EPF is a scheme designed by the Indian government where the salaried employees and the employer contribute an amount of money every month. This amount receives an annual interest rate. The primary motive of this scheme is to help the employees lead a standard and independent life once they take retirement. However, this money also provides security to people during emergencies or financial crises.
Therefore, to plan your expenses efficiently, you must perform a timely PF balance check. However, to meet your financial requirements through PF money, it is crucial to understand the accurate withdrawal process to avoid any hassle.
First, let’s understand the types of PF withdrawals.
PF Withdrawal Types
There are three types of PF balance check withdrawals for the employees with active UAN and whose Aadhaar is linked with the EPF member passbook. These withdrawal types are:
- Partial withdrawal: Employees use this method in an uncertain event.
- PF withdrawal as a pension benefit.
- Final withdrawal of PF: In this type, money is withdrawn by an employee after job termination and retirement.
When an employee reaches the age of retirement, they receive 90% of their PF amount. However, if someone leaves the job and remains unemployed for a month, they have the option to withdraw 75% of their PF balance check and the remaining 25% in the second month.
Process of PF Balance Check Withdrawal
Salaried employees can withdraw their PF money in 2 ways using EPF member passbook details:
- By submitting a physical application
- By following the steps of online PF withdrawal
PF Balance Withdrawal Through Physical Application
To withdraw your PF balance using offline methods, you need to follow the steps mentioned below:
- As the first step, you need to download and print the PF withdrawal form from the EPFO website and fill in all the details.
- If you have a form with composite Aadhaar detail, you won’t require your employer’s verification. However, in the case of a non-Aadhaar form, the employer’s attestation becomes critical.
- After filling out the form, you need to submit it to the EPFO office of your jurisdiction to proceed with the withdrawal of PF funds.
Online PF Balance Check and Withdrawal
It is crucial to perform the PF balance check before proceeding with the online withdrawal process. To check your balance, you need to visit the official portal of EPFO and enter the details of your EPF member passbook. Afterwards, you need to take the following steps for online PF withdrawal:
- Sign in to the EPFO website by entering their UAN and password.
- On the next page, go to the ‘Online Services’ option and select the claim option from the dropdown tab.
- After verification of the personal details in the claim form, you are required to enter your bank account details that are linked to the UAN.
- Once you are certain that the bank account details are accurate, click on the proceed link at the end of this page.
- Further, you need to choose the withdrawal option for your PF money. These options include part withdrawal of PF, pension withdrawal, or a final settlement of PF. However, these options are only visible if you are eligible for any of the PF withdrawals.
- For advance or partial withdrawal of PF, you need to provide a valid reason. Therefore, you must select a reason from the provided list in the dropdown menu box.
- After selecting the reason, you must enter your residential address and the withdrawal amount.
- As the final step, you need to enter the submit option. After thorough verification of your application, the required amount transfers to your bank account in 15 to 20 days.
Your PF money plays an important part in meeting your financial goals. Although you can use the offline method of PF balance check and withdrawal, the online platform offers relatively more flexibility and convenience. However, you can choose any of these methods according to your convenience to withdraw your PF money.