How to Withdraw PF Amount Online in 5 Simple Steps
We save for retirement our whole working years – are you thinking that you aren’t? Well, if you aren’t saving up for retirement, or you are thinking you aren’t. You still are saving. You are saving through your provident fund. The employee provident is a government-managed retirement saving scheme. Let me tell you how this works and how you can withdraw it. Also, you need to know that in our country, the employee’s provident fund is run by the Employees Provident Fund Organisation.
1. Do you want to know if you are eligible for PF?
Well, in legal terms, an employee who has a monthly salary, or more than Rs. 15,000 are eligible. But, with the case of this scheme – Indian companies give their employees this as part of their salary package. If your salary is high, you can opt out of it at the beginning of your job, and if your employer allows it. Also at the beginning of your career, if you choose to keep the scheme, you can’t opt-out of it throughout your career even if you change your mind halfway through.
2. Do you Want to Know How Much you Contribute to the Scheme?
An employer and employee have equal contributions in the fund. I can’t tell you the actual amount you will be contributing to the fund.
That’s because no one knows your salary, and the actual contribution to the fund is calculated based on the employee’s basic salary and allowances. For an employee, the contribution will be 12%. Here is a detailed view to understanding better.
The employer contributes 12% of the employee’s salary to the fund.
The employee will automatically contribute 12% of his basic salary and allowances towards his fund.
Both of these combined go to the EPF fund.
3. When Can You Withdraw your PF?
You can either Withdraw your surplus or you can withdraw partially. There are reasons why you can withdraw. They are:
With Complete Withdrawal
When it is a complete withdrawal, you are to retire or be unemployed for more than three months. Under these circumstances, you can withdraw your fund completely.
With Partial Withdrawal
There are several cases where you can partially withdraw your funds – Medical purposes, marriage education, or when you purchase land, construct a house for loan repayment for house elevation, and more.
4. How to Withdraw PF?
There are two ways through which you can withdraw your EPF money. And they are manual and online applications. With the Manual or Direct Application Form, you can download a new composite claim form to withdraw your EPF balance. You will also learn how to check epfo claim status later in this article.
You can fill this form and submit the employer’s attestation to the respective jurisdictional office. But in order to do it offline or manually, you will have to go to the office by yourself, during office hours, and your trips to this office can be more than one time.
But if you choose to do it online, it is a much simpler procedure, and you can do it at your own convenience. Here is the online application process for you. Hope it helped you out.
Online Withdrawal Process in 5 Simple Steps
In the case of an online application, you do not have to go to the office directly or download a form. You can apply to withdraw through the online EPF portal, but you need to consider a few more things.
An added tip: You need to have your UAN n number activated.
Along with that, your UAN number must be linked to your Aadhaar Pan and IFSC code.
Process of Applying Online
- Log in to the portal, enter the UAN password and enter captcha, click on the manage tab and select KYC, and once the KYC is done, click on the claim under the services tab. After which your member details will be shown, and that you need to click on verify.
- After that, click on ‘Yes’ to sign the certificate of the undertaking and proceed.
- On the form, you will have to select the claim you need.
- After that, select PF advance to withdraw your fund. After that, you’ll have to enter the purpose of withdrawal with the employee’s address.
- Click on submit after that, with your scanned documents.
Simple, fast, and efficient, right? Now that you’ve applied or specifically claimed to withdraw your fund, how do you know what is the status of your claim application? It’s time to find out.
5. How to Check Claim Status?
Checking your EPFO claim status is not a hard job either. Want to know how? Read on!
- Visit the official EPFO portal.
- Follow this navigation: Our Services>For Employees>Know your Claim.
- Now, you have to enter your UAN with a captcha.
- After that, enter details such as PF office, current PF office, and more.
- Now, click on the submit button, and your EPF claim status will be displayed.
You found out so much more about EPF today, how much you Contribute, how to Withdraw, how to check your withdrawal status, and much more. I hope this made it easy for you to complete the process. Now, you can effortlessly withdraw your EPF surplus, check the status of your withdrawal application, and more.