You can all the time withdraw part of your Provident Fund (PF) cash as and when wanted out of your Worker Provident Fund Organisation (EPFO) account on-line. Not too long ago the EPFO introduced that PF members can withdraw cash from their accounts as a non-refundable advance and this announcement was made particularly to offer some financial reduction to these affected by the pandemic in any manner. Basically, as a PF account holder, if you wish to withdraw cash now, you possibly can state Covid-19 as a cause for withdrawal.
Final yr, the Indian authorities had amended the Provident Fund Scheme (1952) to permit PF account holders to withdraw cash stating Covid-19 as the explanation. Earlier than this, members may withdraw cash stating causes like shopping for a home, sickness, and many others. Now, Covid-19 has formally been added as one of many causes.
Now, you can’t withdraw all the cash out of your PF account. On the most, you possibly can withdraw fundamental pay and dearness allowance (DA) of three months, or 75% of the cash that’s in your account. Moreover, even in case you have made a withdrawal as early as final yr out of your PF account, you possibly can nonetheless make a withdrawal this yr should you want. To withdraw cash out of your PF account on-line, right here’s what it’s essential to do:
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What do it’s essential to withdraw cash out of your PF account on-line:
– An energetic UAN quantity.
– The cellphone quantity you’ve used to activate your UAN quantity also needs to be energetic to obtain the OTP (one-time password).
– Your UAN quantity must be linked to your PAN card, Aadhaar card, and your checking account the place the cash goes to be deposited.
Comply with these steps to withdraw cash from the PF account on-line
1. Go to the UAN portal.
2. Now, log in together with your UAN and password and enter the captcha particulars.
3. Subsequent, click on on ‘Handle’ after which decide KYC to verify if all of your KYC particulars are appropriate and verified or not.
4. Upon getting checked the KYC particulars, click on on ‘On-line Providers’ and choose ‘Declare (Kind-31, 19 & 10C)’ from the drop-down menu.
5. This ‘Declare’ display will present you your member, KYC particulars and different companies. Right here it’s essential to enter the final 4 digits of your checking account after which click on on ‘Confirm’.
6. You’ll now see a certificates of enterprise, click on ‘Sure’ on this to proceed.
7. Subsequent, click on on ‘Proceed for On-line declare’.
8. On the declare kind, it’s essential to choose what you want, like full EPF settlement, EPF half withdrawal (mortgage/advance), or pension withdrawal. These choices will present beneath the ‘I Need to Apply For’. In case you aren’t eligible for a selected settlement, it isn’t going to indicate up on this drop-down menu.
9. Choose PF Advance (Kind 31) to withdraw your cash. You’ll need to offer some extra details about the aim of the withdrawal (you possibly can put in Covid-19 right here), how a lot cash it’s essential to withdraw, and your tackle.
10. Now, you possibly can submit your utility. Relying on the aim you’ve got chosen for the withdrawal, you may be requested to add scanned paperwork. You’ll not be requested to do that for Covid-19 instances.
Now that your kind has been submitted, your employer should approve it for the method to go forward. It’s best to obtain cash in your checking account inside 15 to twenty days.