Withdrawal of PF money has become easy, what is the online and offline process? When and how will the money be released?

PF Withdrawal Rules: For millions of working people Employees Provident Fund Organization That is, Employees Provident Fund (EPF) is a very important savings scheme. It is commonly called PF (Provident Fund). It is a mandatory savings and retirement fund, to which both the employee and the company contribute every month so that financial security is maintained in the future.

According to EPF rules, the employee has to deposit 12% of his basic salary in this fund every month. The employer also deposits the same amount in the employee’s EPF account. Interest is also earned on this deposited amount every year, making it a strong retirement fund.

When can you withdraw complete EPF money?

The entire amount of EPF can be withdrawn only under two circumstances.

• First, when the employee retires.
• Second, when a person remains unemployed for more than two months.

If a person changes jobs and there is a gap of less than two months in between, then he cannot withdraw the entire EPF balance.

Under what circumstances can partial withdrawal take place?

Partial withdrawal from EPF account is allowed under certain circumstances. For this, some conditions and documents are necessary.

medical emergency

The employee can withdraw money from PF for the treatment of himself, spouse, children or parents.

marriage and education

Up to 50% of the employee’s share deposited in the account can be withdrawn for marriage or studies. For this, minimum 7 years of service is required.

to buy or build a house

Money can also be withdrawn from PF to buy land or build a house. For this the employee has to complete at least 5 years of service.

To repay home loan

If the employee has taken a loan for home, then after 10 years of service, amount can also be withdrawn from PF to repay the loan.

Withdrawal before retirement

One year before retirement and after the age of 54 years, an employee can withdraw up to 90% of his EPF balance.

Why is UAN important?

UAN (Universal Account Number) has been made mandatory for all employees associated with EPF. This number remains the same throughout the employee’s career. It becomes easy to transfer PF even after changing jobs.

PF money withdrawal process

EPF withdrawal can be done in two ways:

1. Online Process

By logging into the EPFO ​​portal, the employee can easily apply for PF withdrawal. For this, UAN should be active and Aadhaar, PAN and bank details should be linked with KYC.

Also read: Now there will be no earning from fake videos, Elon Musk’s X changed the rules, strict action will be taken on AI content

2. Offline Process

The employee can also withdraw money by filling various forms of EPF like Form 19, Form 31 and Form 10C and submitting it to the concerned EPFO ​​office.

How much time does it take to get the money?

After online application, the PF amount is usually transferred directly to the employee’s bank account within 15 to 20 days.