The Employee Provident Fund (EPF) is a valuable financial asset that every employed individual in India accrues during their working years. As a mandatory savings cum retirement scheme at most offices, it offers a sense of security and financial stability during retirement and even during emergencies.
As per EPF rules, employees have to contribute 12% of their monthly salary into the fund, which is usually done by the employing company. This amount receives an annual interest rate and is usually accessible to employees only post retirement. However, if an individual remains unemployed for more than a month, it is possible to withdraw a portion of the accumulated fund.
Additionally, with the advent of technology, the process of managing and withdrawing your PF has become significantly easier than before. This is thanks to the Universal Account Number (UAN) issued by the Employees’ Provident Fund Organization (EPFO). In this blog, we will guide you through the step-by-step process of withdrawing your PF amount using your UAN.
What is UAN?
Before we dive into the withdrawal process, let’s understand what a Universal Account Number (UAN) is and why it’s essential. As mentioned before, the UAN is a unique 12-digit number assigned to every member of the Employees’ Provident Fund Organization (EPFO). This number remains constant throughout your working life and helps streamline various EPF-related services, making them accessible online.
Benefits of UAN
There are many ways that having a UAN benefits employees. These include:
- Portability: The UAN remains the same even when you change jobs, making it easy to transfer your PF account.
- Online Access: UAN allows you to access your PF account online, check your balance, and even initiate withdrawals.
- Consolidation: It enables the consolidation of multiple PF accounts under a single UAN, making it easier to track your savings.
- Easy Withdrawal: UAN simplifies the withdrawal process, ensuring a hassle-free experience.
How To Withdraw PF Amount Using UAN
Now that you understand the significance of UAN, let’s go through the steps to withdraw your PF amount using it.
Step 1: Activate Your UAN
If you haven’t already activated your UAN, visit the official EPFO portal and click on the ‘Activate UAN’ link. You will need the following information to complete the activation process:
- Member ID (available on your salary slip)
- PAN card
- Aadhar card
- Bank account details
Once you’ve provided the required information, you’ll receive an OTP on your registered mobile number. Enter the OTP to complete the activation process. Make sure to set a strong password for your UAN login.
Step 2: Log in to the UAN Member Portal
After successfully activating your UAN, log in to the UAN Member Portal using your UAN and password. You can also use your mobile number and password to access the portal.
Step 3: Verify Your KYC Details
To withdraw your PF amount, you need to ensure that your Know Your Customer (KYC) details are up to date. This includes your Aadhar, PAN, and bank account details. If these details are not verified, you will need to complete the KYC verification process by uploading the necessary documents.
Step 4: Check Your PF Balance
Before initiating a withdrawal, it’s a good practice to check your PF balance. You can do this by clicking on the ‘View’ tab in the member portal. This will display your current PF balance and other account details.
Step 5: Initiate the Withdrawal
Once you’ve verified your KYC details and checked your PF balance, it’s time to initiate the withdrawal. Follow these steps:
- Click on the ‘Online Services’ tab.
- Select ‘Claim (Form-31, 19 and 10C)’ from the drop-down menu.
- Verify your bank account details and enter the last four digits of your bank account number.
- Click on the ‘Proceed for Online Claim’ option.
And this will initiate the withdrawal process.
Step 6: Choose the Type of Withdrawal
In this step, you will need to select the type of withdrawal you want to make. There are three options:
- PF Advance (Form-31): You can withdraw a portion of your PF balance for specific reasons like medical emergencies, home loans, or marriage.
- Full PF Settlement (Form-19): This option allows you to withdraw the entire PF amount after leaving your job or at the time of retirement.
- Pension Withdrawal (Form-10C): If you are eligible for a pension, you can choose this option to withdraw it.
Select the appropriate option based on your requirements.
Step 7: Complete the Form
After choosing the withdrawal type, you will need to fill out the relevant form. The form will require details such as your reason for withdrawal, the amount you wish to withdraw, and your address. Make sure to double-check all the information before submitting the form.
Step 8: Authenticate the Claim
To ensure the security of your withdrawal request, you will be asked to authenticate your claim using Aadhaar-based OTP verification. An OTP will be sent to your registered mobile number, which you need to enter to proceed.
Step 9: Submit the Claim
Once you’ve completed all the steps and verified the claim, submit it. You will receive a claim reference number, which you can use to track the status of your withdrawal.
Step 10: Track Your Claim Status
To check the status of your PF withdrawal, go to the UAN Member Portal and click on the ‘Track Claim Status’ option under the ‘Online Services’ tab. Enter your UAN and the claim reference number to get real-time updates on your withdrawal request.
With the introduction of UAN, withdrawing your Employee Provident Fund (EPF) amount has become a straightforward and efficient process. By following the steps outlined in this guide, you can initiate and track your PF withdrawal conveniently from the comfort of your home. Remember that the EPF is a valuable financial resource, and withdrawing it should be considered carefully. It’s advisable to consult a financial advisor before making any significant financial decisions to ensure that you make the best use of your EPF savings, whether it’s for emergencies, retirement, or other essential needs. Follow Andromeda Loans for such interesting articles!