Provident Fund (EPF) employees are a life deposit that is useful during an important phase in a person’s life. This consists of 12 percent of the monthly basic salary of employees, which are stored with the Employee Provider Fund Organization (EPFO). The employer also contributed shares in this fund, which became a fairly large corpus over a certain period of time.
Employees can attract their online PF quite easily. This can be facilitated through the E-Sew portal of EPFO members.
Employees can attract their complete savings at PF as soon as they retire. But even before retirement, they can attract partial quantities if they meet certain criteria.
Important points to withdraw provident funds
It is obligatory to connect someone’s aadhar card with a universal account number (UAN) to deposit money to a PF account. This can be one online through the EPFO website or even through the cellular application of Umang.
Completing the formality of “Know Your Customer” or KYC is also important before pulling PF.
For KYC, PAN cards are needed and EPFO after completing the process, providing the PF status of the “verified” account.
Important steps to withdraw the provider funds
Enter using your UAN and password and enter Captcha for verification.
Now open the ‘Online Service’ tab and select the ‘claim (form-31, 19 & 10c)’ options from the drop-down menu.
On the next screen, enter your bank account number and click ‘Verification’.
Now on the claim form, select the claims you need under the tab ‘I want to propose’.
Select ‘PF Advance (Form 31)’ to withdraw your funds. Then give the purpose of the down payment, the amount required and the employee’s address.
You may be asked to send a scanned document for your purpose in filling out the form.
After the employer approves the withdrawal request, you will receive money in your bank account. Usually it takes 15-20 days to get money credited to a bank account.
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