EPF withdrawal steps and guide: Everything you need to know
New Delhi : Need some urgent money without taking a loan? Withdrawing money from your EPF account can be a good plan; for those who wish to withdraw money must know that the amount can be withdrawn both partially and fully via online and offline modes.
Partial withdrawal can be made within certain guidelines and circumstances, while the whole amount can be withdrawn if some has been unemployed for more than 2 months. In this article, we discuss in detail about the withdrawal of money from EPF account.
EPF can be withdrawn via offline mode, below is the process:
# A person first need to get the composite claim form
# The beneficiary must link his Aadhaar card to the primary bank account on which the sum needs to processed.
# The filled form with details can be submitted at the nearest EPFO office. The attestation from the previous employer is also needed on this.
# After verification, the amount will be processed in the primary bank account.
# The user need to sign in on e-Sewa portal
# Select 'Claim (Form-19, 31, 10C & 10D)' from the ‘Online Services’ tab
# Enter the correct bank account number as attached with the UAN
# Details need to be verified via a Captcha. On success, select 'Proceed For Online Claim'
# Select the reason for withdrawal. After this the user needs to add his contact details like address, email and phone number.
# Accept terms and conditions, authenticate it via OTP received on registered mobile number.
# Once this process is complete and eligibility criteria are met, the amount will be transferred to the attached bank account.
EPF Withdrawal in case of a deceased person
For those who wants to withdraw sum from an EPF account of a deceased person, following steps need to be followed:
# Go to EPFO portal
# Select the link stating 'Death Claim Filing by Beneficiary'
# Enter details of the account holder like UAN account number, Aadhaar card and more.
# Authorize details via OTP pin number.
EPF Withdrawal terms and conditions
EPF can be withdrawn under a set of conditions, which comes with different eligibility parameters. Lets check them in detail below:
- Retirement: Individuals retiring from employment at the age of 55 are eligible for EPF withdrawal.
- Unemployment: Individuals who have remained unemployed for two months can withdraw 75% of the total EPF amount.
- Medical Purpose: When EPF withdrawal is made for medical purposes, the claiming process does not require a minimum service year.
- Wedding: To withdraw EPF for wedding purposes, individuals must have a minimum of 7 years of service life.
- Repayment for Home Loan: Individuals withdrawing EPF to repay a home loan must complete 3 years of service life.
- Purchase or Construction of House: The eligibility for EPF withdrawal in case of purchase or construction of a house is that the concerned individual must have completed 5 years of service.
- Renovation or Reconstruction of House: Those withdrawing EPF for renovation or reconstructing a house must have 5 years of service life.
If you have filed an online application then it may take up to three working days to settle the amount. In offline cases, it may take up to 20 days.
Advance EPF withdrawals are permitted under certain circumstances and have specific limitations. These are discussed below,
- Individuals willing to withdraw EPF for marriage purposes can do so only 3 times.
- Individuals withdrawing EPF to purchase a plot or house or construct a house can apply for a one-time EPF advance claim.
- In case of a medical emergency (before retirement), withdrawal has no definite limit.
- EPF withdrawal (advance) for funding post-matriculation education can be made 3 times.
Do we need to pay tax on EPF?
EPF comes under EEE tax rule, therefore it is exempted from tax.