PF Withdrawal: A Step-by-Step Guide to Withdraw EPF Money Online, Offline

PF Withdrawal: A Step-by-Step Guide to Withdraw EPF Money Online, Offline

The EPF (Employees’ Provident Fund), which is also referred to as PF (Provident Fund), is a mandatory saving and retirement scheme designed for employees. This fund is set in place as a corpus fund for said employees to fall back on after their retirement. As per the guidelines of the EPF, the employee must contribute 12 per cent of their basic salary to this fund every month. Along the same line, the employer will also contribute a mirror amount. The funds in the PF account gradually gains interest on an annual basis. This amount can be partially or fully withdrawn depending on a few conditions which have to be met. These can be career-wise or circumstantial situations.

PF Account Withdrawal Conditions

An individual’s PF amount can be withdrawn either completely or partially. To withdraw said amount completely, the individual needs to be either retired or be unemployed for a period of more than two months. Upon which, the amount can be withdrawn pending an attestation from a gazetted office.

A partial withdrawal on the other hand needs to meet several benchmarks. The reason can range from marriage to education, land or house purchase, renovations, home loan repayments, Covid-19 or even a pre-retirement partial withdrawal. All of these reasons for withdrawal must meet a minimum of 5 to 7 years, except the pre-retirement withdrawal, where the employee must be at least 54-years-old.

The Withdrawal Process

Offline Withdrawal

You simply need to download the Composite Claim Form (Aadhaar) or the Composite Claim Form (Non-Aadhaar) and submit the filled form to withdraw the funds. For the Composite Claim Form (Aadhaar), you will need to have seeded the Aadhaar number and bank details with the respective account. It also needs to be activated via the portal. The Composite Claim Form (Non-Aadhaar) is for when the bank and Aadhaar details are not seeded as mentioned.

After filling out the form you need to submit it to the respective jurisdictional EPFO office with the attestation of the employer.

Online Withdrawal

The online facility makes the process much more streamlined and less time-consuming for the employee. Here are the steps.

Step 1: Ensure that the Universal Account Number (UAN) is activated and linked with a registered mobile number. Also make sure that it is liked with your KYC, i.e., bank details, Aadhaar and IFSC code. If these conditions are met the employer will not need to attest the paperwork for your withdrawal.

Step 2: Go to the UAN portal and log in with your UAN and password. Enter the captcha and proceed with signing in.

Step 3: Go to the ‘Online Services’ tab on the top, drop-down menu and click on the ‘Claim (Form-31, 19 & 10C)’ option.

Step 4: This will take you to a new page with all the member details, KYC details and so on. Fill out your bank account number and click on ‘Verify’. Then you need to fill in the reason for leaving the services of PF.

Step 5: A pop-up will appear named, ‘Certificate of Undertaking’. Click on ‘Yes’.

Step 6: Go to the drop-down menu again and select the ‘I Want To Apply For’ option and from there choose the ‘Only PF withdrawal (Form 19)’ option.

Step 7: Fill in the ‘Complete Address’ section and upload scanned copies of your Passbook or Cheque.

Step 8: Select the tick option on the disclaimer and click on the ‘Get Aadhaar OTP’ option. From there fill in the OTP received on your registered and linked mobile number. After this, submit the application.

Step 9: After submitting this form, follow the same steps and submit ‘Form 10C’ via the portal. The amount you requested should be deposited into your registered bank account within 15 to 20 days.