Retirement fund body Employees' Provident Fund Organisation (EPFO) allows subscribers to withdraw money from their Employees' Provident Fund (EPF) account for certain specific purposes. EPF is a mandatory contribution that every company with more than 20 employees has to deduct from the salary of its employees. Using EPFO's online facility, its subscribers can apply for a withdrawal from their EPF corpus. Last week, EPFO increased the interest rate on EPF to 8.65 per cent for the current financial year. Once approved by the Ministry of Finance, the move will lead to a higher return on EPFO contributions for the financial year ending March 31. (Also read: Need To Check Your EPF Balance? Here Are 4 Ways To Do It)
To apply for a withdrawal from the EPF account online, through EPFO's website - unifiedportal-mem.epfindia.gov.in, the subscriber must have an active UAN (Universal Account Number), and the mobile number used for activating the UAN number should be in working condition. Also, the UAN should be KYC (Know Your Customer)-verified, by furnishing information such as Aadhaar, PAN (Permanent Account Number) and bank details.
Here are the steps to fill the EPF withdrawal form and initiate a claim online:
Step 1: Login to the EPFO portal - unifiedportal-mem.epfindia.gov.in using your UAN and password
Step 2: Click on the 'Manage' tab and select KYC
Step 3: At this point, you can check whether your KYC details such as Aadhaar, PAN and bank details are correct and verified or not
Step 4: Now, click on 'Services' tab. From the drop-down list, select 'Claim' option
Step 5: 'Claim' screen then displays the member details. Click on 'Verify'
Step 6: Now, in the claim form, enter the last 4 digits of bank account. Then click on the tab 'Proceed For Online Claim' to submit it
Step 7: A new tab opens where the subscriber is required to fill the EPF claim details. Under the section titled 'I Want to Apply For', the subscriber must choose the type of withdrawal claim they wish to file-full withdrawal, partial withdrawal or pension withdrawal. Fill other details like purpose and amount of advance required
Step 8: After you are done with filling up details, click on 'Get Aadhaar OTP'. OTP will be sent to the mobile number registered with your Aadhaar card.
The claim of the employee is then forwarded to the employer for approval. Once approved, the PF amount will be credited to the subscriber's account within 10 days.