Business News: If you are Withdraw money from PF, so keep these important things in mind

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How to withdraw from EPF To apply online for EPF withdrawal, the customer must have an active universal account number (UAN) and mobile number. EPFO customers can check their balance online through the website.


Business Desk. The Employees Provident Fund Organization or EPFO, the nodal agency, monitors employees' Provident Fund (EPF) contributions, in addition to which customers can make partial withdrawals or 'advance' withdrawals from PF funds. Employees contribute 12 percent of their wages to EPF accounts, and an equal amount is deposited by employers.


Know some important things before partial withdrawal from PF Fund

Partial withdrawals from PF funds, or 'advance withdrawals' can be made under certain conditions. For example, the purchase or construction of a house, repayment of a loan, non-payment of wages for two months, a marriage of a daughter, son/brother, family members can be done for medical treatment.

The customer must have an active universal account number (UAN) and mobile number to apply online for EPF withdrawal.

Customers can claim for 'advance' withdrawal through the EPFO ​​portal unifiedportal-mem.epfindia.gov.in. After approval, the amount is deposited in the customer's account. However, financial experts say that withdrawal of PF till retirement is not correct. The EPF amount is also taxable if the account does not contribute for five consecutive years. In that case, the entire EPF amount is considered taxable income for that financial year. It takes up to 10 days to deposit money in customers' bank accounts.

EPFO customers can check their balance online through the website. EPFO also provides a balance check facility through missed call facility and SMS service.