Wondering how to withdraw funds from your provident fund account? You can withdraw up to 75 per cent of your contribution to your EPF or Employees' Provident Fund account or an amount equivalent to three months of basic pay and dearness allowance, whichever is less, in order to ease your financial burden due to the coronavirus pandemic. Retirement fund body EPFO or Employees' Provident Fund Organisation allows subscribers to withdraw money from their Employees' Provident Fund (EPF) corpus under certain conditions.
How To Withdraw From Your EPF Fund
Salaried individuals can register a request for withdrawal from their EPF corpus using provident fund body EPFO's website - unifiedportal-mem.epfindia.gov.in.
A withdrawal request made by an EPF subscriber is forwarded to the concerned employer for approval.
It is only after the employer approves the demand that the eligible amount is credited directly into the subscriber's account. This process takes up to 10 days, according to the EPFO's website - epfindia.gov.in.
The user is required to provide the UAN or Universal Account Number along with the linked mobile number in order to request for a withdrawal from the EPF account. If a UAN is not KYC-compliant, one can activate it by furnishing relevant documents such as the Aadhaar card, the PAN card and bank details.
Once logged into the EPFO portal (unifiedportal-mem.epfindia.gov.in), the user can find the "claim" option under the "online services" section, and click on "verify" to proceed.
On the next page, which contains the claim form, the user is required to select the correct account number from a drop-down list by identifying the last four digits (there are multiple options in case work history spans more than one employer), and click on "proceed for online claim".
On the next page (Form 31), the user is required to provides details such as the purpose of withdrawal and the desired amount. At this stage the user must select the type of claim: full, partial or pension.
Form 31 is also known as the "PF advance" form. Here, the user can select the "I want to apply for" option under the drop-down menu and select "outbreak of pandemic (Covid-19)" to proceed.
The user may proceeds by clicking on the "get Aadhaar OTP" (one-time passcode) option, and entering the OTP received on the registered mobile number in the given space.
Once the request is submitted, the funds are credited to the EPF subscriber's savings account within three working days, according to the EPF website.
After submitting the request, the user can even track the status of the request by accessing the "claim status" option (under "online services").
EPF Withdrawal Due To COVID-19
Announced in March this year, this move was brought in for the benefit of more than six crore EPF subscribers. Retirement fund body EPFO or Employees' Provident Fund Organisation also introduced an online claim settlement facility without manual intervention for all KYC- or Know Your Client-complaint subscribers during the COVID-19-triggered lockdown.