Procedure of Withdrawing Employee Provident Fund (EPF Withdrawal) using UAN Number in unifiedportal-mem.epfindia.gov.in website….
The Provident Fund is a saving scheme, which is under the Employee Provident Fund Organization [EPFO] run by the Central Government of India. The process involves some part of the employee’s salary being deposited on a monthly basis to cater to their retirement plan. The plan comes with a wide range of excellent facilities to offer their member for example insurance coverage and many more.
Provident Fund is one of the best tools for creating a financial corpus for the future. In this scheme, a part of the basic salary of the employee has reduced. As per the government instructions, the individual will get the interest on the amount. Once you take retirement then the whole amount, along with the attention, given to the employees. Some of the money will transfer towards the EPS [Employee Provident Scheme]. There are several ways you can check the amount of EPF here.
If you are retired and feel that you want to get your money, there is a EPF withdrawal procedure. An EPFO member has to wait for more than two months to apply for the withdrawal of his or her PF claims.
Rules Associated With EPF Withdrawal
One can receive their Provident Fund amount within two months after leaving an existing job. The PF money is meant to help employees when they have retired meaning they do not have monthly income from their employers. There are some guidelines that one needs to understand before making a PF withdrawal of their EPF claims. They include;
- The applicant has to fill in the Employee Provident Fund form with correct and relevant details and add a stamp from your previous employer.
- A member of the EPFO should submit Form 19 to withdraw his or her Provident Funds.
- Members are also required to provide form 10C when they want to claim a pension.
- The members should know that it usually takes about 40 days from the date of submission to transfer your funds from one account to another.
- If an employee withdraws his or her Provident Funds before the end of five years after opening the PF account, the money becomes taxable.
- No employee is entitled to apply for their Provident Funds just two months after leaving their jobs.
- Withdrawal of your Provident Fund earlier after leaving one’s job is not encouraged because after retirement means you can never get employed again and you will not have any salary rather than depending on the Provident Funds money.
How to Withdraw EPF Balance Amount using Universal Account Number (UAN)
There are two main ways in which one can withdraw their EPF, and they include;
- PF Withdrawal by physical application
- EPF Withdrawal using the online portal
Withdrawal using the Physical Application
The first step is to visit the Employee Provident Fund Organization portal using this link: https://epfindia.gov.in
- After logon into the above mentioned website.
- Go to the ‘Our Services’ option on the home page, and a drop-down menu will appear to select the option ‘Act and Schemes’ and click on it.
- You will be redirected to a new page showing you the provisions Act needed, one should download them.
- After downloading, fill in the new composite claim form and ensure that all details filled are correct.
- Submit your form to the respective EPFO jurisdiction office.
- After the organization has done the review, the amount claimed will be transferred to your bank account for easy withdrawal.
Withdrawal using the Online Portal
- To withdraw using the portal, visit the Universal Account Number portal using this link: https://unifiedportal-mem.epfindia.gov.in/
- On the right-hand side of the home page, you will be required to fill in your login details. Key in your UAN number, UAN password, finalize by entering the captcha code given below and press the option ‘Submit.
- Click on the tab with the option ‘ Manage’ and a drop-down menu will appear to select the KYC to confirm whether your KYC details like the PAN, Bank details and Aadhaar are accurate and verified.
- After your KYC details have been verified, on your homepage, go to the option ‘Online Services’ a drop-down menu will appear to select the option ‘Claim’ and press on it.
- You will be redirected to a new page where your ‘Claims ‘ will be displayed. You will be able to see details all your details and KYC details.
- The next step is to click on the tab ‘Proceed for Online Claim’ to submit your claim form.
- Ensure that in your claim you specify the type of application you require because there are different types, which include full EPF statement, EPF part withdrawal for either the entire loan or an advance, pensioned withdrawal and many more.
- Under the tab, ‘I want to apply for’ select your desired claim request and click on it. After some time your money will be deposited in your bank account.
- In case you notice that on the option ‘Proceed to claim’ that a drop-down menu is not appearing due to the service criteria it is important to visit the EPFO. This means that you are not able to receive these online services like pension withdrawal or PF withdrawal it is because you are not eligible for any EPF services.
It is also important for members to note that in case one is applying online for EPF partial withdrawal like a loan or an advance, you do not require submitting any documents for application.