How to Withdraw PF Amount Online in 7 Simple Steps

1186

5 min read

The Government of India initiated the Employee Provident Fund for the benefit of salaried people. According to the Employee Provident Fund Act of 1952, the employee and the employer must contribute a certain amount to the PF account monthly. The corpus built in this account over the working years of a person’s life help to sustain the financial requirements post-retirement. The entire process of PF withdrawal has now been simplified through the Universal Account Number of UAN login at the EPFO e-SEWA online portal.

Here is a guide for you to learn how to do PF withdrawal online in 5 simple steps.

Visual Stories by PayBima

Common Reasons for PF Withdrawal

The table below shows the main reasons for which people withdraw their PF amount:

Reason for Withdrawal PF Withdrawal Limit Eligibility
One Year of Retirement The maximum withdrawal limit is 90% of the EPF amount Minimum age 55

Marriage of Son, Daughter, Brother, Sister, or Self/ Post Matric-Education of Children

The maximum withdrawal limit is 50% of the PF amount At least 84 months of service

Housing Loan

The maximum withdrawal limit is 36 months of the basic salary along with DA or the total cost of the house or the total employee and employer share along with the interest At least 60 months of service
Medical Necessity/ Closure of the Factory/ Natural Calamity The maximum limit is 6 months of the employee’s basic salary along with the DA or the whole contribution No requirement for minimum service tenure

Requirements for EPFO Online Claim Withdrawal

No matter what your reason for withdrawing the PF amount online is, you must be aware of the requirements for the same. For PF withdrawal online you will need the following:

  1. Universal Account Number or UAN
  2. Bank account registered with your AADHAR Card where the amount will get credited
  3. AADHAR number linked and verified with the UAN
  4. Updated KYC before applying for a PF claim, in case of any changes in your details.
GRP Plan from PayBima

Steps for PF Claim Withdrawal Online

Here is the step-by-step explanation of PF withdrawal online:

Step 1 – PF Withdrawal Login: Visit the e-SEWA portal of EPFO and do the UAN loginby entering the UAN, password, and CAPTCHA code.

Step 2 – Online Claims Section: Once logged in, you can go under the ‘online services’ section and search for ‘Form 31, 19, 10C and 10D’.

Step 3 – Fill in the Bank Account Details: Enter the bank account number for verification under this section.

Step 4 – Accept the Terms and Conditions: After the verification of the bank details, also check the Terms & Conditions mentioned by the EPFO on the site. Confirm the same by clicking on ‘Proceed for Online Claim’.

Step 5 – Select the Withdrawal Reason: Scroll down the dropdown menu to select your reason for PF withdrawal.

Step 6 – Upload the Documents: After selecting your reason for PF withdrawal, enter the details asked on the page and upload the passbook details if opting for ‘Advance Claim’. Get the OTP for verification after accepting the ‘Terms & Conditions’.

Step 7 – Get the AADHAR OTP: Upon confirming your details and accepting the Terms & Conditions, request an OTP. This OTP will be sent to your AADHAR-linked registered mobile number. Enter the OTP received and submit your EPF claim application.

How to Check the EPF Claim Status?

You just learned the steps for PF online withdrawal. You can check the EPF Claim Status by going to the “Track Claim Status’ section on the e-SEWA portal. Remember that once you have submitted the claim application, the officials of EPFO will verify your details and the records against your online claim form. Once the details are verified, your PF amount will get credited to the bank account that is linked with your Universal Account Number or UAN, and you will see this UAN claim statusonline on the same portal.

PF Withdrawal New Rules 2023

Those thinking to withdraw some amount from their PF online should first check the new EPF Withdrawal Rules 2023:

  1. Those unemployed for at least 2 months or have a 2-month joining period for their new job from the last working day at the last organization can withdraw the full PF amount.
  2. Those unemployed for at least 1 month can withdraw at least 75% of their PF amount.
  3. A person doesn’t need to withdraw the PF amount from an old PF account to transfer it to the new account while joining a new job. The money can be easily transferred through an active UAN login. Form 15H and 15G can help get rid of the TDS deduction on the PF savings.
  4. Those planning to withdraw Rs. 50,000 or more from their PF corpus within the first 5 years of opening the PF account will get a TDS of 30% without a PAN card and 10% with a PAN card.
  5. Those serving for several years in an organization can get a loan against their PF savings.

Top General Insurance Companies

Conclusion

Employee Provident Fund is a powerful tool to save money for retirement. One can also get tax benefits on the PF amount, provided one withdraws it only after 5 continuous years of service. If you withdraw money within the first 5 years of a service period, the tax will be deducted at source on the amount withdrawn from the PF account.

Related Articles by PayBima

Found this post informational?

Browse PayBima Blogs to read interesting posts related to Health Insurance, Car Insurance, Bike Insurance, Term Life Insurance, and Investment section. You can visit PayBima to Buy Insurance Online.

Also, check out the PayBima’s Guide and Glossary section –

Found this post informational?

Browse PayBima Blogs to read interesting posts related to Health Insurance, Car Insurance, Bike Insurance, Term Life Insurance, and Investment section. You can visit PayBima to Buy Insurance Online.

Also, check out the PayBima’s Guide and Glossary section –

 

View this post on Instagram

 

A post shared by paybima (@paybima)

FAQs on How to Withdraw PF Amount Online

Can I withdraw my entire PF amount?  

According to Employee Provident Fund Act 1952, a person can withdraw the entire PF amount only after retirement at the age of 58 years.

What is the maximum withdrawal limit for PF Form 31?  

The maximum withdrawal limit for PF Form 31 is 90% of the corpus in the EPF account.

When can I withdraw my PF?  

A person can withdraw his/ her PF amount after retirement. Those who retire before 55 years of age cannot withdraw the entire PF corpus. There is also a provision through which a person can withdraw 90% of the PF corpus 1 year before retirement.

How to withdraw PF offline?  

To withdraw your PF amount offline, you must visit the EPFO office where you have your PF account and submit a duly filled Form 19.

How many days will it take for a PF withdrawal?  

After submitting a withdrawal application, it will take approximately 15- 20 days for the amount to get credited to your bank account linked with your UAN.

What happens to PF if not withdrawn?  

If there is no fund contributed to your PF account for consecutive 3 years after leaving an organization, the account will stop earning any interest.  

Other Investment Products

Apr 15, 2023
SHARE THIS ON
Author Bio
Author Image

PayBima Team
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.

Related Blogs

Would love to hear from you

Share your candid feedback. Your email address won’t be published, we promise!

All fields are required

Find your suitable insurance plan

Speak to our advisor

Latest Posts

Mahindra Insurance Brokers Limited (A Mahindra Group Company) - Unit-202, A-Wing, 2nd Floor, Amiti Building, Agastya Corporate Park, Kamani Junction, LBS Marg, Kurla West, Mumbai - 400070. Tel: +91 22 66423800

Licenced by IRDAI License No. 261; License Validity : 17-05-2025; Category : Composite Broker; CIN : U65990MH1987PLCO42609 Member of Insurance Brokers Association of India (IBAI).

Insurance is the subject matter of solicitation.

For a seamless experience, use the latest version of Chrome/Firefox/Internet Explorer.

Copyright © 2024 Mahindra Insurance Brokers. All Right Reserved.

Get A Call Back
Get A Call Back