Employee Provident Fund is a scheme instated by the government, as per the Employee Provident Fund Act of 1952, wherein you and your employer contribute a specific amount each month. Since money is invested monthly, it helps you build a corpus for your post-retirement life. While your PF account will change every time you start working at a new organization, your consolidated EPF account, identified by your Universal Account Number (UAN), will not change. This 12-digit UAN is extremely useful and is all you need to check your PF details. For example, if you want to know your EPF balance or if you want to check contributions made by your employer, you can do so through the EPFO e-SEWA portal, mobile app, and SMS by logging in with your UAN.
What is required for online withdrawal of savings from PF?
You may need quick access to these funds in situations such as hospitalisation, wedding or education of your child, home renovation, and repairs. Instead of taking a loan, you can withdraw funds from your PF in whole or in part. Remember that you will have to keep UAN handy to initiate the PF withdrawal process.
To withdraw your PF amount using the EPFO portal, you will need to ensure the following:
- Aadhar number must be linked and verified with UAN
- The bank account where you want to receive the amount must be the same as the bank account registered with your Aadhaar
- In case of any changes or modifications, you can complete the eKYC process and update your details before you submit a claim
How to withdraw your PF savings with UAN?
You can easily withdraw your PF online through your UAN by visiting the EPFO e-SEWA portal. Here are the steps you need to follow:
- Login to the portal – Visit the EPFO e-SEWA portal, log in using your UAN and password, and enter the captcha code. In case you’ve forgotten your password, you can reset it via an OTP sent to your registered mobile number
- Visit the online claims section – When you’ve logged in, you can look for ‘Claim (Form-31, 19, 10C & 10D)’ in the ‘Online Services’ section
- Enter bank account details – Once this section opens, you will be required to enter the correct bank account number (seeded with UAN) as a verification process
- Confirm terms & conditions – Once you’ve verified your details, you need to confirm the Terms and Conditions stated by EPFO. You can then click on ‘Proceed for Online Claim.’
- Select reason for withdrawal – You’ll find a dropdown menu, from which you would need to choose the reason for withdrawing from your PF account. You will only be shown the options for which you’re eligible
- Enter details and upload documents – When you select the reason for withdrawal, you would need to enter your complete address, and you may need to upload your cheque/passbook details if you’ve chosen the option for ‘Advance Claim.’ You’ll need to accept further ‘Terms and Conditions' before requesting a one-time password (OTP) for verification
- Get Aadhaar OTP – Once you’ve confirmed your details and accepted the terms and conditions, you would need to request an OTP, which will be sent to the mobile number registered with your Aadhaar. On entering the OTP, your claim application will be submitted
Once you've submitted your claim, you can track your claims status by logging into your Member e-SEWA portal account under Track Claim Status. The EPFO officials will match your data in their records with the data submitted in your online claim form. On completing their verification, they will process your claim application, and the amount will be credited to the bank account linked with your UAN.
For those looking to withdraw their PF amount to grow their savings, investing in a safe and reliable instrument like Bajaj Finance Fixed Deposit can be a great choice.Investing in this FD can help you grow your savings quickly to ensure a steady retirement corpus.
The table below shows some more investments options. Click on your preferred type to know more.
Types of Investment
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