EPF Withdrawal Online| North Loop Official Blog
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16 Dec 2020

EPF Withdrawal Online

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What is EPF?

EPF or Employees’ Provident Fund is a retirement savings scheme introduced by the Employees' Provident Funds and Miscellaneous Provisions Act, 1952, and managed by the Employees’ Provident Fund Organization (EPFO).

This scheme is beneficial to employees working in the corporate sector (in organizations with over 20 employees) as EPF helps employees to build a retirement savings corpus.
Both, the employer and employee contribute a standard amount of 12% of the employee’s monthly salary towards the employee’s EPF in companies with over 20 employees.
In companies with under 20 employees, the employer and employee deposit 10% of the employee’s monthly salary in the EPF account.

This twelve percent or ten percent contribution is calculated on the salary along with dearness allowance and retaining allowance. Deposits in an employee’s Provident Fund account attract an interest rate of 8.5% as of 2019 - 2020, and the interest earned is exempted from tax.

Conditions for EPF Withdrawal-

You can withdraw up to 90% of your EPF when you retire (only when you cross the age of 55, EPFO considers early retirement) in the form of a monthly pension. You can only withdraw 90% upon completion of 10 years of service or more with an organization, and you would be required to file Form 10D.

In the event that you are unemployed for more than two months, you can apply for up to 75% withdrawal of EPF upon filing Form 31. However, you would have to get the same attested from a gazetted officer.

Here are other conditions where EPF can be withdrawn-

1. Medical purposes- The lesser of the 2- Up to six times an employees’ monthly salary or the total employee’s share along with interest.

2. Marriage- You can withdraw up to 50% of the employee’s contribution. A minimum of seven years worth of service with an organization is required.

3. Education- You can withdraw up to 50% of the employee’s contribution. A minimum of seven years worth of service with an organization is required.

4. Purchase of land or purchase/construction of a house- You can withdraw between 24 to 36 times your monthly salary for the same. A minimum of five years worth of service with an organization is required.

5. Home Loan Repayment- You can withdraw up to 90% of your funds in the EPF account. A minimum of three years worth of service with an organization is required.

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Documents required for PF withdrawal-

1. Identity Proofs

2. Address Proofs

3. Composite Claim Form

4. Bank Account Details

5. One canceled cheque (blank) with account number and IFSC code visible.

6. Two revenue stamps

PF withdrawal procedure-

EPF withdrawal online process is as follows-

1. Navigate to the UAN/EPFO portal and login to your EPF account using your UAN and password. Enter the captcha to authenticate the same.

2. Click on the manage tab and select the KYC option to verify whether the details you’ve furnished are correct or not.

3. Once verified, hover over the Online Services tab and select the “Claim (Form-31, 19 & 10C). Enter the last four digits of your bank account and click on the ‘verify’ button. Click on the yes option after reading the terms and conditions on the ‘Certificate of Undertaking’ pop-up.

4. Click on the ‘Proceed for online claim’ button. Then, under the tab ‘I Want To Apply For’, select full EPF settlement, EPF part withdrawal (loan/advance), or pension withdrawal (depending on your requirement).

5. Select the relevant purpose for withdrawal and enter the amount of advance.

6. Click on the certificate, furnish the required scanned documents and submit your application. Your money will be credited to your account only after your employer approves the withdrawal and the approval process usually takes between 15-20 days.

EPF withdrawal through app-

You can withdraw your EPF through the UMANG (Unified Mobile APP for New Governance) app. You can download the UMANG app from the Google Play Store on Android and the App Store on iOS and this app facilitates on the go EPF withdrawal and loads of other services from the convenience of your smartphone.

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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.