The Employee Provident Fund is one of the best savings instruments which can be used to make long-term investments. The amount deposited in the EPF account helps employees secure their financial position. It is a social security net managed by the government on behalf of the employees.
It is compulsory for you to open an account in EPF Department (EPFO) when you join the organisation of your choice. This move helps you save for your retirement and emergencies at a young age.
It is possible to carry out PF withdrawal online. You must follow certain PF withdrawal procedures from the previous employers and the EPFOs (Employee provident fund organisations). The withdrawal of funds would be accorded only after following proper legal processes.
EPF, or Employee Provident Fund, is an investment scheme that offers financial security to its participants. It was started in the year 1952 as a social security scheme for the workers of the unorganised sector. Moreover, EPF provides a wide range of services like health insurance, life insurance, etc. Here is how to withdraw EPF online and manage it better.
Employee Provident Fund – An Overview
The Government of India established the EPF (Employee Provident Fund) in 1952 under the Employees' Provident Funds and Miscellaneous Provisions Act, 1952. The main aim of this act was to provide for compulsory contribution to a provident fund for employees and make provision for its investment, administration, and regulation.
The Employees' Provident Fund Scheme was introduced in 1952 to encourage job creation and provide social security to workers. This scheme aims to build up a corpus of funds during the employee's working life which can be used to meet their future needs such as medical expenses, housing loan repayment, etc.
Therefore, employers must deduct an amount from their employees' monthly salaries and deposit it into their respective EPF accounts. The employee gets the benefit of being able to withdraw their PF deposits after retirement or termination from service.
The EPF scheme provides financial security to its contributors in the form of a monthly pension after retirement at age 58 years or above or at any age if they become permanently disabled during service. It also provides other facilities such as:
- Death-cum-retirement benefit
- Disability pension
- Widow's pension
- Family pension
- Medical attendance allowance
- Medical expenses subsidy
An EPF withdrawal online claim is a process by which the EPF account holder withdraws their PF money from the EPF department. It is a quick and easy process that can be done entirely online.
What Is an EPF Withdrawal Online Claim?
A claim for EPF withdrawal online is the process of withdrawing your money from the Employee Provident Fund (EPF) account. You may use this option if you are leaving your job or retiring from work.
You should know that you cannot withdraw money from your EPF account before the age of 58 years or if you have not completed five years of continuous service at one organisation and have not yet crossed that age limit. In addition, some other conditions need to be fulfilled before you can withdraw money from your savings account in this way.
The procedure for an EPF withdrawal online claim is simple and easy. All you need to do is submit the necessary details of your EPF account through an online application.
To proceed with the EPF withdrawal online, you must first register as an EPFO member on their official website. Once registered, log in to your account and complete the KYC verification process by uploading scanned copies of your identity proof and address proof documents.
After completing KYC verification, you will receive an OTP on your registered mobile number, which you will need to enter to complete the process. Once these formalities are completed, you can access all your details on their portal, including pending PF withdrawal requests.
Which Are the Documents Required for Filing an EPF Withdrawal Claim Online?
EPF withdrawal online is one of the most sought-after services offered by the EPFO, including EPFO online withdrawal. The employees can claim their PF balance online and get their hard-earned money on time.
Documents Required for EPF Withdrawal Online:
You need to provide a few documents along with the online claim forms like Form 19, 10C, 10D and 31 to withdraw from your EPF account in case you are eligible for one.
These documents include your PPO number, PAN card, Aadhaar, bank account details, etc. Here is a list of such documents that you need to submit to file an EPF withdrawal online claim:
- PAN Card and Aadhar Card: This document is mandatory for filing a claim for EPF withdrawal online. If you wish to file an EPF withdrawal claim online, you need to give this document using NEFT/RTGS payment modes.
Without this document, it will be impossible for you to make any NEFT/RTGS transaction with our portal. Once you enter this document on the EPFO portal as EPFO withdraw PF online, they will proceed further with processing your request and generate a unique transaction ID to help you track your application easily.
- Bank Details: If you want to withdraw money through RTGS/NEFT mode, then you need to provide your bank account details so that they can transfer money into your account directly after processing your online claim. It includes the IFSC Code, Account Number, and Branch Details.
Primarily, you would require the bank account statement and a canceled cheque to get a snapshot of the bank account information. Please note that you must not furnish details of joint accounts and ensure that you're the only account holder of the account.
- Address proof: Passport size photograph, PAN card/Aadhaar card/Voter ID card issued by the Election Commission of India, driving license, current electricity bill/telephone bill or any utility bill, bank passbook, and ATM card, which should have been issued within the last three months from the date of submitting the application before any office of the EPFO.If you are a pensioner, you would also be required to carry a photocopy of your bank passbook showing the pension credited to your account.
What Are the Eligibility Criteria for Filing the EPF Withdrawal Online Claim?
A UAN or Universal Account Number is an identifier that is given by the government of India to every salaried professional enrolled under the Employee Provident Scheme by their employer.
It can link your bank account with your EPF account, get a loan against your PF balance, apply for PF withdrawal on the web or through a mobile app, track PF contributions, and other such services.
The UAN number consists of 12 numbers, serves as an identifier for your EPF account, and helps you access various facilities on the EPFO portal. UAN is similar to a PAN card in that it can be used for more than one purpose.
Employers use it to deposit contributions in the employee's PF account, but employees can also use it to track their PF accounts online and even to change their bank details if needed.
To file an EPF withdrawal online claim, you must meet all of the following conditions and can use the below forms to submit your claim:
- You must be an active subscriber of EPFO (Forms 31, 19 and 10C)
- Retired professionals who have crossed the required age of 58 years (Form 10D)
- Working professionals must have completed a minimum of 10 years of working with the organisation (Form 10D)
- Salaried professionals who have used their EPF contributions for life insurance schemes (Form 14)
- Employees who have transferred their EPF corpus from one organisation to another during the change of jobs. (Form 13)
- Legal heirs who can access the EPF account in case of the sudden death of the EPF member (Form 20)
- Immediate family listed for the EPF-linked insurance on account of the member's death (Form 51F)
Steps to File the Online Claim for EPF Withdrawal
EPF is a compulsory social security scheme. This fund is mandatory for all salaried employees in India. The EPF account can be opened by the employers or the employees themselves.
If you have worked with an organisation where EPF has been deducted from your salary, then you can process the PF withdrawal online of the same. Here are the steps to file for an EPF withdrawal online claim:
- Log on to the EPFO website.
- Enter your 12-digit UAN (Universal Account Number) and password to log in to your account. Please ensure that your UAN is active.
- Fill up the online claims forms (31, 19, and 10C) by first verifying all the KYC details submitted.
- Once all the details are rechecked, submit the online claim form to proceed ahead with the EPF withdrawal online.
- You can see multiple options for partial or complete settlement of claims. Click on the appropriate option and add the purpose for which the withdrawal claim is submitted.
- Please ensure that all the requested documents are available for the EPF withdrawal claim.
- Once the PF withdrawal online process is completed, you will receive an acknowledgment on your registered mobile number. The given bank account will be credited within 2-3 weeks of the online application.
Apart from the online portal, there is a mobile application called UMANG which can also be used for the EPF withdrawal online claim. The acronym UMANG stands for Unified Mobile App for New Governance.
Benefits of the Online Claim of EPF Withdrawal
The EPF withdrawal online claim is one of the best ways to receive your money from this scheme. You can avail yourself of several benefits when you choose this option over others. These benefits include:
The main benefit of EPF withdrawal online is that it will save time and effort for both employers and employees. Employers no longer need to manually submit forms in hard copies or submit e-formats, as all information about employees will be stored in the system's database.
Also, employees do not need to physically go to their employers' or district offices to fill out forms and submit them. They can stay at home and fill up these forms online on their computers or laptops using their internet connection with complete privacy.
Another reason many people prefer claiming their EPF withdrawal online through online channels is that speed has also never been an issue with such claims! You will get your money transferred directly into your bank account within the stipulated time.
With an EPF withdrawal online or e-claim procedure, your details are safe from any external threats, such as cyber-attacks and hacking attempts, because they are encrypted and protected with a secure password that only you know about.
The convenience offered by this option cannot be matched by any traditional method of claiming money from EPF. Whether you want to claim a small or a big amount, it will always be more convenient for you if you choose this option over others because there is no paperwork involved!
All you need is an internet connection and enough information about yourself and your account details, and you should be good to go!
The Employees' Provident Fund Organisation offers its customers the most secure gateway for EPF Withdrawal Forms, which are duly registered and certified by government regulations. This gateway is user-friendly and available 24/7, irrespective of the salary you upload to get your EPF balance.
EPFO allows members to withdraw their employer provident fund (EPF) account. The withdrawal request can be made anywhere at any time using the internet and mobile phone application. You need to fill out a form online and submit it to the provident fund portal, which is provided on the website for the EPF withdrawal online.
Their services are catered to all categories of employees like government employees, private company employees, etc., from all over India. They accept all major bank account details to transfer funds for the customers in the safest manner possible.
Frequently Asked Questions (FAQs)
What is the purpose of the employee provident fund (EPF) scheme?
The employee provident fund (EPF) is a scheme the government implements for the benefit of its employees. This scheme was introduced in 1952, and since then, it has been a great help to many people.
The primary purpose of this scheme is to provide a reasonable amount of money to its members after retirement. The government has made it mandatory for all employers to enroll their employees in this scheme.
How is the online claim for the EPF withdrawal effective?
With the changing times, the way of doing things has also changed. The EPFO has considered this and made it possible for you to make your online claim for EPF withdrawal. This will save you from standing in long queues at the EPFO office and waiting for ages to get your money.
No more worries about losing your job or retirement, as now you can easily withdraw your employee provident fund online whenever you want.
Can employees access the full amount in the EPF account before attaining retirement age?
No, employees cannot access the total amount but only 90% of the contribution after filling out an online application form.
How many EPF accounts can an individual have?
As per rules and regulations, an individual can have only one Universal account number and a unique identification number for the employee's account in the portal.
The Employee Provident Fund account number is linked with the UAN. In the case of two or more UANs, it's advisable to deactivate the old one and ensure that a single UAN exists for ease of EPF withdrawal online.
What is the Universal Account Number (UAN)?
The Universal Account Number (UAN) is a unique 12-digit identification number that is allocated by the government to employees who have been enrolled by their employers on the EPFO portal.
It serves as proof of identification and helps working professionals access their EPF accounts on the portal. The number is assigned to individuals with a certain sum of money as a contribution to their account on the EPFO portal.