Last Update: February 09, 2023, 15:30 IST
The employee contributes 12% of his basic salary to the fund while the employer also contributes an equal amount.
The members of the scheme can withdraw the amount deposited in their provident fund account either offline or by applying online.
Employees’ Provident Fund (EPF) is a savings scheme available to salaried employees. In the scheme, a percentage of the employee’s monthly salary is deposited with the Employees’ Provident Fund Organization (EPFO), while the employer also contributes an amount to the fund.
The corpus grows over time and comes in handy for the employee in the future, especially in the post-retirement period.
The members of the scheme can withdraw the amount deposited in their provident fund account either offline or by applying online. Withdrawals can also be made before retirement for various reasons such as marriage, higher education, and construction or purchase of a house.
Read also: Your Step by Step Guide for KYC Update on EPFO Portal
How to apply for EPFO withdrawal online
Step – 1 Visit the e-Seva portal of EPFO.
https://unifiedportal-mem.epfindia.gov.in/memberinterface/
Step – 2 Enter your Universal Account Number (UAN), Password and the given captcha code to login.
Step – 3 Click on the ‘Online Services’ tab and select ‘Claim (Form-31, 19 & 10C)’ from the menu.
Step – 4 On the new page, enter your bank account number linked to your PF account and click on ‘Verify’. Then, click ‘Yes’ to agree to the terms and conditions.
Step – 5 Select ‘Proceed for Online Claim’ and under the tab ‘I want to apply for’ select the claim you wish to make. Here, you can choose either Complete EPF Settlement, EPF Pre-Withdrawal (Loan/Advance), or Pension Withdrawal. To withdraw money before retirement, you have to choose ‘PF Advance (Form 31)’.
Step – 6 After selecting the form, provide the reason for withdrawal, the amount you need and your address.
Step – 7 Proceed to submit your application. You may also need to upload scanned documents such as Aadhaar Card, PAN Card, Canceled Blank Check Voter ID Card and an Address Proof.
Step – 8 Once your application is approved by your employer, the funds will be transferred to your bank account within 15 to 20 days.
It is to be noted that before applying for PF withdrawal online, your mobile number must be linked with your Aadhaar to receive the OTP. You need to link your bank account and PAN with your UAN.
interest rate for epf account
The current interest rate for EPF accounts is 8.10%. The interest is calculated on a monthly basis as the contribution is made by the employee and his employer.
The employee contributes 12% of his basic salary to the fund while the employer also contributes an equal amount.
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