How to claim for PF withdrawal Online

Did you know that a PF can be withdrawn online? Read ahead to find how.

A Provident Fund Account or a PF is also known as Employee Provident Fund (EPF). It is one of the best types of savings schemes as you end up saving for almost all your working life. Think of it as an investment plan dedicated solely for your retirement.

To begin with, a PF is where employees contribute a part of their monthly salary (12% of the basic pay) to a PF account. As an addition, the employer also contributes an equal amount. The combined amount is your retirement corpus.

Recently, the Employees’ Provident Fund Organisation has allowed an employee to withdraw funds from their PF account in case of an emergency. When your PF account is opened by the company, you receive a Universal Account Number (UAN). Through this UAN, you can access your PF account online. It is like your net banking ID, you simply register using the user id (UAN) and set a password and access your account anytime you want. Also, the PF account is portable throughout your life, you need not worry when switching to a new job.

When can I withdraw from my PF Account?

You can withdraw from your PF Account anytime you want. The most dominant times where you can make a withdrawal are:

1. When you reach the age of retirement.
2. When you have been unemployed for more than 2 months.
3. Partial withdrawal in case of an emergency.

How can I withdraw from my PF Account online?

Yes, you can file an online claim for PF withdrawal and we will tell you how. As mentioned before, EPFO has made the entire process online and hassle free. Simply visit the official website of EPFO at unifiedportal-mem.epfindia.gov.in and log in with your UAN id and password.

Steps to file an online claim for PF withdrawal

Before you log into EPFO’s official website, ensure that your PF account is linked to your Aadhaar card, mobile number and registered bank account.

A mutual fund is still a financial product that is not considered safe as per many Indian investors. The delayed returns and fear of losing money makes mutual funds a scary mode of investment for some people. However, the truth is far from reality. While it is a fact that mutual funds are not completely risk-free, it doesn’t mean you will lose your money. There are specific reasons why some people lose money in mutual fund investments.

• Time is money: Your investments need time. You need to have an investment strategy that defines the investment term correctly. Avoid exiting because of temporary market fluctuations. Make sure that you stay invested until your complete time frame to earn expected returns.

• Lack of knowledge: Many people invest in mutual funds without having sufficient knowledge about it. Understand the types of mutual fund, read about best performing mutual funds, attend investor education programs to know better about mutual fund investment.
• Unable to differentiate between investing and trading: Many investors fail to realise that mutual fund requires you to invest rather than trade. Trading is generally done to achieve short-term goals from the stock market, whereas people invest money to meet their long-term goals. When you mix the two, you tend to lose money.

• Greed for unrealistic returns: Some people invest in mutual funds with a specific return expectation in mind. While having an expectation is good, meeting that may not always be possible given the fluctuating market. It is wise to expect returns only as high as you are willing to take the risk. Unrealistic returns require unrealistic risk appetite and investment. It is critical to figure out how much risk you can afford to maximise your profits in mutual funds.

It is not possible to entirely avoid risk when you are investing in mutual funds, be it equity or debt. However, you can make risk tolerable by selecting the right mutual fund scheme. All you need to do is choose schemes that match your investment goals, risk profile and investment horizon. It may sound like a simplistic approach, but it has helped many investors to create wealth to meet their long-term goals.

1. Visit the official website of EPFO.

1. On the right side, login with your UAN/password and enter the captcha.

1. Once logged in, select the manage tab and check if your KYC details (Aadhaar, PAN, Bank Account, Mobile Number) are correct and verified.

1. Select the Online Services tab, then choose claim option.

1. Select the tab proceed for online claim and submit your claim form.

1. There will be three options under the tab I want to apply for - Full EPF Settlement, EPF Part Withdrawal (loan/advance) or Pension Withdrawal. (In case you are not eligible for any of the above options, the option will not be available).

1. If you are eligible, fill in the requested details and then click on Get Aadhaar OTP. The OTP will be sent to the mobile number registered with your Aadhaar card.

1. Now, the claim will be forwarded to your employer for approval. Once approved, you will have the PF amount credited to your linked bank account within 10 business working days.

How many types of withdrawal forms are there online?

There are three types of withdrawal forms

• EPF Advance/Partial Withdrawal (Form 31): Under this withdrawal form, if you are withdrawing on the grounds of unemployment, the exact reason has to be mentioned. The approval of amount claimed depends on the limit and the fund accumulated in the PF account. Reason for withdrawal can be marriage, medical emergency, etc.

• EPF Complete Withdrawal/Final Settlement (Form 19): Also known as final settlement, you can withdraw the entire accumulated PF amount at the time of retirement. You are required to furnish details such as PAN, UAN, Aadhaar Number, bank account details, date of leaving, the reason of leaving services, date of joining services and address.

• Pension Withdrawal (Form 10C): This form is similar to Form 19. This form is to withdraw the pension amount and not the PF amount.

The pension amount is regulated by the Employees’ Pension Scheme, 1950 whereas the PF amount is regulated by the Employees’ Provident Fund Scheme, 1952.

Only withdrawal from your PF Account has many benefits

• Easy and hassle free: The entire process is online, you are not required to visit the PF office in person. This saves a lot of time and effort.

• Reduced Processing Time: With option of online withdrawal, the entire process has been streamlined and shortened. The PF amount is directly credited to your bank account within 10-15 business working days.

• No Verification Required: The verification is done online, you simply need to upload the relevant documents. You are not required to meet your previous employer. This is beneficial for people who are migrating to a new city for employment.

• No Tax Post 5 years: Your EPF withdrawal is exempted from tax after 5 years of employment.

Recommended Read: 5 Popular Small Savings Schemes To Choose From