Retirement fund body Employees' Provident Fund Organisation (EPFO) permits subscribers to withdraw from their savings under certain circumstances. EPFO's contributory provident fund scheme, Employees' Provident Fund (EPF), enables subscribers to accumulate and earn interest on savings for retirement. EPFO allows partial withdrawal from the provident fund accounts for purposes such as education, marriage, illness and house construction. Through its unified portal, unifiedportal-emp.epfindia.gov.in, EPFO enables eligible subscribers to apply for a withdrawal from the EPF account. Once the KYC (know your customer) details provided by such applicants are approved, the PF money is transferred to the subscriber's bank account within 10 days, EPFO said on Twitter.
Employees' Provident Fund Organisation (EPFO) offers online facility to withdraw provident fund (PF) money.
Check here???? pic.twitter.com/J56NMEblnt(Also read: How to access EPF passbook online)
Provident fund body EPFO has listed the following steps for subscribers to apply for a partial withdrawal from their EPF account:
1. The user is required to visit and log in to the EPFO unified portal. The user is then required to furnish details such as Universal Account Number (UAN) and password to log in.
2. Once logged in, the user may select KYC under the "manage" section.
(Also read: All you need to know about EPF online nomination)
Here the status of KYC verification is displayed.
3. The user can then proceed by selecting "claim (form 31, 19 and 10C)" under the "online services" section. Here, a claim can be filed using any of the forms 31, 19 and 10C.
4. After this step, the user is required to verify the claim by clicking on the "verify" option given on the screen.
(Also read: How to check EPF balance)
5. The user is required to fill in the last four digits of his or her bank account number on the claim form.
6. The user can submit the form by clicking on the "proceed for online claim" option.
The subscriber is also required to fill in details such as the purpose and amount of advance required. The subscriber must choose the type of withdrawal claim he or she wishes to file: a full withdrawal, a partial withdrawal or a pension withdrawal.
After the user submits these details, an OTP or One-Time Passcode is sent to the mobile number registered with the Aadhaar card of the individual. Once the claim is submitted, it is forwarded to the employer for approval, according to the EPFO website.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
