Every month a fixed part is deposited in the Provident Fund (PF) account from the salary of many people doing private or government jobs. EPFO manages this deposit amount and the government invests it in safe places like government bonds etc.
This fund is saved for our future needs, so that after retirement or missing the job, there can be financial support. Both employees and employers contribute to the PF account. But often the question comes in the minds of people that if suddenly an emergency comes, can money be withdrawn from PF account? And if yes, how much money can be withdrawn and how? PF account can help you a lot not only for retirement but also in difficult times, let’s understand how…
Can money be withdrawn from PF in Emergency?
According to the rules of EPFO, in certain circumstances you can withdraw money from your PF account. These circumstances are such when a person suddenly needs money and has no other option such as medical emergency (for the treatment of himself or family member), building or buying a house, spending for marriage or studying or long -term unemployment (more than 2 months). In these cases EPFO allows you to withdraw advance money from PF.
How much amount you can withdraw, it depends on how many years you have deposited money in PF and for what reason you are trying to withdraw money.
Easy process to withdraw money from PF
If you want to withdraw PF money in emergency, then its process is quite easy online. For this, you will first have to visit the official website of EPFO and Login by filling the UAN (Universal Account Number), password and captcha. If your UAN is not active, then it is necessary to activate it first.
After login, you have to click on the “Online Services” tab seen above on the website. There you will get the option of “Claim (Form-31, 19, 10C)”. Click on it. Now your bank details will come on the screen which are verified and choose “Proceed for Online Claim”. After this, you have to tell for what reason you want to withdraw money like disease, house, marriage etc. Then you will be asked how much money to withdraw. After this, a copy of the bank passbook or cancell check will have to be uploaded.
Finally, you will be verified through Aadhaar through OTP. If all the information is correct and the documents are clear, then your PF claim is transferred to your bank account within 3 to 7 days.