An employee is entitled to withdraw funds from EPF and EPS (Employee Pension Scheme) Account after attaining age of 58 years. However, in case of termination of employment due to resignation or any other reason before attaining the age of 58 years, an employee can withdraw funds if he is unemployed for a continuous period of 60 days or more.
In case of Resignation or termination of employment, assessee is available with the option to withdraw funds lying in EPF Accounts (one or more than one EPF accounts). In case of multiple EPF Account, it is suggested to merge balance in current EPF Account first before initiating withdrawal process.
An employee is required to following steps for withdraw of funds:
1. Login at EPF Portal with UAN and password.
2. Click on “Manage” Tab to verify that all KYC details such as name, 3. Bank account details, Aadhar number, PAN etc is correctly entered.
4. Upon ensuring that correct details have been entered, click on “Onliner Services” drop list and select the option “Claim (Form-31, 19 & 10C).
5. System will display the claim form where all KYC details will auto-populate. Employees are required to enter the last 4 digits of the Bank account number to validate details.
6. Upon entering the correct last 4 digits of Bank account number, a “Certificate of Undertaking” will display where employees need to click on “yes”.
7. Then click on “Proceed for Online claim”.
8. System will show various options of withdrawal under “I want to apply for” such as PF withdrawal, Pension withdrawal, PF Advance etc.
On selection of application option and submission of all required documents, system will forward the withdrawal request to the employer and upon approval balance will get credited into bank account of the employee.
This process usually takes 15-20 days.