EPFO member can withdraw funds from his EPF account using an online Aadhaar based facility. Members can make an online claim for the withdrawal of funds by visiting the EPFO portal. Many people have had a liquidity crunch due to the Coronavirus crisis and lockdown. Many people have also lost their jobs. They can withdraw from their retirement funds deposited in EPF and meet their needs in this difficult time.
Requirements:
For online withdrawal using the integrated portal of EPFO, the member should have an active UAN (universal account number), and the member's bank account and Aadhaar information should be linked to the EPFO account. Further, the member's e-KYC should be verified and unpaved. After logging in to the portal for KYC, the member will have to manage and then click on KYC. Now you have to know your Aadhaar number and bank detail. As per EPFO rules, if an employee has been terminated from the job, he can withdraw 75% of his total PF fund after one month. If an employee has been unemployed for two months, he can withdraw 100 percent of his PF fund. EPFO allows employees to withdraw even before their PF account is confirmed in several circumstances. These circumstances include medical needs, home construction, education, etc.
How to claim:
The EPFO member will first have to log in to the portal. Now they have to click on the Online Service tab and then click 'Claim.' Now the member will see the option of the claim form available for him. One of these claim forms will have to fill all the information sought by the member. The member will also have to enter the last four points of his registered bank account number. Now, after the bank account number is verified, the member will have to click on 'Proceed for Claim.' The member will now have to fill the withdrawal amount. In addition, a scanned copy of the bank cheque has to be uploaded, and your address has to be inserted. Now the OTP on the registered mobile number has to be put. The claim will be submitted after the verify.
Claim Covid-19 EPF Withdrawal Like This:
Because of the emergency liquidity crunch during the Coronavirus epidemic, EPFO is facilitating special partial evacuation. Under this, members can withdraw their three-month basic salary + equal to 75% of the account's balance. For this, the member will have to click on 'PF Advance' while making a claim online and select the 'Outbreak of pandemic (COVID-19)' option in the objective.
Check claim status like this:
EPFO members can also see the status of their claims online. For this, the member will have to log in to the portal and click on 'Check Claim Status' from the Online Services tab. Members here can see the status of their claim at any time.
Read also: What is SBI BSBD account and how to open it: Benefits of this account
Things you should know before Investing money in PPF account
What is Pradhan Mantri Mudra Yojana? Know here how to get it
Image credit: financialexpress