It is important to complete the KYC formalities before withdrawing the provident fund.
The Employee Provident Fund (EPF) is a life guarantee which proves useful during the crucial phases of life. It consists of 12 percent of an employee’s monthly base salary, which is deposited with the Employees Provident Fund Organization (EPFO). The employer also contributes a share in this fund, which becomes a large corpus over time.
Employees can withdraw their FP online quite easily. This can be facilitated through the EPFO member portal e-SEW.
Employees can withdraw all of their CP savings after retirement. However, even before retirement, they can withdraw a partial amount if they meet certain criteria.
Important points for withdrawing the provident fund
It is mandatory to link one’s Aadhar card to the Universal Account Number (UAN) to deposit money into the PF account. This can be online via the EPFO website or even via the UMANG mobile app.
Completing the “Know Your Customer” or KYC formality is also important before withdrawing PF.
For KYC, the PAN card is needed and the EPFO after completing the process, gives the PF account a “verified” status.
Important steps to withdraw the provident fund
Visit the UAN Portal at https://unifiedportal-mem.epfindia.gov.in/memberinterface/
Log in using your UAN and password and enter the captcha for verification.
Now go to the ‘Online Services’ tab and select the ‘Claim (Form-31, 19 & 10C)’ option from the drop-down menu.
On the next screen, enter your bank account number and click “Verify”.
Now click ‘Yes’ and continue.
After that, click on “Proceed to Online Claim”.
Now in the application form, select the application you need under the “I want to apply” tab.
Select ‘PF Advance (Form 31)’ to withdraw your funds. Then indicate the purpose of this advance, the amount required and the employee’s address.
Now click on the certificate and submit your application.
You may be asked to submit scanned documents for the purpose for which you completed the form.
Once the employer approves the withdrawal request, you will receive money in your bank account. It usually takes 15-20 days for the money to be credited to the bank account.
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