Don't have cash for marriage, education or buying a house? Shed your worry, withdraw funds from EPF account; here is how

The provident fund account that every salaried employee has to maintain is one of the best ways to  invest and save for retirement. However, there can be emergencies when need for cash arises, in which case. However, EPF account holders need not worry as the Employees Provident Fund Organisation (EPFO) helps you to get money urgently. In fact, the EPFO has recently guided citizens having PF account, that they can actually withdraw non-refundable PF advances during their service period. These advances can be withdrawn for various purposes. 

EPFO highlights that, you can take non-refundable advances during service period for purposes like illness, marriage, education or even buying a house. Withdrawal in these cases are allowed up to 90% of the total PF balance that you have with EPFO within one year before retirement.

Further, if you are without any job for over a month, you can also withdraw 75% of total PF balance. For this, new guidelines were enacted last year, where the EPFO inserted a paragraph 68HH in 1952EPF Act, enabling a member who is no longer in employment for a month to avail upto 75% of the total provident fund standing to his or her credit. 

By withdrawing a portion of EPF account, you will still remain a member of EPF and remain eligible for a pension on retirement. 

However, here non-refundable means that once you withdraw a certain amount from your EPF account, you cannot pay it back to EPFO. Once withdrawn that amount is lessened from your PF balance, and accordingly will have an impact on claiming the amount on retirement. But in emergency cases, will definitely help you, as that’s your contribution from salary. 

Notably, you can make final withdrawal of your EPF accumulations on retirement or two months after ceasing to be an employee. Later, you can draw pension on superannuation or after exit from service on attaining 50 years of age subject to 10 years of service period. 

Here’s how you can withdraw online:

Step 1 - Visit the EPF website - https://unifiedportal-mem.epfindia.gov.in/memberinterface/

Step 2 - Login into the portal with your UAN number and password. Fill in the captcha code as well for signing. 

Step 3 - Once entered into your EPF account, click on the tab ‘Manage’ and select KYC to check if details like Aadhaar, PAN and bank details are correct and verified. 

Step 4 - If every KYC details are verified and correct, then click on ‘Online Services; and select the option ‘Claim’ from the drop-down menu. 

Step 5 - The moment you click on Claim, the screen will show member details, KYC details and other services. If every detail is correct, then click on ‘Proceed for Online Claim’ to submit your claim form. 

Step 6 - Options like full EPF settlement, EPF partial withdrawal, pension withdrawal will be displayed. Select your option under the tab ‘I Want to Apply for.  

Your claim will be disbursed as per EPFO guidelines.