If you’re a salaried employee, you may be making regular contributions to the EPF account that your organization has opened for you. Financial experts generally advise account-holders to remain invested till the time of their retirement, as EPF is more or less a form of a retirement product. However, there can arise instances where an individual, to meet a sudden financial need, has no option, but break into the EPF corpus. The Employees' Provident Fund Organisation permits full withdrawal and partial withdrawal of funds under certain circumstances. In this article, we will look into what those are, and the steps that an account-holder will need to follow to make the withdrawal.
Full Withdrawal:
A full withdrawal of EPF corpus is possible under the following circumstances: a. When an entity retires from employment b. When an entity remains unemployed for 2 months or more.
Partial Withdrawal:
Subscribers can make partial withdrawal of EPF under the following situations:
To withdraw from EPF corpus online through the EPF Portal, one must ensure that the below conditions are met:
a) Universal Account Number is activated. b) UAN is linked with KYC
Steps to Apply for withdrawal:
Step 1 - Visit the UAN portal.
Step 2 - Login using UAN and password and input the captcha.
Step 3 - Select the tab ‘Manage’ and click on KYC to check whether KYC are correct and verified.
Step 4 - Once KYC details are verified, go to Online Services and choose the option ‘Claim’.
Step 5 - The ‘Claim’ screen will show the member details, KYC details and other service details. Press on ‘Proceed For Online Claim’ to submit claim form.
Step 6 - In the claim form, choose the kind of claim - full EPF Settlement, EPF Part withdrawal or pension withdrawal.
Once the user has selected the relevant claim, a form shall be displayed. He or she will need to complete the form online, and authenticate using Aadhaar OTP. The claim will be processed once the EPFO has obtained KYC from the UIDAI. Then, the individual’s bank account will be credited with the claim amount.
The user can track his or her claim status under the ‘Online Services’ menu, by selecting on the tab ‘Track Claim Status’.
Recommendation: What are the conditions to withdraw from epf account
Which are best performing mutual funds? Or which are best mutual funds in India? Many new entrants who want to start investing in mutual fund, begin their investment journey with a similar query.
It is advisable to invest in a multi-cap fund which invests across all market capitalisation. Invest in growth option and avoid investing in dividend option to let your investment grow over a period of time. Aggressive hybrid schemes are one of the best investment options for very conservative equity investors looking to create long-term wealth without much volatility.
Below is the list of best performing mutual funds to invest for 10 to 15 years’ horizon.
You may be confused and may have multiple questions when you invest in a mutual fund. However, mutual fund investments are not as difficult as it is often considered to be. All you need to do is to keep in mind a few tricks. It is important to stay active, not just at the time of selecting the best performing mutual funds, but throughout the term of the investment.
Recommended Read: How Much should I Invest in Mutual Funds to Create Rs 1 crore?
