PF Withdrawal Rules: Significant Announcement! Can I take early withdrawals from my EPF account? Find out the whole procedure here

 PF Withdrawal Rules: Significant Announcement! Can I take early withdrawals from my EPF account? Find out the whole procedure here

PF Withdrawal Guidelines: A common query is whether it is possible to take money out of an EPFO account before the allotted time has passed. Yes, this is absolutely possible, but there are ways to deal with it. We'll explain how to take out cash from your EPF account online in this news article.

Online EPF withdrawals are available via the Employees Provident Fund 

Organization website (EPFO). Employees' Provident Fund, or EPF as it is more often known, is a mandated contribution provident fund that offers insurance, pensions, and savings options to workers in India. According to the rule, all regular employees in the nation must contribute 12% of their base pay (plus dearness allowance, if applicable) to the fund each month.

This payment is deposited to the employee's EPF account, and upon retirement, the employee may take the whole amount paid as well as the employer's contribution and interest.

How to take money out of your EPF account online

It's crucial that you understand before you begin that an employee may only completely withdraw from their EPF account if they have retired or have not worked for more than two months. Additionally, EPFO has allowed for partial withdrawal in certain exceptional situations, such as sickness, marriage, calamity, home renovation, etc.

The FAQ paper on the EPFO website contains information on the requirements for premature withdrawal.

Go to the e-service site for UAN members.

Here, enter your password and Universal Account Number (UAN). Next, complete the CAPTCHA. Next, press the Sign in button.

At the top of the menu, choose Online Services. Next, select the CLAIM (FORM-31,19,10C&10D) option.

Check the information shown on the online claim form.

Enter your bank account number once it has been verified.

Now choose the Verify button. Next, select the Yes option from the Certificate of Undertaking.

You are now prompted to proceed with the online claim. This requires you to press the Proceed button.

You are now asked on this form whether you are requesting an advanced PF withdrawal. "Purpose for which advance is required" is the title of the drop menu that appears in this. Its goal is to find out from you why you want to make the withdrawal. From this option, you may choose that reason.

Now enter the desired withdrawal amount in the text field. Next, enter your email address in the space designated for employee addresses.

After selecting Certificate, send in your application.

Following submission, the EPFO website can request that you provide a scanned copy of the paperwork you filled out for the withdrawal. You must now get the employer's verification of this application. The money may not appear in your bank account for 15 to 20 days after this procedure.