Are you wondering how to withdraw PF online? Employee Provident Fund organization: Another feather in the cap towards digitization for the government includes the online withdrawal facility of PF introduced in March. This facility would help reduce the work for the PF employees as well. Almost 80% of the work of the employees was processing of the claims submitted by the people. This would help the organization become a paperless organization.
EPF claims are submitted under 3 categories –
• Full withdrawal via final settlement
• PF final withdrawal via loan/advance
• EPS withdrawal benefit
For PF withdrawal, the individual needs to make sure that there UAN number is linked with their current active mobile number. Also they need to make sure that there KYC portal on the UAN website if filled and also linked with mobile number, aadhaar number and the bank account number along with the IFSC code. The Bank account they are linking with should be active and should be linked with an account in which they want to receive the withdrawal money. Please find below the step by step procedure to withdraw PF money –
• Log into UAN website.
• Check that the KYC details like PAN number, aadhaar number and account number details along with IFSC code mentioned are correct and active from the Manage tab.
• Once you verify the KYC details, select the claim option from Online services tab. The Claim screen will show the KYC and other details. Click on proceed for Online claim tab to submit the claim. Select the appropriate field under “I want to apply for”. The eligible options would be available under this.
• After you click on the relevant field the online claim form will open. You need to fill this form correctly with all the details, lastly, the individual needs to verify the details using aadhaar linked OTP. EPFO will obtain the details from the KYC and claim form will be submitted. If all the details are correct, the form would be processed and the withdrawal amount would be credited to the linked account.
• Claim status can be tracked under “Track Claim Status Tab” under online services menu.
The paperless has simplified the process of making the entire process a matter of minutes. The details can also be checked and edited in case required. This online submission of the claim is mandatory for any claim more than 10 lakh; it has given more freedom and power to the individuals. There is now no need to stand in queues of PF office or send the claim form by post. Since you are getting the amount directly into your linked account, there are lesser chances of you’re the cheques reaching to a wrong party or cheque going missing or reaching very late. For some people, PF amount is their life savings and is a big amount. So simplifying this process would greatly help the individuals and is a great step in terms of paperless economy.