Employees’ Provident Fund is a retirement savings scheme managed by the Employees’ Provident Fund Organisation (EPFO). According to the EPFO website, it is “a statutory body of the Government of India under the Ministry of Labour & Employment.” The EPFO manages a subscribers’ account and invests the money into various schemes. At the time of retirement, employees can withdraw their PF balance. They can also avail themselves of an online withdrawal facility through the EPFO portal. In this blog post, we will explore how to withdraw PF online.
What Is PF Withdrawal?
When you leave your job, you may be able to withdraw your PF balance. This is also known as a provident fund withdrawal. To do this, you will need to submit a Provident Fund Withdrawal Form to your employer. Once your employer has received and processed the form, they will send you a cheque for the amount of your PF balance.
You can only make a PF withdrawal if you have been employed for at least 5 years. If you have not been employed for at least 5 years, then you will not be able to make a withdrawal and your PF balance will remain with your previous employer.
Who is Eligible to Withdraw PF
Employees who have been contributing to the EPF for at least 5 years are eligible to withdraw their PF balance.
The Employees’ Provident Fund (EPF) is a retirement savings scheme for employees in India. It is managed by the Employees’ Provident Fund Organisation (EPFO).
Employees who have been contributing to the EPF for at least 5 years are eligible to withdraw their PF balance. The withdrawal can be used for various purposes such as buying a house, funding higher education, etc.
To withdraw your PF balance, you will need to submit a few documents to the EPFO office, along with a withdrawal form. Once your application is approved, you will receive your PF balance within a few weeks.
How to Withdraw PF Online
The process of PF withdrawal has now become very simple and can be done online. You just need to have your Universal Account Number (UAN) handy to withdraw your PF balance. Here is a step-by-step guide on how to do it:
- Go to the website of the Employees’ Provident Fund Organisation (EPFO).
- Use your UAN and password to login to your account.
- Go to the ‘Online Services’ section and select ‘Withdrawal/Transfer’.
- Select the type of withdrawal you want – either ‘Partial Withdrawal’ or ‘Full Withdrawal’.
- Enter the amount you want to withdraw and select the applicable reason for withdrawal from the drop-down menu.
- Upload the supporting documents, if any, and submit the online form.
- Your request will be processed and the amount will be transferred to your registered bank account within 10 days.
How To Withdraw PF Saving With UAN
If you have a UAN, then you can easily withdraw your PF savings. Here’s how:
- Log in to the EPFO portal using your UAN and password.
- Go to the ‘Withdrawal’ section and select the ‘PF Advance’ option.
- Enter the amount you want to withdraw and submit the request.
- Your PF advance will be processed and the money will be deposited into your account within 10 days.
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