Wednesday, June 12, 2024

Withdrawing Funds from PF Account Before Retirement: Learn How to Make a Claim

Every month, employees contribute a fixed portion of their salary to their PF (Provident Fund) account. Employers also contribute to this fund on behalf of their employees. This fund accumulates with interest provided by the government. The government recently increased the PF interest rate to 8.15%.

The accumulated amount in your PF account is typically available after retirement. You can receive this amount as a lump sum or as a pension. However, in case of emergencies, you can also withdraw money from your PF account before retirement. Such withdrawals can be made only if you have contributed to the PF account for at least 7 years. Let’s find out how you can make such a claim.

Where to File a Claim to Withdraw Money from the PF Account

You can file a claim to withdraw money from your PF account through both online and offline modes. For online claims, you need to visit the official website of the EPFO (Employees’ Provident Fund Organisation). For offline claims, you need to visit the EPFO office. It’s important to note that you can only make partial withdrawals from your PF account. EPFO mentions that employees usually receive the funds within 20 days of making a claim. If not, they can raise a complaint. To withdraw, you need to fill out Form 19 and Form 31.

How to Make an Online Claim

Here’s a step-by-step guide to making an online claim through the EPFO’s official website:

  1. Log in to the EPFO website using your UAN (Universal Account Number) and password.
  2. After logging in, select the “Claim” option under the “Services” tab.
  3. Enter your linked account number (UAN).
  4. Verify your account.
  5. Review and confirm EPFO’s terms and conditions.
  6. Click on the online claim option.
  7. Select the reason for withdrawal from the dropdown menu.
  8. Choose from the various withdrawal options that appear on the screen.
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