Online EPF Withdrawal Facility : Details & Procedure
One of the highest demands from the citizen of India to the government is the starting of the online EPF withdrawal facility. The present turnaround time faced by the EPF members are approximately 30 days and sometimes that may even go beyond 30 days of time. It is because of the long delay in processing of the EPF, that the members of EPF voices up for the requirement of the online facility to withdraw EPF. So that it consumes less time in processing of the EPF.
Finally after so much voicing and request from the EPF members the government of India introduced EPFO. The EPFO or the online EPF withdrawal facility will bring to an end 2 major issues faced by the members of the EPF they are the long hours spends behind tedious paper work and the turnaround time for the processing of the EPF. The planning to introduce the online PF withdrawal facility was on queue for past one year for the government of the country.
Finally with the introduction of the online EPF withdrawal facility in 2017 there would be much relaxation provided to the members of the EPF club to get hold of their provident fund money.
As per the latest press release made by the EPFO all the members of EPF who has an active UAN, which is already linked with the KYC ” Aadhaar card” with their EPFO can now apply for the following claims online using the following UAN interface or through the portal directly are;
- PF final settlement: full withdrawal of PF (form 19)
- Pension withdrawal benefit: EPS withdrawal (form 10 – C).
- PF part withdrawal: PF advances and PF loans (form 31).
(download: http://www.epfindia.com/site_docs/PDFs/Downloads_PDFs/UAN-Based_Form31.pdf )
These 3 claim’s physical processing actually account for almost 80% work load for EFO. So the newly introduced online facility of EPF will actually prove to be beneficiary for the members of the EPF as well as for the employees of EPFO.
Online EPF Withdrawal : Details & Procedure
Below are the pre-requisites to submit online PF claims ;
- UAN and mobile number: To get the benefit out of the online EPF service, a person must have UAN or universal account number that is in active mode. Further a person should also have a valid mobile number in working condition linked to the UAN. This will help a person to successfully and systematically withdraw EPF online.
- Aadhaar: To avail the online EPF facility an individual’s aadhaar number must be linked with his or her EPFO website.
- Bank account: To avail the online EPF facility an individual’s bank account must be linked with their universal account number including the seeding of their bank’s IFSC code.
- PAN: Further integration of the permanent account number or PAN with individual’s EPFO database is also important for systematic and easy processing of the PF final settlement in case the person’s available service for the PF account is below the time span of 5 years.
How to withdraw EPF & EPS balance online
To withdraw the EPF online an individual must login to their universal account number portal with their own credentials. Using the below link:
- There after a must verify the details of the KYC that is updated in the database for his or her EPF account. In case of any changes that needed to be done, a person can do the necessary changes online itself from the same portal by clicking on the link Aadhaar based online submission.
- For the withdrawal of the EPF amount the person must select the withdrawal claim that they want to withdraw, namely EPF full withdrawal or EPS withdrawal or EPF advances.
- You need to confirm online PF assert utilising OTP (One-time password) availed against the cellular number enlisted with UIDAI (Unique Identification Authority of India) to finish the online claim accommodation. Along these lines, your cellular number is connected to your UAN and Aadhaar have to be one and the same.
- EPFO will get your e-KYC Aadhaar and PAN credentials from UIDAI and processes your online PF claim.
- A member of EPF can finish the entire procedure on the web. According to EPFO, for online withdrawal service, there is no compelling reason to collaborate with your employer or EPFO staff. The claim put together by you would stream in delicate shape to EPFO database where it will be prepared and your bank’s financial balance will be credited with the claim amount. For online partial EPF withdrawal, you are not required to give any supporting records. Citizens applying on the web will be taken as his/her self-affirmation for inclining toward the progress claim. EPFO says that with the dispatch of this online EPF withdrawal service, the settlement of PF cases can occur inside a couple of hours. We should trust this new arrangement ends up being valuable and helpful to all the EPF individuals.