PF Account: During the Covid epidemic, there was a change in the rules for withdrawing money from the PF account. The government can soon put the amount of interest in the account of PF account holders. But you cannot withdraw money from PF account like a bank account.
Provident Fund (PF Account) is a very important savings for people working in the private sector. The amount deposited in this fund gives a lot of relief to the employed people in difficult times. During the Covid epidemic, the amount of FIF proved to be very helpful for the employed people. A part of the salary of the salaried people is deposited in the PF fund. The government gives interest (PF Interest Rate) on the amount deposited in this fund. The government has fixed the interest on the amount deposited in PF for this financial year.
Can withdraw money sitting at home
The government can soon put the amount of interest in the account of PF account holders. But you cannot withdraw money from PF account like a bank account. EPFO allows withdrawal of money from PF account with certain conditions. However, you can easily withdraw PF money sitting at home. According to EPFO, you can withdraw money online only in 72 hours.
Money withdrawal rules
During the Covid epidemic, the rules for withdrawing money from the PF account were changed. Earlier, money could be withdrawn from the PF account only after retirement or for needs like buying a house and education of children. In view of the financial problems faced by the people due to Corona epidemic, EPFO gave special exemption. In such a situation, anyone can withdraw money from his PF account, but the amount of withdrawal has also been fixed.
In how many days do you get money?
Any account holder can easily withdraw equal to three months’ basic salary and dearness allowance or 75 percent of the total deposit in the PF account. The lesser of these, the more money can be withdrawn. Those who claim online get this money in the bank account in three days. Whereas those who claim offline may have to wait for 20 days.
How to withdraw money from PF account online
- First of all go to the member portal of EPFO.
- Click on Services option in the menu.
- You have to click on For Employees.
- After that a new page will open. Here select Member UAN/Online Service (OCS/OTCP).
- After this the login page will open.
- Here login with the help of UAN and password.
- On the new page go to Online Services. Select CLAIM (FORM-31, 19 & 10C) from the drop down menu.
- Now a new page will open, where you will have to verify the bank account number.
- After verification, the Certificate of Undertaking will open, which will have to be accepted.
- After verification, the Certificate of Undertaking will open, which will have to be accepted.
- Click on Proceed for Online Claim option.
- Now a form will open. Here select PF ADVANCE (FORM – 31) from the dropdown in front of I want to apply for.
- Here you will be asked the reason for withdrawing money and the amount needed.
- Once the checkbox is marked, the process is completed.
