How to withdraw EPF online? A step-by-step guide

The Employee Provident Fund (EPF) is a savings scheme for salaried individuals. Withdrawing from your EPF online is a simple process. Here are some steps required to withdraw your EPF online.

Step 1: Ensure Your UAN is Activated and KYC is Updated

First, you need to have an active Universal Account Number (UAN). Your UAN should be linked to your Aadhaar, PAN, and bank account. Ensure that your Know Your Customer (KYC) details are updated.

Step 2: Log in to the UAN Member Portal

Access the EPF portal using your UAN and password. If you do not remember your password, use the ‘Forgot Password’ option to reset it.

Step 3: Navigate to the Online Services

Once logged in, navigate to the online services section to begin withdrawing.

1.       Click on ‘Online Services’

2.       Select ‘Claim (Form-31, 19,10C&10D)’

Step 4: Verify Member Details

Before proceeding with the claim, you must verify your member details.

1.       Ensure your personal information is correct

2.       Enter your bank account number for verification

Step 5: Authenticate Using Aadhaar OTP

To ensure the security of your claim, you need to authenticate using an OTP sent to your Aadhaar-linked mobile number.

1.       Click on ‘Proceed for Online Claim’ to move to the next step

2.       Select ‘PF Advance (Form 31)’ or Full Withdrawal based on your requirements

3.       Enter the OTP sent to your Aadhaar-linked mobile number for verification

Step 6: Fill in the Withdrawal Details

Provide the necessary details for your withdrawal.

1.       Select the purpose of withdrawal by choosing the reason for withdrawing your EPF.

2.       Enter the amount you wish to withdraw.

3.       Upload any necessary documents if required.

Step 7: Submit Your Claim

Review all the information and submit your claim. Click on ‘Submit’ to send your claim for processing. You can track the status of your claim through the UAN Member Portal.

Step 8: Receive Funds in Your Bank Account

Once your claim is processed, the funds will be credited to your linked bank account. This usually takes a few working days.

Precautions to Take

● Verify All Details

Verify all details carefully. Make sure they are correct before submitting.

● Update KYC

Ensure your KYC details are current. Regularly update your KYC information to avoid issues.

● Check Your Bank Account

Ensure your bank account is active. Verify it is linked to your UAN.

EPF Withdrawal Conditions

● Retirement

You can withdraw the entire amount after retirement.

● Unemployment

Withdraw up to 75% of the corpus if unemployed for one month. Withdraw the remaining 25% after two months of unemployment.

● Medical Treatment

Withdraw funds for medical treatment. This applies only in specific situations.

● Housing

Withdraw funds for purchasing a house. You can also withdraw for constructing a house.

● Marriage

Withdraw funds to manage expenses for marriage. This can be for yourself, siblings, or children.

● Higher Education

Withdraw funds for your higher education expenses. You can also withdraw for your children's education.

Types of EPF Withdrawals

● Partial Withdrawal

You can make partial withdrawals for specific purposes. These include marriage, education, and medical emergencies.

● Full Withdrawal

You can do this when you retire. It is also possible if you are unemployed for over two months.

● Pension Withdrawal

You can withdraw the pension fund. This is possible if you have completed ten years of service.

Common Issues and How to Resolve Them

● Incorrect KYC Details

Ensure your KYC details are updated and correct. Contact your employer if discrepancies arise.

● OTP Not Received

Ensure your mobile number is linked to your Aadhaar. Update it at the nearest Aadhaar centre.

● Bank Account Not Linked

Ensure your bank account is linked to your UAN. Verify that it is active.

Importance of Keeping Your EPF Account Updated

● Accurate Withdrawal

This ensures smooth processing of withdrawals. It also guarantees accuracy in the withdrawal process.

● Timely Updates

It keeps you informed. Stay updated on changes in EPF policies.

● Better Management

It helps manage your retirement funds better. Effective management ensures a secure financial future.

While having EPF could help with retirement planning, consider other investment options like a fixed deposit (FD). On financial marketplaces like Bajaj Markets, you can book an online FD to earn stable returns. You may get competitive interest rates with flexible tenors. Remember to review all terms before making an investment.

Withdrawing your EPF online is a streamlined process. Follow the steps outlined to ensure a smooth withdrawal. Keep your UAN active, update your KYC details, and follow the online claim process. Use the funds wisely. Consider investing in other investment tools for retirement planning like FDs.

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