The ability to quickly access one’s funds is essential in the ever-changing world of financial transactions. Millions of Indian workers rely on the Employees’ Provident Fund Organization (EPFO) as a crucial tool for managing their retirement funds. However, how quickly people receive their money can be greatly impacted by how well they use the EPFO claim portal.
To streamline the procedure, this guide provides practical advice and methods for accelerating the withdrawal of cash from the EPFO claim portal. This tutorial equips users with the skills to use the portal efficiently, from comprehending the required paperwork to streamlining digital submissions, guaranteeing a quick and easy experience while obtaining their hard-earned money.
What are the Basic Conditions for EPF Withdrawal?
The main reason for making an employee provident fund account is to make sure that the person leads a good retirement life with enough resources at their disposal. Hence, the right time to withdraw PF is after retirement, but sometimes, there are some necessities in which the funds are needed. Some basic conditions for EPF withdrawal should be taken care of –
- The EPFO Claim Portal allows individuals to withdraw all money only after they are retired. However, they can withdraw 90% of the money one year before retirement.
- Early retirement of individuals can be claimed only after they have crossed the age of 55 years in the EPFO Claim Portal.
- The employees can also withdraw money from their provident funds if they have been unemployed for over 2 months.
- However, a partial amount from the provident fund can be claimed through the EPFO Claim Portal under a few conditions like –
- If the employee or his/ her children have to pursue higher education.
- If the employee wishes to purchase the first property under their name.
- In case of any medical emergency.
These are the necessary conditions for EPF Withdrawal through the EPFO Claim Portal that everyone needs to follow.
Basic Requirements for EPF Withdrawal
To withdraw money from your PF account, you must fulfil the basic requirements while withdrawing through the EPFO Claim Portal. These requirements are as follows –
- Universal Account Number (UAN) of the employee.
- UAN must be linked with the Aadhar card of the employee.
- The bank account linked with your Aadhar should be the same as the one in which you want to receive the PF money.
- If an update is to be made, the employee should submit an eKYC before making an EPF withdrawal claim.
Process of EPF Withdrawal
The process of EPF Withdrawal involves two methods, and the person can choose whichever suits them the best. These methods are –
1- Physical Process
If a person has difficulties claiming Employee Provident Fund online, they can choose the physical mode. In physical mode, they have to visit the nearest EPFO to get the application form for withdrawal. They need to fill out the Composite Claim Form (Aadhar/ Non-Aadhar) and submit it to the EPFO office.
Aadhar – If your Aadhar, bank details, and UAN are interlinked then you should fill out the form to claim without needing an attestation from the employer.
Non-Aadhar – If your Aadhar, bank details, and UAN are not interlinked with each other, then you should fill out the form and get it attested by your employer to submit it to the EPFO office for withdrawal.
2- Online Process
To go through the online process, you must ensure that your UAN is interlinked with the bank details and your Aadhar card, and if not, you should do so before making such a withdrawal request in the EPFO Claim Portal. If KYC is done, then you should follow these steps for quick claim –
- With your credentials, Log in to the online UAN portal.
- From the top menu bar, you have to choose ‘Online Services’.
- From there, you have to choose the option of Claim (Form-31, 19 & 10C will be accessible).
- From the next screen where your details are shown, you have to verify them by entering your bank account number’s last 4-digits.
- In the next step, you have to sign the certificate of undertaking form.
- To withdraw the money from the EPFO Claim Portal, you should click on Form – 31 (PF Advance option).
- In the next step, you need to provide the reason for which you made the withdrawal.
- You also have to list the amount that you wish to withdraw from the account through the EPFO Claim Portal.
- Then, you have to submit the online withdrawal application.
- Based on the reason you stated for withdrawing money, you might be asked to submit a scanned copy of a few documents to certify your claim.
- The employer needs to accept the withdrawal request.
After all the process formalities and the acceptance of withdrawal from the employer, it takes 15-20 days to receive your Employee Provident Fund in your account.
To Wrap Up
To sum up, the EPFO claim site is an essential tool for people who are managing their retirement funds because it is easily accessible and convenient. Through the effective application of the tactics described in this tutorial, users can quickly withdraw their funds. Adopting digital submissions, comprehension of documentation prerequisites, and timely updates can facilitate a quicker and more efficient procedure.
Corpbiz can help individuals get their EPF registration on time and without much hassle. Our fundamentals make sure that our services provided to anyone should be on a timely basis with effective results.
Frequently Asked Questions
Q- 1 What amount can be withdrawn in case of unemployment from the EPF account?
In case of unemployment, a person can withdraw amounts up to 75% after the first month of unemployment and the rest 25% after the second month.
Q- 2 What is the benefit of the EPFO Claim Portal?
The EPFO claim portal keeps up with technological advancements and user interface upgrades, giving consumers ever-more-streamlined experiences. People may securely go through the site with the help of these tools and insights, guaranteeing quick access to their money when in need, making sure that their money is safely handled thereby giving them financial security.
Q- 3 What is the time taken to get the EPF withdrawal?
The time taken to get the EPF withdrawal amount ranges between 15 – 20 days in the case where your KYC is done, registration has been completed properly, and the employer has accepted the withdrawal.
Q- 4 Is it possible to check EPF withdrawal status?
Yes, you can check your EPF withdrawal status through the EPFO online portal by entering your EPF account number and other necessary details that might be requested by the portal.
Q- 5 Under what conditions can I withdraw my EPF money?
You can withdraw your EPF money for purposes like retirement, medical emergency, marriage ceremony, higher studies, house loan/ refurnishing/ buying, etc.
Q- 6 How to withdraw EPF through offline mode?
In physical mode, they have to visit the nearest EPFO to get the application form for withdrawal. They need to fill out the Composite Claim Form (Aadhar/ Non-Aadhar) and submit it to the EPFO office.
Also Read- How to Apply for EPF Registration Online in India
