Understanding the PF Withdrawal Process and Requirements
The Employees’ Provident Fund (EPF) is a government-run pension scheme accessible to all salaried individuals in India. It’s an excellent method to accumulate a considerable amount of money over a flourishing career, ensuring financial stability during your retirement years. However, there may be circumstances when you need to get access to your provident fund before retirement. In this article, we aim to guide you through the process of PF withdrawal and its requirements, including details about the EPF balance check number, to ease the procedure.
PF Withdrawal Process
Off late, the process for PF withdrawal has been made relatively simple and a lot less stressful through the introduction of an online withdrawal process.
You can submit your PF withdrawal application online through the EPF India website. For this, you must have activated your Universal Account Number (UAN) and linked it to your KYC (Know Your Customer) details, including your Aadhaar, PAN, and bank details.
Once you’ve logged in to the EPF portal using your UAN, navigate to the ‘Manage’ tab and verify your KYC details to ensure they’re approved. Upon verification, go to the ‘Online Services’ tab, choose ‘Claim (Form-31, 19, 10C),’ and carefully fill in your details. Submit the form after carefully reading the instructions and the terms and conditions.
You will receive an OTP (One Time Password) on your registered mobile number linked to your Aadhaar. Upon successful verification of the OTP, your claim application will be submitted to the EPFO.
Now let’s dive into the nitty-gritty of checking your EPF balance.
EPF Balance Check Number
The EPF balance check number is the unique UAN allotted to each employee. Using your UAN, you can check your EPF balance online, through a missed call or SMS service.
To check your balance online
1. Visit the EPFO portal and click on ‘e-passbook.’
2. Fill in your UAN, password, and the captcha code.
3. Click on ‘Login’ and select the Member ID for which you wish to check the balance.
4. Your updated EPF balance will be displayed on the screen.
Alternatively, you can check your EPF balance by giving a missed call from your registered mobile number or by sending an SMS with the text “EPFOHO UAN ENG” from your registered mobile number.
Requirements to Withdraw PF
Understanding the following conditions will help you navigate the withdrawal process.
1. If you’ve been unemployed for two months or more, you can claim your full PF amount.
2. If you’ve been unemployed for one month, you can assign 75% of the PF balance.
3. In case of an employee’s demise, the total PF amount will be payable to the nominee.
Importantly, upon withdrawing before five years of continuous service, the amount becomes taxable.
Disclaimer:
It is crucial to evaluate all the benefits and drawbacks before making any decision related to the financial market in India. Always consider seeking professional advice before undertaking any substantial financial challenges.
Summary
Understanding the PF withdrawal process and its requirements can help facilitate a smooth and swift transaction when the need arises. Thanks to the digitization efforts by the EPFO, checking your EPF balance and filing a claim for withdrawal is now an effortless task. The essential requirement is an activated UAN linked to your KYC details. Checking your EPF balance can be done online, or via a missed call, or through an SMS service. However, one has to be mindful of the conditions and the tax implications of withdrawing your PF before five years of continuous service. Remember to always evaluate the pros and cons before making any significant financial decisions.
