Employees who work in the government sector or private sector can get PF. Employees Provident Fund Organisation or EPFO ensures financial security after retirement. For this a certain percentage of salary is deducted and deposited to PF, the same amount is also deposited by the employer. The money which gets deposited earns a high interest rate of 8.5%. If you work for 15-20 years it can make a good amount of money to retire worry-free.
EPF money Withdrawl Rule
But sometimes emergency situation comes when employees need to withdraw money from their PF accounts. There are some rules for when and how much you can withdraw from EPF. You can withdraw some funds for emergency needs. Or if an employee leaves a job and stays unemployed for a month then he can request to withdraw 75% of his total amount in PF. It the employee stays unemployed for more than two months he can choose to withdraw the remaining 25% money as well. Thus 100% PF money can be withdrawn if an employee stays unemployed for two months.
How to Withdraw PF?
If you need to withdraw money then you can apply from the EPF portal. For this, you will need a UAN number and Password which is registered with EPFO. Log in using those credentials and select Claim and form Online Service in menu. Once you select claim find the Form 31, 19, and 10C which will let you claim withdrawal.
To fill up the form you need to input the last 4 digits of your bank account linked with UAN and complete verification. After this click Yes to Certificate of Undertaking. Then Choose form 19 for PM Withdrawal from the drop-down menu. Then you need to input the address and check the disclaimer to get OTP from Aadhar.
After you submit OTP you can submit the claim application. You will receive a reference number for your claim request. Wait till everything gets verified and your funds will be transferred directly to the bank account linked to UAN.
