Last Updated: March 07, 2023, 13:13 IST
The Employees Pension (Amendment) Scheme.
EPF scheme members can withdraw quantities from their provident fund accounts by making use of offline or on-line.
The Employees’ Provident Fund (EPF) is a retirement financial savings programme offered to salaried staff. In this scheme, a portion of their month-to-month revenue is deposited with the Employees’ Provident Fund Organization (EPFO). The employer additionally contributes a hard and fast quantity of cash to the fund. The corpus develops with time and can show helpful to the worker sooner or later, both throughout their service or within the post-retirement section. EPF is usually linked with retirement and is a sluggish and time-consuming corpus however it could be helpful once you most want it.
To cowl particular monetary unexpected wants, similar to medical therapy, a marriage, education, residence mortgage, and home building prices, the Employee Provident Fund Organisation authorises EPF members to make advance withdrawals from their accounts.
Although EPFO offers you this advance withdrawal possibility, you must train warning when making this alternative. This ought to function your remaining resort in any case different means have been exhausted. You might solely transfer on with the applying for an advance EPF withdrawal when you meet the necessities for receiving the profit and current all required documentation.
Here is how one can apply for EPF advance withdrawal on-line
Step 1: Go to the e-SEWA portal of the EPFO. https://unifiedportal-mem.epfindia.gov.in/memberinterface/
Step 2: Enter your Universal Account Number (UAN), and password, and sort within the captcha code to log in.
Step 3: Choose “Claim (Form-31, 19 & 10C)” from the menu by clicking the “Online Services” hyperlink.
Step 4: Enter your checking account data on the brand new web page that opens and choose “Verify” to continue. This information is linked to your PF account. Now, click on “Yes” to simply accept the phrases and circumstances.
Step 5: Click on “Proceed for Online Claim” and then choose the “I Want to Apply For” hyperlink to decide on the declare you want to submit. Depending in your state of affairs, it’s possible you’ll choose a pension withdrawal, a mortgage or advance out of your prior EPF, or a complete EPF settlement. You should choose “PF Advance (Form 31)” if you want to take the money out before you retire.
Step 6: After choosing the form, specify the justification for the withdrawal, the amount you require to withdraw and your address.
Step 7: Complete and submit your application. You might also need to submit scanned copies of documents like an Aadhar card, a PAN card, or a blank check that has been cancelled along with a proof of address and voter id card.
Step 8: When your employer approves your application, the money is deposited into your bank account within 15 to 20 days.
EPF scheme participants can withdraw amounts from their provident fund accounts by applying offline or online.
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