How To?

How To Withdraw PF Amount Online Using UAN?

Personal Finance

Provident fund, or PF for short, is a savings-cum-retirement program for employees of a qualifying company. After retirement, employees can rely on the fund’s corpus for their expenses. 

Employees must contribute 12% of their base pay to this fund each month as per the EPF rules. The company makes an equal contribution to the employee’s PF account. Every year, interest is earned on the funds in EPF accounts. 

When employees retire, they can withdraw their whole EPF balance. Several EPF rules related to withdrawals from PF accounts have been updated in 2022. You can withdraw funds from your EPF account without your employer’s consent. Read on to learn more about the process for making early withdrawals from an EPF account if you meet the given rules.

When Can a Person Withdraw From an EPF? 

Full Withdrawal 

EPF can only be completely withdrawn in one of the following two situations: – 

  1. When a person retires; 
  2. When a person is jobless for more than two months. 

In this situation, the people need to obtain an attestation from a gazetted officer to withdraw money. 

If individuals change jobs before their unemployment time of two months or longer expires, they are not able to withdraw their entire EPF balance (i.e., the interim period between changing jobs). 

Partial Retraction 

Only certain conditions apply, and partial withdrawals of EPF balances need the production of documentary proof.

Condition TenureLimitation of withdrawal amountWithdrawal Eligibility  
Construction/purchase of a houseService of 5 yrs.The withdrawal amount for constructing or purchasing a house is limited to 24 times the monthly salary for purchasing or 36 times in case of purchase and construction.Only the account holder or their spouse are eligible to apply for a withdrawal.
Wedding Service for 7 yrs.50% of the total employee’s contribution with interest is the sum for withdrawal.The account holder, their blood siblings or children can apply for withdrawal.
Medical emergencyNo limitation Mentioned. six times their monthly salary or employee’s Contribution with interest, whichever of the two is lower in amount.The account holder, their Spouse /parents or children can apply for withdrawal.
Repaying home loanServices for 3 yrs.90% of the amount mentioned on the loan with interest can be  withdrawnOnly the account holder or their spouse is allowed to apply for a withdrawal
Renovation of houseService of 5 yrs.50% of the employee’s contribution with interest is approved for withdrawal.Only the account holder or their spouse can apply for a withdrawal.
Higher education of self or post matriculation of childService of at least 7 yrs.Up to 50% of employees’ contributions to their EPF fund.Only the account holder can withdraw this amount.

Universal Account Numbers (UANs) have been assigned by EPF and are required for all employees covered by the PF Act. The EPF account of the employee would be connected to the UAN. There is no need to submit an EPF transfer application while changing jobs. The UAN is portable for the duration of an employee’s career. 

Conditions for PF Account Withdrawals 

Based on their needs, a person can withdraw all of the PF money or only a portion of it. The person may be retired or have been jobless for longer than two months. After that, the money can be taken out while awaiting attestation from a gazetted office. 

On the other hand, a partial withdrawal must satisfy a number of requirements. With the exception of pre-retirement withdrawals, where the employee must be at least 54 years old, all withdrawals must meet a minimum of 5 to 7 years. An individual can withdraw money for education, land or house purchase, home loan repayments, or treating COVID-19. 

Steps to apply for PF withdrawal through UAN

You need to sign in to the UAN Member Portal to check the status of your application. Then select the “Track Claim Status” option under “Online Services” in the drop-down menu. No reference is required in order to verify your status. On the screen, it will be seen. 

EPF withdrawal process online 

You must ensure that your UAN is active and linked to your KYC in order to submit an online PF withdrawal application (Aadhaar, bank account, and PAN). If you satisfy these rules, take the actions listed below to draw your PF balance. 

  • Visit the UAN Member Portal in step one. Use your UAN, password, and captcha to log in. 
  • Select “Claim” under the “Online Services” tab (Form-31, 19, 10C & 10D). 
  • Your information is shown on the following screen (basic details, KYC information, and other service information). The last four digits of your bank account number are required. Enter it, then select “Verify.” 
  • To sign the undertaking certificate, select “Yes.” Then select “Proceed for Online Claim” from the menu. 
  • Choose the claim you want to submit in the claim form’s “I Want To Apply For” area, such as a full EPF settlement, a partial EPF withdrawal, or a pension withdrawal. Options that a member is not eligible for will not be presented to them. For example, you won’t see the pension withdrawal service option in the menu if you are not eligible for it. 
  • Choose “PF Advance (Form 31)” in step 6 to withdraw your PF funds. Include the purpose of the advance, the necessary sum, and the address of the employee. 
  • Submit your application in the final step. For the purpose for which you have completed the form, you might be needed to send scanned copies of your supporting documentation. 
  • Following the employer’s approval of your application, you receive the requested amount in your bank account. The process of getting the balance credited to your bank account normally takes 15 to 20 days. However, in 2021, instead of the prior obligation of processing the claims within 20 days, the government permitted the Ministry of Labour and Employment to shorten the claim settlement cycle to 3 days. 

You can submit Form 15G to avoid tax deductions if you are withdrawing the money before five years of service and your total income is less than Rs. 2.5 lakh. 

How often am I allowed to withdraw my PF? 

The number of times you may withdraw from your PF is determined on the withdrawal’s objectives:

A maximum of three times you can withdraw from PF for post-matriculation education and marriage.

When buying or building a home, you can only claim it once. Before retiring, you can always claim it for medical emergencies. Its potential is limitless. 

How much time does a PF claim require? 

To resolve the PF claim or release the PF amount, it normally takes 20 days. However, the Ministry of Labour and Employment has given EPFO the ability to shorten the claim settlement cycle to 3 days thanks to the UAN. 

Final verdict

EPF provides retirement benefits, to sum up. You may, however, partially withdraw it in some circumstances. You have two options for submitting your withdrawal application: online using the EPFO portal, or offline. You can transfer or withdraw your PF balance, settle your accrued EPF funds, or take a partial or advance withdrawal from your EPF account using the suitable EPF forms.

To prevent your PF withdrawal form from being rejected, make sure you meet all the conditions for submitting the forms. For more details related to policies and applications for PF funds, get in touch with the expertise of financial consultants through Piramal Finance and to know the latest updates.