During the job, some part of your income goes to your PF account every month. This is your investment on which you get better returns than other schemes.
Also, you can use this money if needed. But the entire amount of PF can be withdrawn only on two conditions. The first condition is that you are retired. Retirement age is considered by EPFO ​​to be more than 55 years. The second condition is that even if you are unemployed for two months, you can withdraw PF funds.
Apart from these, the entire amount of PF cannot be withdrawn under any circumstances. After one month of unemployment, you can withdraw only 75 percent of the amount. The outstanding amount is transferred to your new EPF account when you get new employment. The amount can be withdrawn only up to a limit for the need of home loan and marriage in the family, etc., there are some conditions. Know here those conditions and method of withdrawal.
These are the conditions for home loan
The employee must be in continuous service for 5 years to withdraw money for construction or purchase of a house.
If the employee needs to be in service for at least 3 years for home loan. In such a situation, he can withdraw up to 90 percent of the amount. For needs like marriage, the employee needs to be in service for 7 years. In such a situation, he can withdraw up to 50 percent of his deposit. There is no prerequisite for medical treatment.
How to withdraw money
STEP 1: The EPFO ​​member has to log on to the e-sewa portal unifiedportal-mem.epfindia.gov.in.Â
STEP 2: After this click on Manage and select KYC and check your KYC.
STEP 3: After this, going to the ‘Online Services’ tab, click on ‘Claim (Form-31, 19, 10C & 10D)’.
STEP 4: Now a new page will open in front of you. On this page, the member has to enter the bank account number linked to the UAN. After that click on ‘Verify’.
STEP 5: The ‘Certificate of Undertaking’ needs to be approved before proceeding for Bank Account Verification.
STEP 6: Now click on ‘Proceed For Online Claim’.
STEP 7: Now the member has to choose the reason for withdrawal from the PF account from the given list. Here you will see only those options that you are eligible for.
STEP 8: Now the member has to enter his full address. Also, the member has to upload the scanned copy of the check or bank passbook on the portal.
STEP 9: Now selecting the terms and conditions, click on ‘Get Aadhaar OTP’.
STEP 10: Now an OTP will come on the mobile number linked with Aadhaar. Enter it and click on claim. After some time your PF amount will be transferred to your account.
