Using EPFO's online facility, investors can apply for EPF withdrawal.Retirement fund body Employees' Provident Fund Organisation (EPFO) allows subscribers to withdraw money from Employees' Provident Fund (EPF) for certain special purposes.
EPF is a mandatory contribution that every company, which has more than 20 employees, has to deduct from the salary of its employees.
Using EPFO's online facility, its subscriberscan apply for EPF withdrawal.
Last week, EPFO increased the interest rate on EPF to 8.65 per cent for the current financial year.
Once approved by the Ministry of Finance, the move will lead to a higher return on EPFO contributions for the financial year ending March 31.(Need To Check Your EPF Balance Here Are 4 Ways To Do It)To apply for withdrawal of EPF online through EPFO's website- unifiedportal-mem.epfindia.gov.in, investors must have an active UAN (Universal Account Number) and the mobile number used for activating the UAN number should be in working condition.
Also, UAN should be linked with KYC (Know Your Customer) i.e.
Aadhaar, PAN (Permanent Account Number) and bank details.Step 1: Login to the EPFO portal - unifiedportal-mem.epfindia.gov.in using your UAN and passwordStep 2: Click on the 'Manage' tab and select KYCStep 3: At this point, you can check whether your KYC details such as Aadhaar, PAN and bank details are correct and verified or notStep 4: Now, click on 'Services' tab.
From the drop-down list, select 'Claim' optionStep 5: 'Claim' screen then displays the member details.
Click on 'Verify'Step 6: Now, in the claim form, enter the last 4 digits of bank account.
Then click on the tab 'Proceed For Online Claim' to submit itStep 7: A new tab opens where the subscriber is required to fill the EPF claim details.
Under the section titled 'I Want to Apply For', the subscriber must choose the type of withdrawal claim they wish to file-full withdrawal, partial withdrawal or pension withdrawal.
Fill other details like purpose and amount of advance requiredStep 8: After you are done with filling up details, click on 'Get Aadhaar OTP'.
OTP will be sentto the mobile number registered with your Aadhaar card.
The claim of the employee is then forwarded to the employer for approval.
Once approved, the PF amount will be credited to the subscriber's account within 10 days.