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.
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.
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.