When you opt for withdrawal of PF, you can easily manage your financial requirements using the accumulated corpus. There are different types of provident funds, with the Employees’ Provident Fund and Public Provident Fund being the most popular.
By withdrawing from either of these funds, you can access financing for higher education, weddings, medical expenses and other big-ticket expenses. With a simplified online process, you can easily check the PF withdrawal amount, apply, track the status and more.
However, there are certain terms and conditions that you need to meet when withdrawing your PF.
Read on to know how much amount can be withdrawn from PF, its criteria, rules, eligibility factors and more.
Criteria for Partial PF Withdrawal
Here are a few circumstances that allow partial withdrawal from your EPF account:
- Unemployment: You can withdraw up to 75% from your PF account if you are unemployed for one month.
- Education: You can claim a 50% PF advance withdrawal limit to pay your children’s education expenses after they complete the 10th standard. This is applicable if you have contributed at least 7 years to the PF account.
- Wedding Costs: After 7 years of contribution towards the EPF account, you can withdraw 50% of the funds to cover the family wedding expenses.
- Medical Emergency: You can withdraw six times your monthly basic salary or the total employee contribution along with interest to manage your medical costs.
- Purchase Land/ House or Renovate Your Home: Premature withdrawal is allowed after 5 years for buying or renovating your home.
In the case of a Public Provident Fund, partial withdrawals are allowed for:
- Wedding expenses
- Higher education
- Medical costs
- Home financing
Also Read: EPF interest rate 2023
Rules for PF Withdrawal in 2023
For the EPF, the following rules apply.
- PF withdrawal is not allowed until you are employed
- Employees after 55 years of age can make withdrawals after retirement, with 90% of withdrawals allowed 1 year before retirement
- You can only claim up to 75% of the PF advance withdrawal limit after one month of unemployment and the remaining amount after 2 months
- If you make a withdrawal above ₹50,000 within 5 years of opening the EPF account, it will attract 10% TDS with PAN and 30% without a PAN card
For the public provident fund, these are the rules:
- Partial withdrawals are only allowed from the seventh year onwards
- Subscribers can only make one withdrawal in a year
- Only up to 50% of the total balance may be withdrawn, subject to certain stipulations
Apply for PF Withdrawal Online
Following these steps, you can raise a claim for PF withdrawal online.
On the EPFO Portal
- Step 1: Visit the EPFO Member e-Sewa portal
- Step 2: Log in with your UAN (Universal Account Number), password and captcha code
- Step 3: Verify your KYC under the ‘Manage’ tab
- Step 4: Once verified, select the ‘Claim (Form-19, 31, 10C)’ option under the ‘Online Services’ tab
- Step 5: On the new web page, enter your bank account number and click on ‘Verify’
- Step 6: Choose the ‘Yes’ option after this step
- Step 7: Select the ‘Proceed for Online Claim’ tab
- Step 8: Choose ‘PF Advance (Form 31)’ under the ‘I Want to Apply For’ option for partial withdrawal
- Step 9: Select the reason for making the claim from the ‘Purpose for Which Advance is Required’ drop-down menu
- Step 10: Enter the advance amount and the employer’s address
- Step 11: Submit the application
Note that depending on the reason for your withdrawal, you may have to upload a scanned copy of your document. After the PF withdrawal processing time of 20 days, your amount gets transferred to your bank account.
On the Unified Mobile APP for New Governance (UMANG)
- Step 1: Log in to the UMANG app
- Step 2: Search EPFO
- Step 3: Select the ‘Employee Centric’ tab
- Step 4: Choose the ‘Raise Claim’ option
- Step 5: Enter your UAN
- Step 6: Verify OTP
- Step 7: Select the withdrawal type and submit a claim
For a Deceased Person
- Step 1: Visit the EPFO Member e-Sewa portal
- Step 2: Select the ‘Death Claim Filing by Beneficiary’ option
- Step 3: Enter UAN, name, Aadhaar and date of birth of the beneficiary along with the captcha code
- Step 4: Click on the ‘Get Authorised Pin’
- Step 5: Enter the OTP on the beneficiary’s mobile number
To get the PF withdrawal amount for the public provident fund, you will have to do the offline method. This involves:
- Filling out a withdrawal form
- Submitting the necessary supporting documents to the bank or post office
- Collecting the cheque or waiting for disbursal to the registered bank account
Keeping all these factors in mind can help you decide the right time to withdraw your PF. While withdrawing from your PF may seem like a good idea, it is crucial to remember that it takes away from your final corpus. As such, you can opt for alternatives like an Instant Personal Loan from Fibe.
With Fibe’s Instant Personal Loan, you get a loan of up to ₹5 lakhs in just 2 minutes. We also have easy-to-meet eligibility criteria and offer quick disbursals. As such, these loans are ideal for planned or unplanned expenses. To get started, download our Personal Loan App or go to our website and start your application process today.
FAQs on How to withdraw PF
When can I withdraw my PF?
You can withdraw the full PF amount at maturity or retirement, depending on the PF that you have. In certain circumstances, partial withdrawal of funds is also allowed.
How to claim the PF amount?
You can visit the EPFO portal and fill in Form 19 for the final settlement. You can fill out Form 31 and claim the PF withdrawal amount. For the public provident fund, you will have to follow an offline process that starts at the bank or the post office.
How many days does it take to withdraw PF advance?
The PF withdrawal processing time is 20 working days once your claim is settled, in the case of the EPF.