The Employee Provident Fund (EPF) is a reliable savings option for retirement, offering financial security and a pension fund. However, under certain conditions, you can withdraw funds partially or fully before retirement. Here’s a comprehensive guide on the circumstances for withdrawal, eligibility criteria, and the steps involved.
Reasons for Partial PF Withdrawal
Partial withdrawals from your PF account are allowed for specific situations, ensuring that the fund supports your financial needs during emergencies or significant life events. These include:
- Medical Emergencies: Covers personal or family medical expenses.
- Marriage Expenses: For your or your child’s wedding.
- Home Loan Repayment: To clear outstanding home loans.
- Purchasing Property: For buying a new house or land.
- Home Renovation: To repair or improve your existing property.
Eligibility:
To withdraw for these reasons, the account holder must have been a member of EPFO (Employees’ Provident Fund Organisation) for at least 5–7 years, depending on the purpose.
Full Withdrawal of PF Funds
Full withdrawal is only permitted in specific situations:
- Retirement: At 58 years or later.
- Unemployment: After a minimum of two months without a job.
How to Check PF Account Balance
Before initiating a withdrawal, it’s helpful to know the balance in your PF account. Here’s how:
- SMS: Send an SMS to 7738299899. Type: EPFOHO UAN ENG (Replace “ENG” with your preferred language code, e.g., HIN for Hindi). Ensure your mobile number is linked to your UAN.
Step-by-Step Process for Partial PF Withdrawal
To withdraw money from your PF account, follow these steps:
Step 1: Log in to the UAN Portal
- Visit the official UAN Member e-Sewa portal.
- Enter your UAN (Universal Account Number) and password.
Step 2: Authenticate via OTP
- An OTP will be sent to your Aadhaar-linked mobile number.
- Enter the OTP and complete the CAPTCHA to log in.
Step 3: Navigate to Online Services
- On the dashboard, locate the ‘Online Services’ tab at the top right corner.
- From the dropdown menu, select ‘Claim’.
Step 4: Verify Member Details
- Enter your bank account number linked to EPFO for verification.
- A confirmation page will appear.
Step 5: Accept Undertaking
- Review the Certificate of Undertaking, which states the claimed amount will be credited to your verified bank account.
- Agree to the terms by clicking ‘Yes’.
Step 6: Submit Online Claim
- Click ‘Proceed for Online Claim’.
- A form will open where you’ll need to:
- Provide your residential address.
- Mention the purpose of withdrawal (e.g., medical, marriage).
Step 7: Upload Documents
- Attach necessary documents such as:
- Scanned copy of a cancelled cheque.
- Form 15G (to avoid TDS deduction, if applicable).
Step 8: Submit the Claim
- Review all details and submit your application.
How to Track Your Claim
After submission, you can check the status of your claim by logging into the UAN portal. Navigate to ‘Track Claim Status’ under the Online Services section.
Tips for a Hassle-Free PF Withdrawal
- Ensure Aadhaar Linking: Your Aadhaar must be linked with your UAN for seamless withdrawal.
- Verify Bank Details: Double-check that the correct bank account is linked to avoid delays.
- Keep Documents Ready: Required documents like Form 15G, medical bills, or house-related proofs should be scanned and ready for upload.
- Avoid Errors in Forms: Fill in accurate details to prevent rejections.
Important Points to Note
- Withdrawal Timeline: Claims are usually processed within 10-15 working days.
- Tax Implications: Partial withdrawals are tax-free, but full withdrawals within 5 years of account opening may attract TDS if Form 15G is not submitted.
- Employment Status: Full withdrawal is possible only after a two-month unemployment period.
Why Use the UAN Portal for PF Withdrawals?
The EPFO UAN portal simplifies the withdrawal process with a user-friendly interface and quick online claims. Unlike the earlier manual process, it eliminates paperwork and allows real-time tracking of claims, making it the preferred choice for account holders.
By understanding the process and eligibility criteria, you can efficiently manage your PF account and use your savings when needed.
