The EPF withdrawal 2024 process can be done offline or online. However, the online process is more convenient and hassle-free. Find out about the eligibility, benefits, and required documents for EPF Withdrawal Online.
The Employees’ Provident Fund (EPF) is a retirement savings scheme in India that is managed by the Employees’ Provident Fund Organisation (EPFO).
EPF is a great way to save for retirement as well as to meet short-term financial needs. With the onset of the year 2024, it’s essential to know about EPF withdrawal rules and procedures. In this page, we will cover everything you need to know about EPF withdrawal in 2024.
Are you planning to withdraw your PF amount online? The process can seem daunting and confusing at first, but with this comprehensive guide, you can easily navigate through it.
Whether you’re changing jobs or need the funds for personal reasons, withdrawing your PF amount online is a convenient option that saves time and effort.
What is EPF Withdrawal?
EPF withdrawal is the process of withdrawing money from your EPF account. EPF withdrawal is allowed only under specific circumstances, such as retirement, job loss, marriage, education, and medical emergencies.
Retirement planning is an essential aspect of every salaried employee’s life. One of the most important benefits provided by the government of India to employees is the Employee Provident Fund (EPF).
It is a saving scheme where both employees and employers contribute a certain percentage of the employee’s salary into an EPF account, which can be withdrawn at the time of retirement.
| Name of the withdrawal | EPF Withdrawal Online |
|---|---|
| Title | PF Withdrawal Online |
| Subject | Check EPFO Withdrawal Claim Rule 2024 |
| Category | EPF |
| Website | https://www.epfindia.gov.in/ |
| Withdraw PF Amount Online Link | Download PF Withdrawal Online Link |
EPF Withdrawal Rules in 2024
EPF withdrawal rules are subject to change from time to time. As of 2024, the following are the EPF withdrawal rules:
1. Withdrawal on Retirement
- Employees who retire on attaining the age of 58 years or above can withdraw the entire EPF balance.
- If an employee retires before attaining the age of 58 years, he or she can withdraw the entire EPF balance only if he or she is unemployed for two months or more.
- If an employee has been in continuous employment for ten years or more, he or she can withdraw 75% of the EPF balance one year before retirement.
2. Withdrawal on Resignation or Job Loss
- Employees who resign or lose their jobs can withdraw their EPF balance after two months of unemployment.
- If an employee has been in continuous employment for less than ten years, he or she can withdraw the entire EPF balance.
- If an employee has been in continuous employment for ten years or more, he or she can withdraw 50% of the EPF balance.
3. Withdrawal for Marriage, Education, and Medical Emergencies
- Employees can withdraw up to 50% of the EPF balance for their own marriage or their children’s marriage.
- Employees can withdraw up to 50% of the EPF balance for their own or their children’s higher education.
- Employees can withdraw up to six times their monthly basic salary and dearness allowance for medical emergencies.
EPF Withdrawal Procedure in 2024
The EPF withdrawal procedure in 2024 is straightforward and can be done online. The following are the steps to withdraw EPF online:
- Visit the EPFO website and log in to your account using your Universal Account Number (UAN) and password.
- Click on the ‘Online Services’ tab and select ‘Claim (Form-31, 19 & 10C)’.
- Enter the last four digits of your bank account number and click on ‘Verify’.
- Click on ‘Yes’ to sign the certificate of the undertaking and submit your claim.
- Your claim will be processed, and the amount will be credited to your bank account.
EPF Withdrawal Tax Implications in 2024
EPF withdrawal is subject to tax. If an employee withdraws the EPF balance before completing five years of continuous employment, the withdrawal amount will be subject to tax. If the EPF withdrawal is made after completing five years of continuous employment, the withdrawal amount is tax-free.
How To Withdraw PF Amount Online?
The EPF withdrawal process can be done either offline or online. The offline process involves visiting the nearest EPFO office and submitting a physical application for withdrawal. However, the online process is more convenient and hassle-free. The following are the steps to withdraw your PF amount online:
Step 1: Log in to the EPFO member portal
To begin the process of withdrawing your PF amount online, you need to log in to the EPFO member portal. Here are the steps to follow:
- Visit the official website of the EPFO (https://www.epfindia.gov.in/site_en/index.php)
- Click on the “For Employees” option and select “Member UAN/Online Service (OCS/OTCP)” from the drop-down menu
- Enter your UAN, password, and captcha code to log in
Step 2: Check your eligibility for withdrawal
Before proceeding with the online withdrawal process, make sure you’re eligible for it. The EPFO allows partial or complete withdrawal of PF amount in the following cases:
- Retirement
- Resignation
- Termination
- Permanent disability
- Marriage
- Medical treatment
- Purchase of a house or flat
- Repayment of a home loan
If you meet any of the above criteria, you can proceed with the online withdrawal process.
Step 3: Fill in the online PF withdrawal form
Once you’ve checked your eligibility for withdrawal, you can fill in the online PF withdrawal form. Here’s how to do it:
- Click on the “Claim (Form-31, 19 & 10C)” option on the member dashboard
- Select the appropriate form based on your eligibility for withdrawal
- Fill in the required details, such as the reason for withdrawal, bank account details, etc.
- Upload any necessary documents, such as a cancelled cheque or a medical certificate
- Verify the information and submit the form
Step 4: Track the status of your PF withdrawal application
After submitting the withdrawal form, you can track the status of your application on the EPFO member portal. Here’s how to do it:
- Log in to the member portal and click on the “Track Claim Status” option
- Enter your UAN and captcha code
- Check the status of your application under the “Claim Status” section
Eligibility for EPF Withdrawal Online
To claim your EPF online, you need to fulfill certain eligibility criteria and conditions.
a. Criteria for EPF Withdrawal Online: The following are the eligibility criteria for EPF Withdrawal Online:
- Your Universal Account Number (UAN) should be activated.
- Your Aadhaar number should be linked to your UAN.
- Your bank account details should be linked to your UAN.
- Your KYC details should be verified by your employer.
b. Conditions for EPF Withdrawal Online: The following are the conditions for EPF Withdrawal Online:
- Your EPF should be eligible for withdrawal.
- Your PAN and Aadhaar should be verified by the EPFO.
- Your employer should not have rejected your claim previously.
- Your employer should not have challenged your withdrawal claim.
- You should not have been marked as a “Dormant” member by the EPFO.
Documents required for PF withdrawal online
- PAN card
- Aadhar card
- Bank account details
- UAN number
- KYC documents (if not already updated on the EPFO portal)
Benefits of Withdrawing PF Amount Online
Withdrawing your PF amount online has several benefits, some of which are as follows:
- Convenience: The online process saves you the hassle of visiting the EPFO office physically, thereby saving time and effort.
- Speedy processing: The online process is faster than the offline process, and you can expect your withdrawal to be processed within a few days.
- Transparency: The online process is more transparent, and you can track the status of your withdrawal online.