In today’s world, no problem ever comes with a warning. In such situations, it’s essential to have an emergency fund prepared in advance. However, when we need extra financial help, we often prefer using our investment funds instead of borrowing. Investment funds, including the PF account, are primarily meant for post-retirement income, but sometimes we may need to access these funds earlier. This article will explain when you can withdraw from your PF account and the method for doing so.
When Can You Withdraw the Entire Amount?
You can withdraw the entire amount from your PF account after retirement. Additionally, if you remain unemployed for two consecutive months, you can make a full withdrawal. However, if you’re unemployed for just one month, you can only withdraw 75% of your PF balance.
When Can You Make Partial Withdrawal?
Partial withdrawals are allowed for specific reasons, such as:
- Medical emergencies
- Marriage of yourself or a family member
- Home loan repayment
- Buying or repairing a house
- To qualify, you must have contributed for five consecutive years.
How to Apply for Partial Withdrawal
- Log in to the UAN portal using your UAN number and password.
- Enter the OTP sent to your Aadhaar-linked mobile number and the captcha.
- To access your profile go to “Online Services” and select ‘Claim.’
- Verify your bank account details and click ‘Yes’ on the Certificate of Undertaking form.
- Click on the “Online Claim” and fill in all required information.
- Upload the necessary documents along with Form 15G.
- Submit the claim. The amount will be transferred to your bank account within approximately 10 days.
- You can track your claim status on the portal.