If you want to make a withdrawal from your EPF contributions, here are some key pointers you must keep in mind.
People who have experienced salary cuts and job losses during the COVID-19 pandemic are dipping into their savings and making withdrawals from their PF accounts to make ends meet. There are certain things that one must keep in mind before making withdrawals from the EPF contributions.
Employees’ Provident Fund Organisation (EPFO) has given account holders the provision to make early withdrawals, but only under certain conditions. People who are looking to make a withdrawal must note that they need to have an active UAN number at the time of the transaction.
They should also have their UAN number linked with their Aadhaar and PAN number, as per the EPFO rules. Check the important points for making EPF withdrawals below.
EPF withdrawal: Important points to keep in mind
If you are looking to make a withdrawal from your provident fund account, you must have an active Universal Account Number (UAN). The mobile number linked to the UAN should be working and all the KYC details should be up to date, including the Aadhaar number, PAN number, and bank details.
It must also be noted that if you want the sum from your PF account before five years of completion of the account, the withdrawal can be taxable. The EPF amount can also be taxable if there have not been any contributions to the amount in the past five years.
If you have not updated your IFSC code and bank account number on the EPF platform, then your PF claim can be rejected. You also need to complete your KYC and make sure that you don’t have any unclear cheques if you don’t want your claim to be rejected.
You can make your EPF withdrawal if all your information is in order on the EPFO portal. You can log on to the official website of EPFO, epfindia.gov.in, and make a claim for ‘advance’ withdrawal. The claim will then be forwarded to your employer for approval and will be transferred to your account in 10 days.
You will be asked to upload a scanned copy of your cheque or your passbook while making the request for EPF withdrawal. You will also need to submit a suitable and valid reason for your claim. You will receive an OTP based on your Aadhaar and will be able to make the transaction when you enter the number on the website.
