The government can soon put the amount of interest in the account of PF account holders. But you cannot withdraw money from PF account like a bank account. EPFO allows withdrawal of money from PF account with certain conditions. However, you can easily withdraw PF money sitting at home, according to EPFO, you can withdraw money online in just 72 hours.
Rules of withdrawal money
During the Kovid epidemic, the rules for withdrawing money from the PF account were changed. Earlier, money could be withdrawn from PF account only after retirement or for needs like buying a house and education of children. In view of the financial problems faced by the people due to Corona epidemic, EPFO has given special exemption. In such a situation, anyone can withdraw money from his PF account, but the amount of withdrawal has also been fixed.
In how many days do you get money?
Any account holder can easily withdraw equal to three months’ basic salary and dearness allowance or 75 percent of the total deposit in the PF account. The lesser of these, the more money can be withdrawn. Those who claim online get this money in the bank account in three days. At the same time, those who claim offline, they may have to wait for 20 days.
This is how you can withdraw money from PF account online
• First of all go to EPFO’s member portal.
• Click on Services option in the menu.
• You have to click on For Employees ..
• After this a new page will open. Here select Member UAN / Online Service ( OCS / OTCP ).
• After this the login page will open.
• Login here with the help of UAN and Password. On the new page go to Online Services. Select CLAIM ( FORM – 31 , 19 & 10C ) from the drop down menu .
• Now a new page will open, where you will have to verify the bank account number.
• After verification, the Certificate of Undertaking will open, which will have to be accepted. After verification the Certificate of Undertaking will open. Which has to be accepted.
• Click on Proceed for Online Claim option.
• Now a form will open. Here select PF ADVANCE ( FORM – 31 ) from the dropdown in front of I want to apply for . Here you will be asked the reason for withdrawing money and the amount needed.
• The process is completed as soon as the checkbox is marked.