A simple guide to claiming EPF benefits
The Employees' Provident Fund (EPF) is a savings scheme developed by the Employees' Provident Fund Organisation (EPFO) of India. It's designed to offer financial security to employees of the organized sector after retirement. However, many are unaware of how to claim benefits under EPF efficiently. This article aims to guide you through the process, ensuring you can access your funds when needed without hassle.
Know your eligibility
Before you start a claim, it is essential to know if you are eligible. You can withdraw your entire EPF balance upon retirement or two months after leaving your job, provided you have not joined another employer covered by the EPFO. Partial withdrawals are permitted for specific reasons such as medical treatment, constructing a house, wedding expenses, and education costs.
Registering on the UAN portal
Your Universal Account Number (UAN) is key to managing your Employee Provident Fund account online. Ensure that your UAN is activated on the Employees' Provident Fund Organisation portal. This process requires you to have your UAN ready along with personal details such as mobile number and Aadhaar number for verification purposes. Once activated, you can log in to check balances and apply for withdrawals.
Updating KYC details
To ensure a smooth EPF claim process, it's crucial to update and verify your Know Your Customer (KYC) details on the portal. This process involves submitting your Aadhaar number, Permanent Account Number (PAN), bank account details including the IFSC code, and other necessary documents as required. Keeping these details current is essential for a hassle-free withdrawal or claim experience.
Applying for withdrawal online
To apply for an EPF withdrawal online, first log in at the UAN portal with your credentials. Go to "Online Services," select "Claim (Form-31, 19 and 10C)," and enter the last four digits of your bank account number linked to your EPF. Verify this, then click on "Proceed for Online Claim" to choose your withdrawal type. Accurately fill in the required details before submitting.
