LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » Personal Finance News

Withdraw your PF amount partially; Know here how to do it

When it comes to claiming the EPF amount, one can withdraw the entire amount or apply for partial withdrawal. The withdrawal process can be on the account of marriage, education, purchase of property, home loan repayment, renovation or pre-retirement. 

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Withdraw your PF amount partially; Know here how to do it
If you are planning to withdraw partial PF amount, Photo: PTI
Written By: ZeeBiz WebTeam
Updated: Sun, Jun 09, 2019
06:23 pm
Mumbai, ZeeBiz WebDesk
RELATED NEWS
PF account withdrawal: If you have withdrawn money from Provident Fund, then give information while filing tax returns, know why it is important PF account withdrawal: If you have withdrawn money from Provident Fund, then give information while filing tax returns, know why it is important
PF Status: How to check your provident fund balance through Umang App PF Status: How to check your provident fund balance through Umang App
EPFO members alert! So easy - Know PF balance amount, latest Provident Fund contribution just by SMS - Here is how EPFO members alert! So easy - Know PF balance amount, latest Provident Fund contribution just by SMS - Here is how
Employees Provident Fund: When and how much tax you have to pay on PF money Employees Provident Fund: When and how much tax you have to pay on PF money
UP EPF scam: What's next in Employees Provident Fund suspected money laundering? All you need to know UP EPF scam: What's next in Employees Provident Fund suspected money laundering? All you need to know

The Employee Provident Fund is a social security scheme for individuals working in private companies. Through this scheme, employees save up funds for their retirement or when they avail it when they leave the organisation. EPF is also said to be a backup plan which is used at an hour of need. Under the retirement fund body, Employees' Provident Fund Organisation, the EPF is made mandatory for private employees where they are required to invest 12% of their salary under this scheme. Notably, the current rate of interest on the EPF is 8.65%. 

When it comes to claiming the EPF amount, one can withdraw the entire amount or apply for partial withdrawal. The withdrawal process can be on the account of marriage, education, purchase of property, home loan repayment, renovation or pre-retirement. If you are planning to withdraw partial amount, here are the details of who is eligible to get the partial amount:

Now you can partially withdraw PF for the following purposes: pic.twitter.com/qTuWuwbh03

— EPFO (@socialepfo) May 29, 2019

Marriage: An EPFO member can withdraw up to 50% of the PF amount from the EPF account, but the condition is that the marriage should be of his/her, the marriage of his or her daughter, son, sister or brother. However, the EPF contribution by the member should have extended 7 years.

Education: EPFO members can withdraw money for the post-matriculation education of his or her son or daughter under certain conditions. The EPF contribution by the member should have extended 7 years.  

Purchase or construction of a house: EPFO members can withdraw money for construction of house or purchase for a site of the house, but the EPF contribution by the member should have completed 5 years.    

Home Renovation: The member can withdraw partially from PF when he or she wants to repair or alter the residence. It can be availed two times:
a) Five years from completion of house
b) Ten years from availing the above

Medical purposes: PF money can be partially drawn for medical purposes. It is applicable for medical treatments of self, spouse, children, and parents. There is no lock-in period or minimum service period for this type of withdrawal.

Repayment of home loans: The EPF subscriber is allowed to withdraw from the corpus for repayment of outstanding principal and interest towards a home loan under certain conditions. However, to withdraw the amount, at least 10 years of service completion is required

Retirement: A person can withdraw his or her entire provident fund corpus after completing 58 years of age. The employee is allowed to withdraw up to 90% of the provident fund balance

The process to withdraw Employees’ Provident Fund (EPF)

The process of withdrawing Employees’ Provident Fund has been made quick and easy. It can be done in two ways:

Physical application for withdrawal:
Single Page Composite Claim Form has been introduced by EPFO to replace multiple claim form like Form 19, Form 10C, Form 31 etc. These claim forms are accepted and processed on self-attestation basis without the need for attestation by the employer. In the case of partial withdrawal from the EPF account, one need not furnish various certificates. They can claim the EPF amount with a self-certification attested to the form. through this form that the applicant can make an official claim over the amount in the EPF account. This process is mandatory for making both full as well as partial withdrawal claims.

Steps to get your EPF online:
1. Visit the UAN website
2. Login to the portal with your unique username and password.
3. Click on Manage.
4. Select KYC and cross-check whether the KYC details like Aadhaar, PAN and bank details along with the IFSC code. are correct and verified. 
5. Post this, go to the tab Online Services.
6. Click on Claim from the drop-down menu.
7. The Claim screen will display the member details as well as KYC details.
8. On the form, select the claim you wish to make i.e. full EPF settlement or partial withdrawal or pension withdrawal. 
9. Click on Proceed for Online Claim. This way you submit your claim
 

 

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Employee Provident Fund
RELATED NEWS
PF account withdrawal: If you have withdrawn money from Provident Fund, then give information while filing tax returns, know why it is important PF account withdrawal: If you have withdrawn money from Provident Fund, then give information while filing tax returns, know why it is important
PF Status: How to check your provident fund balance through Umang App PF Status: How to check your provident fund balance through Umang App
EPFO members alert! So easy - Know PF balance amount, latest Provident Fund contribution just by SMS - Here is how EPFO members alert! So easy - Know PF balance amount, latest Provident Fund contribution just by SMS - Here is how
Employees Provident Fund: When and how much tax you have to pay on PF money Employees Provident Fund: When and how much tax you have to pay on PF money
UP EPF scam: What's next in Employees Provident Fund suspected money laundering? All you need to know UP EPF scam: What's next in Employees Provident Fund suspected money laundering? All you need to know

LATEST NEWS

NEET 2021 exam: Check here the latest update on dates and all you need to know for registration before appearing in the test

PPF Calculator: You can double Public Provident Fund income and save income tax outgo - you will need this help

Gold Price Outlook: Yellow metal falls by over Rs 11,500 in last six months; may crash much more

7th Pay Commission: Central Government Employees' Dearness Allowance (DA) to become 25 pct from April 2021?

EPF Passbook Balance Check Online: EPFO members can do this via Umang App, SMS, missed call; choose whatever you want

ITC Share Price: Experts give 'share to buy' tag; predicts up to 25% profit in three months

Stock Market Outlook: Anil Singhvi reveals Nifty, Bank Nifty support range, says investors should trade keeping volatility in mind

Airbag for front-seat passenger made mandatory from THIS date

West Bengal, Assam Assembly elections 2021: After TMC, BJP likely to release candidates lists today

EaseMyTrip IPO Review: Issue opens on Monday! 'SUBSCRIBE' say experts; check details like important dates, price band, lot size, many more

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved