The Employees’ Provident Fund (EPF), commonly known as PF (Provident Fund), is a compulsory savings scheme for employees in established organizations. It entails a monthly contribution of 12% of the basic pay from employees, with a corresponding contribution from employers. The scheme provides an 8.15% interest rate, and employees can withdraw the accumulated amount upon retirement. This article outlines the steps for withdrawing PF in case of emergencies.
Complete EPF Withdrawal:
Full EPF withdrawal is permissible under two circumstances: retirement or prolonged unemployment. In the latter case, an individual can withdraw 75% after one month of unemployment and the remaining 25% if the period extends beyond two months.
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Partial PF Withdrawal:
Partial withdrawal is allowed for specific purposes such as education, medical needs, marriage, land purchase, house construction, home loan repayment, house renovation, and before retirement.
Withdrawal Requirements:
To withdraw PF online, you need the Universal Account Number (UAN), linked and verified Aadhaar number, and a bank account matching the Aadhaar registration. If details change, completing the eKYC process and updating information is essential.
Steps for Online Withdrawal:
- Log in to the EPFO e-SEWA portal.
- Navigate to the online claims section.
- Input bank account details.
- Confirm Terms and Conditions.
- Select the reason for withdrawal.
- Provide necessary details and upload required documents.
- Receive and enter the OTP sent to the registered mobile number to submit the claim application.
