How to Withdraw PF Amount Online

We will share with you in the post How to Withdraw PF Amount Online – Step-by-Step Guide. If you read the post then definitely you want to withdraw money from your PF Account online. EPF (Employee Provident Fund), often known as PF (Provident Fund), is a required savings and retirement program for workers at qualifying organizations. After retirement, the corpus of this fund will be available to the employees. Employees are required to contribute 12% of their base pay to this fund each month in accordance with EPF regulations. To the employee’s PF account, the company makes a matching contribution. Every year, interest is earned on the funds put in EPF accounts.

Read: How to get a Personal loan on Aadhaar Card?

Employees having Employees’ Provident Funds (EPFs) can see their PF balance online. Through EPFO’s member e-SEWA site, this is possible. Once they reach retirement age, the employees are able to withdraw their whole PF balance. If they meet specific requirements, they may also withdraw a portion of their money.

Table of Contents

When We Can Withdraw PF Amount?

EPF might be withdrawn completely or in part.

Withdrawal in the full amount

EPF can only be completely withdrawn in one of the following two situations:

When a Person Retires.
Unemployed

A person who has been unemployed for more than one month may withdraw 75% of the total collected funds and 25% of the remaining funds if their unemployment lasts more than two months.

If an individual changes occupations before their unemployment time of two months or longer has expired, they are not permitted to completely withdraw their EPF balance (i.e. the interim period between changing jobs).

When You Partially Withdrawal PF Amount

EPF balance partial withdrawals are only permitted under certain situations-

1- Withdrawal of PF Money for Medical purposes

If you need to take money out of your EPF account to pay for medical care, you can do so. But in order to do so, the ensuing prerequisites must be satisfied:

During the hospitalization period, the patient must be hospitalized for a minimum of one month to be considered valid.
Hospital admission is required before any major surgery.
The person must be on a leave of absence that has been authorized by the employer for a condition like cancer, tuberculosis, paralysis, leprosy, heart issues, mental illness, etc.

Your six months’ salary is the most you can withdraw. You and your immediate family members’ treatment may be covered by this sum.

2- Withdrawal of PF Money for Marriage

To cover the costs of a marriage, you can decide to take money out of your EPF. However, you are only eligible for this benefit if you have served your employer for seven years. You may withdraw up to 50% of the money you have put into your EPF account, plus three times the interest that has accrued. When you can choose these advantages are as follows:

Your wedding
Your son and daughter’s wedding
Your brother and sister’s wedding

3- Withdrawal of PF Money for Education

PF account holders are allowed to withdraw a maximum of 50% of the total employee contribution from the employee provident fund, in their own accounts. The money you receive from this will be able to be used to pay for the education of your children after class ten as well as to pay for your own higher education as well.

4- Withdrawal of PF Money for Buying land or Building a House

A substantial amount of money can be withdrawn from your EPF account if you need funds to construct a house or buy a property. Before choosing to receive the advantages, you must comprehend the following guidelines:

You must have five years of service under your belt in order to choose the perk.
The land or house you are buying must be in your name, your spouse’s name, or both of your names. Other combinations are not allowed.
You can withdraw up to 24 months’ worth of basic pay plus a dearness allowance.

Regarding the property in question, there must be no controversies. To receive the benefits, you must also show proof of property registration.

5- Withdrawal of PF Amount for Home Loan Repayment

To pay off your current home loan, you may withdraw from your EPF an amount equal to 36 times your monthly wage. But you’ll need to finish your ten years of duty. You can only use this benefit once in your lifetime.

The money can be used to pay off your current mortgage or to buy a home or piece of property. The home must be owned jointly or in your name or that of your spouse in order to qualify for the loan. If this is not the case, then this advantage cannot be used.

6- Withdrawal of PF Money for House Renovation

The EPF account can be used to withdraw money if you need to repair a house, alter it or expand it, or if you need some other home improvement costs. To receive the benefits, however, a few guidelines must be followed:

The house has to be at least five years old from the construction date in order for repairs to be made.
You are permitted to withdraw up to 12 months’ worth of basic pay plus an employee share with interest, whichever is less.
Your service life must have been fulfilled after ten years.
The home you want to renovate must be owned by you, your spouse, or both of you.
This service is available to you just once during your lifetime.

7- Withdrawal of PF Money for For People with Disabilities

The employee’s share of contributions plus interest, or six months’ worth of basic pay and dearness allowance, whichever is less, may be withdrawn by holders of specially-abled accounts in accordance with PF withdrawal regulations 2023 in order to pay for their equipment. To lessen the financial burden of investing in pricey equipment, this was done.

8- Withdrawal of PF Money for Unemployed

If a person has had their PF account open for more than a month after leaving employment, they are eligible to take 75% of the total amount. The remaining 25% may also be withheld if the unemployed period lasts more than two months.

Other Causes of Withdraw PF Amount

whether the member had attained retirement age.
if a female employee leaves her job to start a family, get married, or give birth to a kid.
if the person intends to reside permanently overseas.
before retiring, just one more year remains.
for natural disasters, power outages inside the building, or investments in the Varishtha Pension Bima Yojana.

How to Apply for PF Withdrawal Amount Online with UAN Number

Go to the UAN (Universal Account Number) official portal.
To log in, enter your UAN and password.
Complete the captcha to verify your entry.
Select “Claim (Form 19, 31, 10C, or 10D)” from the drop-down box under the “Online Services” header.
Enter your bank account number and click “Verify” on the following screen.
Select “Yes” to continue.
Press the “Proceed for Online Claim” button.
On the claim form, choose the “I wish to apply for” button and choose the claim you need.
To initiate a withdrawal, select “PF Advance (Form 31)”. After that, give the reason for the advance, the required sum, and the employee’s address.
Select the certificate and send your application by clicking.
For the reason for which you filled out the form, the employee can be asked to submit scanned documents.
Once your company has granted your request for a withdrawal, you will have money sent into your account.

Documents Required to withdraw PF Amount

Form of Composite Claim
Two revenue stamps
Bank account statement (While the PF holder is still alive, the bank account should only be in his or her name)
Proof of identity
Proof of address
One blank, canceled check with the account number and IFSC code
Personal details like the father’s name and date of birth should match the identity evidence exactly.
An employee must provide Income Tax Returns (ITR) Forms 2 and 3 in order to establish a thorough breakdown of the whole amount put in the PF account each year if they remove their PF money prior to five years of continuous service.

Conclusion

I hope you liked the post How to Withdraw PF Amount Online – Step-by-Step Guide. Here we describe the all details which you needed to withdraw money from your PF Account. The Indian government has made PF a requirement for employees to save money for emergencies or retirement. Every person has a right to lead their post-retirement life without any financial stress. It’s important that one must only make an early withdrawal in case of emergency. The fundamental goal should always be to save money for retirement. It is crucial that employees periodically monitor their EPF accounts.