All salaried individuals are eligible to retirement benefit scheme Employees’ Provident Fund. Read this article to find out the steps that subscribers will need to take to withdraw from EPF corpus online.
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.
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.
Subscribers can make partial withdrawal of EPF under the following situations:
|Reasons for Withdrawal||Withdrawal Limits||Minimum service|
|Purchase of site for construction of dwelling house / purchase of house / flat||5 years|
|Home loan repayment||10 years|
|Marriage||50% of Employee share with interest||10 years|
|Education||50% of Employee share with interest||10 years|
Source: EPF India
How To Withdraw EPF Corpus Online
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