The Employee Provident Fund is a crucial financial safety net for employees, serving as a valuable resource for retirement planning. However, there are some reasons when accessing these funds becomes necessary for our personal needs. In this article, we are going to go through the essential steps to be followed while PF withdrawal.
Before delving into the steps, it’s crucial to grasp the circumstances under which PF withdrawal is permitted. Typically, employees can withdraw their PF under situations like retirement, unemployment for a continuous period of two months or when switching jobs. Additionally, one can withdraw the entire amount in case of disability or during the 58th year of age.
Step 1: Check for eligibility:
The very important step is to confirm your eligibility so that you can confirm the criteria mentioned by the organization. If you are not sure about any documents, you can directly reach the department for the clarification.
Step 2: UAN activation:
The Universal Activation Number is a unique id assigned to every employee. Before the withdrawal process make sure that UAN is activated so that you can provide all the necessary details.
Step 3: Login to EPFO portal:
Once UAN is activated, you have to login to EPFO portal and there you can access various services related to your PF account.
Step 4: Verify personal details:
Now, you have to verify your personal details and ensure that all information is accurate and up-to-date, including your bank account details.
Step 5: Select the removal option:
Once you’ve filled out all the details, it’s time to choose between full or partial withdrawal options. You can choose this depending on your situation.
Step 6: Complete the KYC process:
In order to verify the withdrawal request, the EPFO portal requires you to complete the Know Your Customer (KYC) process. This involves adding your Aadhaar, PAN and bank account details to your UAN account, and also make sure that your KYC details are up to date and accurate.
Step 7: Submission:
Once you have completed all the steps, you need to submit a withdrawal form. EPFO will then process the request and you can easily check the status of your application by visiting the portal using your login id.
Step 8: Fund Transfer:
Once your application is approved, EPFO will transfer the entire amount to your bank account associated with your UAN account, and you will receive a confirmation message from the portal.
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Remember to review all your accounts and facts you post to avoid mistakes in the future. By doing so, you not most effective secure your financial future but additionally empower yourself to make knowledgeable choices that in shape with your monetary dreams.