Want to withdraw funds from your PF account online? Know how to do it
The individual can also make both partial as well as complete withdrawals.
The Employee Provident Fund, very similar to a social security scheme is a method by which employees save funds for when they retire or for future purposes. Having a PF account is compulsory, under certain conditions, for employees who work in private companies and firms to save up funds for when they retire or leave the organisation.
The employees are supposed to invest 12% of their salary under this scheme, with the current rate of interest on the EPF account at 8.65%.
In case of EPFO accounts, there is no maturity period attached to it and hence claims can be made when one changes jobs or takes retirement. Furthermore, if the employee withdraws after the retirement age of 60 years, then the individual gains both the EPF as well as Employee Pension Scheme (EPS) funds.
Claims for the amount in the EPFO account can be made both online and offline. The individual can also make both partial as well as complete withdrawals. There is an option to either close or transfer the account. However, the amount that can be allowed to be claimed is subject to the reason for which the funds will be used.
One can also apply for EPF withdrawal online, which cuts down on the time taken for the claim. However with this method of claim, ones UAN (Universal Account Number) should be activated and linked to ones KYC i.e. Aadhaar, PAN and bank details along with the IFSC code. Further, the process is for both partial as well as complete withdrawals
- Visit the UAN website
- Login to the portal with your unique username and password.
- Click on Manage.
- Select KYC and cross check whether the KYC details like Aadhaar number, PAN number and bank details along with the IFSC code. are correct and verified.
- Post this, go to the tab Online Services.
- Click on Claim from the drop down menu..
- The Claim screen will display the member details as well as KYC details.
- On the form, select the claim you wish to make i.e. full EPF settlement or partial withdrawal or pension withdrawal. These options are present under the I want to apply for tab.
- Click on Proceed for Online Claim.
And, this is how you submit your claim.