PF Money withdrew- Crores of people in India are employed in some private or government job. A certain amount from the monthly salary of these employees is deposited in their Provident Fund (PF) account. This PF account is a kind of long term savings scheme, which has been designed for future security. Both the employee and the employer (company) contribute to it.
PF account is useful in emergency
Often people think that PF money can be withdrawn only after retirement, but this is not completely true. According to the rules of EPFO, you can withdraw advance money from your PF account under certain circumstances. Whenever you suddenly need money, such as in case of a medical emergency, children’s education, marriage, building or buying a house, then you can withdraw PF money. Apart from this, if you have left the job and are unemployed for more than two months, you can still withdraw a part of the PF amount.
How much amount can be withdrawn?
How much amount can be withdrawn from the PF account depends on how many years you have contributed to the PF and the reason for withdrawing money. For example, if there is a medical emergency, you can withdraw your 6 months’ basic salary or a part of the total deposit. Up to 90% of the deposit amount can be withdrawn to buy or build a house. At the same time, up to 50% of the PF can be withdrawn for marriage or studies. If you are unemployed, up to 75% withdrawal is allowed. For every situation, a fixed limit has been set by the EPFO, which has to be followed.
Process to withdraw money from PF account
The process of withdrawing advance money from PF has now become completely online, which has made it easy and time saving. For this, first of all you have to go to the official website of EPFO https://unifiedportal-mem.epfindia.gov.in . There you have to login by entering your Universal Account Number (UAN), password and captcha code. If your UAN has not been activated yet, then it is necessary to activate it first.
After logging in, click on the ‘Online Services’ tab and then choose the option of ‘Claim (Form-31, 19, 10C)’. After this, your bank details will appear on the screen, verify them carefully. Then click on ‘Proceed for Online Claim’ and tell the reason for which you want to withdraw money, such as illness, buying a house or marriage. Then you have to enter how much amount you want to withdraw. After this, upload a scanned copy of the bank passbook or a cancelled cheque and finally do the OTP verification from Aadhaar.
When do you get the money?
If all the details are provided correctly and documents are uploaded neatly, the money is usually transferred to your bank account within 3 to 7 working days.