrawal procedure?
As a prerequisite, you need to ensure the following points for your PF withdrawal process:
- Your UAN is activated, and the mobile number used for its activation is operational.
- Your UAN is linked with your Aadhar Card
- Your UAN is linked with the IFSC code or your bank account.
- Further, your Aadhar must be linked with your PAN
Note: If you fulfil these prerequisites, there will be no need for your previous employer to authenticate your PF or EPFO online withdrawal process.
What are the eligibility criteria for the PF withdrawal procedure?
You can make the PF withdrawal online and offline in these three cases.
- On your retirement
- On attaining a minimum of 58 years of age.
- Unemployment duration of at least two months. In this case, individuals need to get an attestation from a gazetted office.
- Withdrawal by the nominated person in case of death.
Steps to EPFO withdraw PF: Online
Here is how you can follow the PF withdrawal online process:
Step 1. Visit the official portal of EPFO (Employee Provident Fund Organization) to start the online PF withdrawal process.
Step 2. Input your UAN and password in the login section. Then, enter the captcha and click on sign in. Tip: In case you don’t remember your password, you can reset it using the OTP that will be sent to your registered mobile number.
Step 3. Once you’re logged in, you can begin the PF withdrawal process online. Select the ‘Manage’ tab at the top of your page. A drop-down appears.
Step 4. Select ‘KYC’ from the list to check whether your KYC details are verified or not. KYC stands for Know Your Customer and is a complete profile of your personal and financial information.
Step 5. Now, select the ‘Online Services’ tab and click on ‘Claim (Forms 31, 19 &10c)’
Step 6. You will be redirected to a page displaying information such as KYC and other service details. Enter your bank account number that is linked to your UAN. Then click on the ‘Verify.’ option.
Step 7. A pop-up with a certificate of the undertaking will appear. Now, Click on the ‘Yes.’ button. By clicking this option, you confirm that your PF amount will be credited to the bank account you have mentioned.
Step 8. Next, Click on the option ‘Proceed for Online Claim.’
Step 9. Go to the ‘I Want to Apply For’ section. And as per your requirement, you can select from three options. Select ‘Full EPF Settlement’ or ‘EPF Part Withdrawal’ or ‘Pension Withdrawal.’
Step 10. Similarly, select your purpose under the ‘Purpose for Which Advance is Required’ for the EPF withdrawal online process.
Step 11. Now, input the amount of advance you require.
Step 12. Finally, upload the required documents for approval as the last step to withdraw PF online.
With this, your PF withdrawal form online and EPFO online withdrawal application is complete. And the amount will be credited to your account within 15 to 20 days from the date of application.
Now that you know how to apply for PF withdrawal online, let us see how you can do so with the UMANG app.
How to make PF money withdrawal or EPFO withdraw PF online using the App?
Using the UMANG app is another way to handle your PF while avoiding physically visiting the office. Mobile apps make the process even more convenient and accessible.
If you want to apply for EPF withdrawal online using an application, download the ‘UMANG’ App. Link it to your Aadhar details and conduct EPF withdrawal online.
What is the UMANG App?
‘UMANG (Unified Mobile Application for New-age Governance)’ is a government application that allows its users to access various government public schemes, including EPF withdrawal online.
According to the official statement, “UMANG is an evolving platform designed for citizens of India to offer them access to the pan-India e-Gov services from the Central, State, Local Bodies, and Agencies of government on app, web, SMS, and IVR channels.”
Here is how you can download the UMANG app:
- Go to the Google Play Store and search for UMANG. You will find the official app by MeiTy India in the search results.
- Download the app on your device. This will take a few minutes.
- Install the app.
- Log in with your registered mobile number and OTP.
- Enter your UAN.
What are the steps for PF withdrawal online process using UMANG App?
Thanks to the UMANG app, it is extremely convenient to apply for PF withdrawal online. You can do so in five easy steps:
Step 1. Go to ‘Search Menu’ and look for EPFO service.
Step 2. Choose ‘Employee Centric’ and click on ‘Raise Claim.’
Step 3. Now, enter your Universal Account Number.
Step 4. Enter the OTP (One time password) sent to your registered mobile number.
Step 5. Choose the type of withdrawal and click on ‘Submit.’
Congratulations! You’ve successfully filled out the PF withdrawal form online through the UMANG app.
Important note: Always download the UMANG app from the official link in the Google Play Store. Never download the app from an unreliable source or an unknown website. If you download an unauthorized app from WhatsApp or an unverified SMS, the chances are that you may end up compromising your financial information to hackers.
PF withdrawal-type: When to make a PF withdrawal?
You can make a partial PF money withdrawal for the following reasons:
- Purchasing a residential property
- To pay off your emergency medical expenses
- Arrange funds for a wedding.
Note: Remember that the percentage of the amount limit will be based on your reason for withdrawal. Partial withdrawals have a lock-in period which is also dependent on the withdrawal purpose.
You can apply for PF withdrawal online completely under certain circumstances such as:
- In the event of your retirement
- If you need to resign due to incapacity of health. This includes physical or mental health.
- In case you are relocating to other countries permanently
- In case of the applicant’s death
The bottom line
Now you are fully familiar with PF and EPF withdrawal online. Consider the above rules and other eligibility criteria while making a claim to EPFO withdraw money online or withdraw PF amount online. You can use these funds to make home loan repayments or even re-invest for the future.
If you are looking for any financial assistance, apply for a personal loan with Tata Capital. We offer a range of financial products with competitive interest rates and a seamless loan experience. Plus, we provide flexible repayment options so that you can remain stress-free.
For more details and to learn more about our offerings, connect with Tata Capital today!
31 May 2022
7 mins read
Twitter
Facebook
Previous Post
