Provident Fund Withdrawal: Read Rules, Steps, Details

 

Provident Fund Withdrawal: Read Rules, Steps, Details

You will need to full the KYC formalities earlier than withdrawing provident fund.

Staff Provident Fund (EPF) is a lifetime deposit which is useful throughout essential phases of 1’s life. It consists of 12 per cent of an worker’s month-to-month fundamental wage, which is deposited with the Staff Provident Fund Organisation (EPFO). The employer additionally contributes a share on this fund, which turns into a sizeable corpus over a time frame.

Staff can withdraw their PF on-line fairly simply. This may be facilitated by means of the member e-SEW portal of EPFO.

The workers can withdraw their full financial savings within the PF as soon as they retire. Nonetheless even earlier than retirement, they will withdraw a partial quantity in the event that they meet sure standards.

Essential Factors For Withdraw Provident Fund

It’s obligatory to hyperlink one’s Aadhar card with the common account quantity (UAN) to deposit cash to the PF account. This may be one on-line by means of the EPFO web site and even by means of the UMANG cell app.

Finishing the “Know Your Buyer” or KYC formality can also be necessary earlier than withdrawing PF.

For KYC, PAN card is required and EPFO after finishing the method, offers the PF account a “verified” standing.

Essential Steps To Withdraw Provident Fund

Go to the UAN portal at https://unifiedportal-mem.epfindia.gov.in/memberinterface/

Log in utilizing your UAN and password and enter the captcha for verification.

Now go to the ‘On-line Companies’ tab and choose the choice ‘Declare (Type-31, 19 & 10C)’ from the drop-down menu.

On the following display screen, enter your checking account quantity and click on on ‘Confirm’.

Now click on on ‘Sure’ and proceed.

After this, click on on ‘Proceed for On-line Declare’.

Now within the declare kind, choose the declare you require below the tab ‘I Need To Apply For’.

Choose ‘PF Advance (Type 31)’ to withdraw your fund. Then present the aim of such advance, the quantity required and the worker’s handle.

Now, click on on the certificates and submit your utility.

You could be requested to submit scanned paperwork for the aim you will have stuffed the shape.

After the employer approves the withdrawal request, you’ll obtain cash in your checking account. It often takes 15-20 days to get the cash credited to the checking account.

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