Winning Bizness Desk
Mumbai. Withdrawing money from a PF account is not easy. This is allowed only on a few selected occasions or emergencies. Employees are given the facility to withdraw money when needed by the EPFO, the organization that maintains the PF account. You can withdraw money from it for everything from education to marriage. Every month the employer and your share is deposited in your PF account. The government has allowed the account holder to withdraw a part of this fund in case of emergency. You can also apply online for this. However, as per the rules, you can withdraw only the partial amount.
Withdrawal cannot exceed 50 percent
It was informed by tweeting from EPFO that any member can easily withdraw money for the marriage of his/her son/daughter or brother/sister. The amount of withdrawal cannot exceed 50 percent of the total contribution including interest. However, there are some conditions for this, which must be followed by the withdrawing members. You should have at least 7 years of membership in EPFO. Prior to this, you should not have made more than three withdrawals for marriage and education.
Follow these steps
For this, first go to https://unifiedportalmem.epfindia.gov.in/memberinterface and enter your UAN number and password for login. After login, click on the option of online service where you have to select the claim. After this a new screen will open, where enter the last 4 digits of your bank account and click on Yes. After this you will be asked to sign the certificate. After signing go to Proceed to Online Claim where some options will appear in the drop down menu. Now enter the amount you want to withdraw and attach the scanned copy of the cheque. After that enter your address and click on Get Aadhaar OTP. Then an OTP will come on your registered mobile number, enter it and click on claim. After the request is approved by your employer, the money will come into your account.
Rules for study
EPF allows partial or premature withdrawal for education expenses. You can withdraw 50 percent of the money you have deposited at the time of job for studies. In this too, the obligation of the job is 7 years.
