Earlier, due to a lack of technology, the withdrawal process took a lot of time. There was a lot of paperwork and tedious job. With the onset of the online method, processes became smoother and easier. Thus, let’s know more about EPF online claim withdrawal process.
EPF Online Claim Withdrawal Process
You can make EPF withdrawal in a two-way process, i.e.,
Online Method and Offline Method:
1. Online Method
Since the online method is the easiest one, so, we’ll go through it first. Let’s look at how it proceeds. Before that, let’s see if there’s anything you need to keep by your side before going for an online fill-up.
So, make sure you’ve ensured these below-mentioned things well-
a. Make sure to tie-up your UAN number with your active phone number. It is of utmost required for OTP generation.
b. Also, make sure you deliver correct information regarding your bank account number, Aadhar card, PAN number, KYC, etc.
c. If you’ve met the above-mentioned requisites, let’s proceed to the steps to carry out the procedure online-
d. Visit the authentic UAN portal and provide your correct UAN number. Then enter your password to log in. Next, you’ll find a captcha code. Look at it carefully and enter the words or numbers as given.
e. Next, you’ll find an option ‘Manage’. Click on it and scroll to KYC. There you can find your Aadhar number, bank information, PAN number, etc. Verify if everything is correct.
f. Then go to the option showing ‘Online Services’ and click it. Next, you’ll find another box showing ‘Claim’. In it, you’ll see three forms mentioned, i.e., Form-31, 19, 10C.
g. A new page opens. There you’ll find your authenticate details of your Aadhar number, PAN number, etc.
h. In a box, you can find it by asking the last 4-digits of your bank account. Don’t panic; there’s no harm in providing it. You can check that in your passbook or the backside of your ATM card. After providing, tap on the option showing ‘Verify’.
i. A new box opens, saying ‘Certificate of Undertaking’. Tap your pointer on the box showing ‘Yes’.
j. After selecting the cause, tap on the option showing ‘Proceed For Online Claim’.
k. In this option, you need to choose the reason why you’re opting to extract money. There can be a variety of reasons like pension extract, home loans, etc.
l. In this step, tap on the Form-31. Next, provide the cause of your withdrawal and the amount you intend to extract. At last, also provide your correct residential address.
m. Finally, click on the button showing ‘Submit’. You might be asked to provide the scanned pictures of a few documents.
Now that we could trace out how to carry out things online. Let’s devote some time to the rest who opt for the offline method.
2. Offline Method
There are two types of claims, i.e.,
ii. Non-Aadhar based
However, for the offline method, you need to go with the Aadhar-based form. In the offline method, you don’t need any assistance from your employer even. That is, you have to fill the form and handover it to the concerned EPFO officer.
On the other hand, in the case of non-aadhar based, you’ve to attach the attachment regarding your employer as well. Then you’ve to handover it to the concerned EPFO officer.
Situations Under Which You Can Draw Your EPF Money
You can withdraw the EPF in two processes, i.e., wholly or partially. In the complete withdrawal process, you can extract only after updating DOE. There are several more options attached that we need to go through. So, let’s glance through the causes one by one-
1. In Case You’re Getting Retired
In this case, you can get the entire amount. However, first, you need to update your DOE from your employer.
2. In Case You’re Unemployed
If you get unemployed for more than 2 months, you can get an amount equivalent to 75% of the total cash in your EPF fund. In case of another month of joblessness, you can extract the rest 25% as well. However, for this, you must get a certification from the gazetted officer.
Apart from these situations, there are other causes for which you’re free to withdraw the EPF amount as well partially. Let’s glance at it-
3. Medical Issues
It is one of the most important causes for which there’s the scope of getting financial aid in every field. Thus, EPF also provides a financial hand towards it. Under it, you don’t have to provide any basic service period rendered to avail of it. The amount that you can get is about six times your monthly wage or more.
For your or any of your family member’s marriage, you can extract about half of the total fund in your account. However, for that, you ought to render a service period of about 7 years.
5. Higher Education
Be it your higher education or your children, and you can go for EPF extraction. For this cause, too, you must have rendered at least 7 years of service to your organization. You might get an amount equivalent to half of the total money in your account.
6. Cash Extraction Before Retiring From Your Service
For this, you must satisfy an age requirement of 54 years. Apart from that, you’re free to receive a lump sum of 90% of the total amount in your account.
7. House Modification
To extract your amount for this cause, you must have rendered at least 5 service years to your company. Under this, you can avail of an amount equal to the total cost or your one year’s salary. Apart from that, there are other criteria as well that you need to fulfill.
8. Home Loan
For this, the primary factor is the service period, i.e., a total of 10 years. The amount you can avail is either the actual cost of the property or your 3 years salary. You’ll always get an amount lower than the rest.
Frequently Asked Questions
1. Are my EPF withdrawals eligible for tax deductions?
Yes, as per Section 80C of the IT Act, 1961, you can avail of the EPF withdrawals without tax imposition.
2. Is there any way how I can increase my contribution towards my EPF?
There are ways how you can devote your entire salary to it. For that, you need to consult your EPFO officer.
In case you’re working in two companies simultaneously, you can go for this. Let’s say you’re single and are working in two organizations. You can easily devote your entire salary of one organization to your EPF account. This can add to your retirement funds as well.
3. How long does it take to process online PF withdrawal?
Earlier, it took about 15-20 days. But now with the advancement in technology and online process, you can claim it within a max of 5 days.
By now, you must be sure of how to go for EPF online claim withdrawal process. I hope I was able to clear all your doubts regarding this topic. Peace!
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