All you need to know about EPF
if you are salaried, both you and your employer will contribute a monthly sum to your EPF account, provided your organization employs more than 20 people. It is a percentage of funds are saved every month to offer financial stability after retirement. The contributions made towards an EPF equal 12% of your basic salary from both you and your employer, plus dearness allowance. This amount generates an interest of nearly 8.55%. The earnings are tax-free under Section 80C of the Income Tax Act. Let’s discuss how to do an online EPF withdrawal procedure.
Make sure that the following conditions are satisfied to get eligibility for the withdrawal of EPF online through the EPF portal.
The UAN (Universal Account Number) and the mobile number (which is used for this UAN) should be active.
The UAN is linked with your KYC, i.e. Aadhaar, PAN, and the bank details along with the IFSC code.
Attestation of the previous employer to withdraw the complete funds which are received in your previous employment.
Steps to apply for EPF withdrawal online
- Open the UAN portal
- Log in with your UAN and password and enter the captcha.
- verify KYC details and go to the tab ‘Online Services’ and select the option ‘Claim (Form-31, 19 & 10C)’ from the drop-down menu.
- The ‘Claim’ screen will display the member details, KYC details, and other service details. Enter the last four digits of your bank account and click on ‘Verify’.
- Click on ‘Yes’ to sign the certificate of the undertaking and then proceed.
- Now, click on ‘Proceed for Online claim’.
- Then, select ‘PF Advance (Form 31)’ to withdraw your fund. Further, provide the purpose of such advance, the amount required.
- Click on the certificate and submit your application. You may be asked to submit scanned documents for the purpose you have filled the form.
- You are done and you can track the application status.
Note: As per the latest announcement by our FM #NirmalaSitharaman on 27/03/2020, one can withdraw up to 75% of PF money or 3 months’ salary, whichever is lower
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