EPF, or Employee Provident Fund, is designed for ensuring a happy life post-retirement; however, there are instances when accessing PF funds is necessary even during job transitions. In this scenario, individuals with accurate knowledge of how to withdraw funds from their PF account do so, while those unaware of the complete procedure encounter difficulties.
Consequently, today we will guide you through the complete procedure that will enable you to effortlessly withdraw funds from your PF account. The amount of money you can take out from your PF is determined by the status of your PF account. If you wish to access PF funds for your child’s, sibling’s, or your own marriage, the employee is permitted to withdraw up to 50 percent of the amount. Nonetheless, to qualify for this, you must have completed 7 years of work. For your education or your child’s, you may withdraw 50 percent of your portion plus interest.
It is also necessary to have finished 7 years of employment for this. Conversely, if you’re looking to purchase a house or apartment and have worked for five years, you may also be eligible to request advance funds under certain conditions. If you need funds for the treatment of yourself, spouse, kids, or parents, you can withdraw either 6 times your salary or the full PF amount, depending on which is lesser. If you are ill, you can access your PF money at any time. To accomplish this, you must provide evidence of hospitalization for a month or longer, a leave certificate, and a certificate from your employer or ESI confirming that ESI benefits are not being offered.
Take out cash online from home
To start, visit the EPFO website at https://unifiedportal-mem.epfindia.gov.in/memberinterface/ and log in by providing your UAN number, password, and captcha. Following this, click on Manage and verify your KYC. Next, visit Online Services and select CLAIM (FORM-31, 19&10C). Here, you can choose to take out the full amount, withdraw a portion for loans and advances, or withdraw funds for pension. You will find the choice for which you qualify today. Now complete your claim form online based on your needs and qualifications. The EPF amount will be deposited into your registered bank account within 10 days of completing this form.