Provident Fund or Employee Provident Fund Scheme is a retirement saving scheme where both the employees and the employers contribute an equal amount towards savings that can be availed upon one’s retirement or after switching jobs. The prime aim of these savings is to fund the employee s retirement. EPF can also be withdrawn by the employees during the course of employment.
This scheme encourages savings for individuals for their retirement. However, in case of an emergency, you can withdraw that money. You can choose to withdraw EPF completely or partially. However, there are certain circumstances under which you can do so. For instance, when an individual retires from employment or if you remain unemployed for a period of 2 months or more.
If you wish to withdrawal your PF money online, here is a step-by-step guide to do so:
1. Using your UAN and password, log in to the EPFO portal.
2. By clicking on the Manage tab, verify your KYC details.
3. Click on the Online Services tab and select Claim (Form-31, 19 & 10C ) from the drop-down menu of the top menu bar.
4. Member Details will be shown on the screen. You need to enter the last 4 digits of your bank account to verify.
5. To sign the certificate of undertaking and proceed further, click on Yes .
6. There will be three options of forms while filing the online withdrawal claim:
a) Form 10C (only pension withdrawal) This form is used to withdraw only the pension amount.
b) Form 19 (only PF withdrawal) It is used to withdraw the entire accumulated PF amount, also known as final settlement.
c) Form 31 (part withdrawal of PF) This form is used for processing a partial withdrawal request.
7. Click on proceed for online claim to submit the claim form.
EPFO will collect your KYC details, for instance, Aadhaar details, from UIDAI and your online PF claim will be processed. Once approved, the PF amount will be credited to your account within 10 days.