PF, abbreviated as Provident Fund is considered as a feasible saving option for working professionals. Government employees are equipped with a general provident fund which includes savings from their salary and benefits provided by the government. Private organizations on the other hand, provide opportunities to save PF which is deducted from the CTC amount of the employee. PF can serve as the last resort for instant cash requirements in case of any unannounced emergencies such as medical needs. An employee can withdraw the PF amount in parts or a share of it as per his/her requirement and the eligible share provided by the organization. For example if an employee is in need of cash for his/her wedding or child’s education , he/she can withdraw a share of the PF amount to fund for such occasions. Whatever the requirement may be, the easiest way to get PF amount is to withdraw PF online . Let’s take a look on the easiest way and the requirements to withdraw PF online:
Requirements to withdraw PF
The initial requirement to withdraw is the UAN number. UAN stands for universal account number. UAN number should be activated and linked to aadhar card. As aadhar card is considered to be a secured identity proof for verification purposes.
Login portal
Check on the EPFO page and click on the E-Sewa portal to login to UAN account number and ID credentials. In case one has forgotten a password it assists with one time password option for the same .
Visit online claim
The online service section on these portals provides the required information attached with the forms (31, 19, 10C and 10D) .
Bank account details
The next step asks to fill in the bank details. It is important to ensure that the details are error free as the amount will be credited to the online account that will be provided by the withdrawer.
Terms and conditions
Terms and conditions play a vital role. It is important for anyone withdrawing any form of amount to read and acknowledge the understanding of these terms and conditions before proceeding with the next step.
Reason for withdrawal
It might raise concern to this question or even be neglected as of minimal importance but it abets in determining the claim amount. As the claim differs as per the reason of withdrawal.
Upload documents
Once done with filling in the details related to bank details and reason of withdrawal, the portal requires documents to be uploaded. The employee can update the scanned documents that includes cancelled cheque, aadhar card etc. these documents assist in verifying the details which will follow with an one time password sent to the registered mobile number on the aadhar card. The submission is completed once the employee confirms with the one time password.
The employee can keep a track of the application and the status of the PF claim by logging in on the portal. The member of the E-Sewa allots a section to track the application with estimates of the time frame of the benefit to be credited. UAN or universal account number plays an imperative role in the entire journey. Hence it is important for the employee to keep a track of the UAN number and the log in credentials. In case the employee does not have a hold of the log in creedentials, he/she can retrieve the log in credentials with the assistance of the UAN number.
The employee can cliclk on the E-Sewa portal and choose the option for forget password, the page will direct him/her to fill in certain details for verification purposes and allow him/her to retrieve the credentials.
The online withdrawal of provident fund is an instant way to claim the employees hard earned savings as a resort to unannounced emergencies or even for huge investments or expenditure.
Read More at Ureadit.com.