Step By Step Guide Of Withdrawal Of EPF Amount Online
Provident fund is a savings and retirement fund that helps employees in planning for their future. This fund is regulated by the government. An amount equivalent to 12% of the basic salary of the employee is deducted, from the salary of the employee and the same amount is also deposited by the employer in this account. The amount is deposited in this fund monthly and earns interest yearly. In this article, we have explained the process through which you can withdraw your EPF amount.
Withdrawal of EPF
One can choose to withdraw EPF either partially or completely.
Complete withdrawal:
A complete withdrawal of EPF can be done in the following cases:
- When an individual retires
- When an individual is not employed, then he can withdraw 75% of the total amount in that fund and the rest of the 25%, he can withdraw after 2 months.
Partial withdrawal:
Partial withdrawal can be made under the following conditions:
| Purpose | Overall years of service | Amount that can be withdrawn |
| For marriage of self, son, daughter, brother or sister | 7 years | Up to 50% of the employee's share in EPF can be withdrawn |
| For the medical treatment of self, parents, children, spouse | No criteria | 6 times the employee's monthly salary or total employee share along with interest - whichever is lower, can be withdrawn |
| For the education of self, children (after 12th) | 7 years | Upto 50% of the employee's share in EPF can be withdrawn |
| For construction of a house | 5 years | The asset should be in the name of the employee or jointly with the spouse. However, the below points should be kept in mind:
|
| To repay home loan | 10 years | The asset should be in the name of the employee or jointly with a spouse. The amount (interest included) in the EPF account should be more than INR 20,000. The amount can be withdrawn is least of the below:
|
| To renovate the house | 5 years | The asset should be in the name of the employee or jointly with the spouse. The amount can be withdrawn is the least of the below:
|
| Partial withdrawal before retirement | once the employee has attained the age of 54 years, then he can withdraw this amount within 1 year from the date of retirement/superannuation | Upto 90% of the accumulated balance along with interest thereon |
Ways Of Withdrawing EPF
This can be done through the following ways:
1. Physical Application: For this, download the new Composite Claim Form (ADHAAR)/ Composite Claim Form (non-ADHAAR) to withdraw the EPF balance.
- Composite Claim Form (ADHAAR): this form can be used if the employee has linked his ADHAAR with his UAN and if his UAN is activated. Fill out this form and then submit the same to the respective jurisdictional EPFO without the attestation of the employer.
- Composite Claim Form (Non-ADHAAR): this form can be used if the employee has not linked his ADHAAR with his UAN and if his UAN is activated. Fill out this form and then submit the same to the respective jurisdictional EPFO with the attestation of the employer.
It should also be noted that in the case of partial withdrawals, various forms have been introduced by the government along with an option of self-certification.
2. Online Application: For this, the prerequisites include UASN and the use of a mobile number for the purposes of activating the UAN, it should be linked with your KYC, which includes ADHAAR, PAN, bank details, IFSC etc.
Steps To Apply For EPF Withdrawal Online On UAN Portal
- Visit the UAN portal.
- Login using UAN and password. Enter the captcha and click on “Sign in”
- Click on the ‘Manage’ tab and select ‘KYC’ to check whether your KYC details such as ADHAAR, PAN and bank details are verified or not
- Go to the “Online Services” tab once the KYC details have been verified. Then Select the option “Claim (Form-31,19,10C&10D)” from the drop-down menu
- The below screen shall appear which will show the details such as member, bank, and KYC. Enter your bank account details and click on “Verify”:
- Click on “Yes” to sign the undertaking and then proceed
- Click on “Proceed for Online Claim
- In the Claim form to withdraw PF, you need to select, full EPF or partial EPF for pension withdrawal. This will be available under the tab “I want to apply for”. In case, the member is not eligible for any of these services like the PF withdrawal or pension withdrawal, then that option will not be there in the drop-down.
- Select the “PF Advance which is Form 31” to withdraw the amount. The purpose for advance, the amount and the address of the employee need to be specified as well.
- Click on the certificate and then, submit your application. Scanned documents may be required seeking the purpose of the filled form.
- Click on “Yes” and then proceed.
Is EPF Withdrawal Subject To Tax?
If an employee has contributed for more than 5 years in EPF, then the withdrawal is tax-free. but in case, there is a break in these 5 years, then the withdrawal becomes taxable in that financial year. If an employee withdraws above INR 50,000 before the completion of 5 years, then TDS will be deducted:
1. 10% TDS will be deducted on EPF withdrawal for employees withdrawing more than INR 50,000 before completing 5 years and if they produce a PAN card.
2. Without the production of PAN cards, a TDS of 30% shall be deducted.
3. No TDS shall be deducted if Form 15G or Form 15H is produced.
4. No TDS shall be deducted if 5 years of continued service has been completed.
Documents Required For EPF Withdrawal
The below documents are required:
1. Universal Account Number (UAN)
2. Address and Identity proof
3. Bank account information of the EPF subscriber
4. Cancelled cheque with the account number and the IFSC code
Checking The Status Of EPF Withdrawal
The status of the PF withdrawal claim can be checked by following the below steps:
1. Visit the UAN portal1
2. Login using UAN and password.
3. Click on the tab “Online Services” and then click on the “Track Claim Status” option.
4. Enter the reference number.
5. The status of the same will be shown on the screen.
Must Read: NSC - National Savings Certificate - Eligibility, Interest Rate, And Tax Savings Benefits
Conclusion
EPF is the type of fund in which an employee as well as the employer contributes on a monthly basis. This helps in protecting the interests of the employee and his family in future. A complete and partial withdrawal of this fund is allowed, based on some conditions. But this fund should be used very carefully since this is the hard-earned money of the employee. For the online withdrawal of this fund, the employee's UAN should be linked with his Aadhaar and bank account and mobile number. Sign-up on Grip today to learn more about personal finance and taxes.
Frequently Asked Questions On EPF Withdrawal
1. How to transfer the EPF amount to a bank account?
The employee will have to visit the EPFO portal and log in using the UAN and password. Then, he will have to fill in the Captcha code. Then, he will have to visit the “Online Services” tab and file his “Claim”.
2. Can I withdraw 100% of the EPF amount?
Complete withdrawal of the EPF amount is allowed only when the employee retires or he has been unemployed for more than a month, then he can withdraw 75% of the EPF amount and then the remaining amount after 2 months of unemployment.
References:
- Employees Provident Fund Organisation, India <https://unifiedportal-mem.epfindia.gov.in/memberinterface/>
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