Any Organization with more than 10 employees offers the Employee Provident Fund (EPF), as a retirement saving scheme. The main intention of EPF scheme is to offer a lump-sum payment to employees, at the time of retirement from service. The scheme is managed by the Employees' Provident Fund Organization (EPFO). Under this scheme, an employee has to contribute a certain percentage of basic salary + dearness allowance, towards EPF and an equal amount will be contributed by the employer. EPFO pays interest of 8.65% a year.
EPFO allows employees to withdraw money from PF account when in need or after retirement. A lot of people, who are in urgent need of money, withdraw from the EPF account. But, the problem is, many people do not understand the procedure of withdrawing from the EPF. They fall victim to scams and lose their hard-earned money.
A few months back a person named Deepak Sharma tried to cheat many people who wanted to withdraw from the EPF. The fraudster had edited the contact details of the EPFO Bandra Office at Mumbai, on the Google Search website.
Whenever people searched for a phone number of the EPFO Bandra office, this number used to come up on the Google search. If people called that number, the fraudster used to ask for ATM card, PAN card, Aadhaar card details for ‘‘processing’ PF withdrawal/updation, KYC and other requested services. The fraudster was using the EPFO name to extract personal details from innocent people.
To avoid this kind of fraud, you should be aware of the procedures for withdrawing EPF. In this blog, we will discuss how to withdraw PF online.
Now, withdrawing EPF online is very easy. You can do it by visiting the ‘Unified Member Portal’ website.
1. To withdraw PF online, you must have an activated UAN number and account on the website.
2. Your bank details, PAN and Aadhaar information must be registered on the website.
1. To withdraw PF online, you must first visit the Unified Member Portal website.
2. After visiting the website, you must log in using the UAN number and password.
3. After you log in, the necessary information will be displayed on the screen. You must click on the "Online Services" option from the top menu bar and select the option ‘Claim (Form 31, 19 & 10C).
4. You then enter the last 4 digits of your bank account number and click on “Verify”.
5. After verification, click on “Proceed for Online Claim” option.
6. In the next step, you must choose the option ‘Only PF withdrawal form’ from the list.
7. To register the request you need to verify using Aadhaar OTP.
See Also: How To Check EPF Balance?
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