INSUBCONTINENT EXCLUSIVE:
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
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
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
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
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'
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.
