What is EPF Form 31?
Credit: North Loop
Introduction -
Before we look at the purpose and utility of Form 31, let us understand the significance of EPF or Employees’ Provident Fund.
EPF is a government-backed savings option that allows salaried individuals to build a significant corpus and cover their financial needs post-retirement. The Provident Fund works by creating a monetary reserve from the contribution extended by both employees and their employer each month (12% of the employees’ monthly salary).
EPF is a government-backed savings option that allows salaried individuals to build a significant corpus and cover their financial needs post-retirement. The Provident Fund works by creating a monetary reserve from the contribution extended by both employees and their employer each month (12% of the employees’ monthly salary).
What is Form 31?
EPF Form 31 gets used for filing a claim for partial withdrawal of funds from EPF or Employees’ Provident Fund.
You can choose to withdraw from the saved amount in your EPF during your employment period to cover any emergency expenses by filling Form 31.
You can choose to withdraw from the saved amount in your EPF during your employment period to cover any emergency expenses by filling Form 31.
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What is EPF withdrawal and how to withdraw the entire PF amount?
If you are still confused about what is EPF withdrawal or are wondering how to withdraw entire PF amount, continue to read further.
You can use Form 31 to withdraw your EPF funds partially or in full under certain circumstances. These include when you retire or if you remain unemployed for more than two months.
You can use Form 31 to withdraw your EPF funds partially or in full under certain circumstances. These include when you retire or if you remain unemployed for more than two months.
PF conditions for partial withdrawal/ PF withdrawal employee share and employer share-
The PF conditions for partial withdrawal, as well as the PF withdrawal employee share and employer share details, limits and requirements, are as follows -
| Reasons for withdrawal | Withdrawal Limit | No. of years of service required |
|---|---|---|
| Medical purposes | Six times the monthly basic salary or the total employee’s share plus interest, whichever is lower | No criteria |
| Marriage | Up to 50% of employee’s share of contribution to EPF | 7 years |
| Education | Up to 50% of employee’s share of contribution to EPF | 7 years |
| PF withdrawal for home construction/ purchase | For land – Up to 24 times of monthly basic salary plus dearness allowance; For house – Up to 36 times of monthly basic salary plus dearness allowance, Limits are restricted to the total cost | 5 years |
| EPFO home loan repayment | Lower of the following: Up to 36 times of monthly basic salary plus dearness allowance; Total corpus consisting of employer and employee’s contribution with interest. Total outstanding principal and interest on housing loan | 10 years |
| EPFO home renovation (other than PF withdrawal for home construction) | Lower of the following: Up to 12 times the monthly wages and dearness allowance, or Employees contribution with interest, or Total cost | 5 years |
| Partial withdrawal before retirement | Up to 90% of accumulated balance with interest | Employee should be 54 years and withdrawal should be within one year of retirement/superannuation |
PF marriage loan eligibility -
The PF marriage loan eligibility is as follows -
You should have completed a minimum of seven years of service.
The maximum amount you can draw is 50% of your contribution (12% of the basic salary).
You can use the loan facility only three times in your working life.
You will have to submit the wedding invite or a certified copy of the fee payable.
You should have completed a minimum of seven years of service.
The maximum amount you can draw is 50% of your contribution (12% of the basic salary).
You can use the loan facility only three times in your working life.
You will have to submit the wedding invite or a certified copy of the fee payable.
How PF amount will be credited?
To know about how PF amount will be credited to your bank account, read the following points -If you apply for EPF claim online, then it takes 5-30 days to get the PF amount in your bank account. It also depends on how fast the EPFO office clears the claim. While some offices may do it in 5 days, others can take time.
If you apply for your claim in offline mode, then it can take around 20-30 days for the amount to get credited to your account.
You can also use your Member ID to check the EPFO official website for any updates on your claim request. Usually, you can get an update about the same within three weeks of your EPF withdrawal claim.
If you apply for your claim in offline mode, then it can take around 20-30 days for the amount to get credited to your account.
You can also use your Member ID to check the EPFO official website for any updates on your claim request. Usually, you can get an update about the same within three weeks of your EPF withdrawal claim.
How to claim your EPF advance online?
During the nationwide lockdown, the government allowed workers facing difficulties to withdraw funds from their PF accounts online. But what is the eligible amount for EPF advance online?
You can apply for (lower of the following) -
Up to 75% of the total PF balance
Three months of PF wages
Claimed amount
You can apply for (lower of the following) -
Up to 75% of the total PF balance
Three months of PF wages
Claimed amount
Eligibility criteria -
UAN should be activated.
Verified Aadhar card should be linked with UAN.
Verified Aadhar card should be linked with UAN.
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This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended be advice. You must obtain professional advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax, investment or other professional advice from North Loop or its affiliates. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date. All opinions expressed do not reflect the views of North Loop nor are endorsed by North Loop.
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