PF Account Tips: How to Transfer Money from PF Account to Personal Account? Learn the simple steps

0

The Employee Provident Fund (EPF) is a life guarantee which proves useful at the crucial stages of a person’s life. It consists of 12% of the employee’s monthly base salary, which is credited to the Employees Provident Fund (EPFO). In this context, a contribution is also paid by the employer, ie the company. EPFO members/employees can easily withdraw their PF online via the E-SEW portal. It is generally advisable to keep this amount as a reserve for post-retirement. But you can withdraw part of this amount to your personal account according to your needs.

Generally, employees can withdraw all of their PF savings to their personal account after retirement. However, for retirement, if you need it for any reason, you can withdraw a certain amount by meeting certain criteria. One thing to note is that the PF account needs to be linked to Aadhaar only to transfer the account online. Also, mobile phone number and other important information should be updated in the Employee Provident Fund organization.

Important points for withdrawal from the provident fund

  • Linking Aadhaar card with Universal Account Number (UAN) is mandatory to deposit money in PF account. This can be done online via the EPFO ​​website or via the Umang mobile app.
  • It is also important to complete the “Know Your Customer” or KYC formalities before withdrawing PF.
  • For KYC, the PAN card is required and after the completion of the EPFO ​​process, the PF account gets the status of “verify”.

Important steps to withdraw the provident fund

  • Visit UAN portal from this link https://unifiedportal-mem.epfindia.gov.in/memberinterface/
  • Log in using your UAN and password and enter captcha for verification.
  • On the next screen, enter your bank account number and click “Verify”.
  • Now click ‘Yes’ and continue.
  • After that, click on “Proceed to Online Claim”.
  • Now in the application form, select the application you need under the “I want to apply” tab.
  • Select ‘PF Advance (Form 31)’ to withdraw your funds. Then indicate the purpose of this request, the amount required and the employee’s address.
  • Now click on Certificate and submit your application.

You may be asked to submit scanned documents for the purpose for which you completed the form. Once the employer approves the withdrawal request, you will receive the money in your bank account. It usually takes 15-20 days for the money to be credited to the bank account.

Share.

Comments are closed.