EPF Fund Withdrew: The Employees’ Provident Fund (EPF) is a dependable savings option for many working individuals in India. This government-operated scheme is designed to provide employees with a secure fund for retirement, helping them tackle future financial hurdles. Every month, both the employee and employer contribute a part of their salary to the EPF account. Over time, this amount builds up, forming a significant retirement fund.
In the past, accessing EPF funds was quite challenging, but the EPFO has recently updated the rules. Now, withdrawing EPF funds is much simpler than it used to be. You just need to apply online through the EPFO portal, and the entire process is digital. The funds will be transferred directly to your bank account, which you can then access via ATM or online transfer. So, let’s dive into how to withdraw EPF funds from an ATM.
What is EPF and how does it work?
The Employees’ Provident Fund (EPF) is a government initiative where you and your employer make monthly contributions. It’s calculated based on your basic salary. This amount is kept in your name with the EPFO and earns interest over time. You can withdraw it when you retire or if you switch jobs. However, this scheme isn’t just for retirement anymore; you can also make partial withdrawals if necessary.
Before you can withdraw EPF funds, make sure your UAN is active, your bank account is linked to your PF account, your Aadhaar and PAN numbers are updated on the EPFO portal, and your mobile number is linked to your Aadhaar to receive an OTP. If all this info checks out, withdrawing EPF funds is a breeze.
How to withdraw EPF money from ATM, complete step by step process
1. First, head over to https://unifiedportal-mem.epfindia.gov.in/memberinterface/.
2. Once you’re logged in, navigate to Online Services in the menu and select the Claim option.
3. This will display your bank account details linked to your PF account. If the details are correct, click Proceed for Online Claim.
4. Now select PF Advance. Here you will need to provide the reason, such as medical emergency, marriage, education, house construction, etc. Then enter the amount you wish to withdraw.
5. In some cases, a scanned copy of your bank passbook or cancelled check will need to be uploaded. Therefore, ensure that the documents are clear and accurate.
6. Now click on Get Aadhaar OTP. An OTP will be sent to the mobile number linked to your Aadhaar. Enter it and submit your application.
7. Your application will be reviewed by an EPFO official. If everything is found to be correct, the money will be transferred to your linked bank account within 3 to 7 days. Once the money is credited to your bank account, you can withdraw it by ATM card, net banking, or mobile banking, or withdraw cash directly from the bank.