If you’re wondering how to withdraw EPF funds from an ATM, learn the complete online process. The EPFO has now simplified PF withdrawals; you can withdraw funds from your PF account in just five easy steps. So, learn about PF advance, Form 31, and the rules for the ATM process.
Withdraw money from ATM
Ever thought you could suddenly need money and withdraw your PF funds in a jiffy? Now, that’s about to become possible. Yes, nowadays, people don’t hesitate to take out personal loans or borrow from friends to meet their small needs, but what if you need money in an emergency and can’t find any help? Your PF account can come in handy in such times. In fact, very few people know that they can withdraw some money from their PF account. This is a kind of advance that you don’t need to repay. So, let’s learn how to withdraw money from your EPF account.
What is PF and why is it deducted?
First, it’s important to understand what PF is. PF, or Provident Fund, is a savings scheme designed to secure employees’ futures. Every month, a small portion of your salary is deposited into your PF account, and your employer contributes an equal portion. The government also pays interest on this amount, allowing your money to grow. This money is available after retirement or when you change jobs.
In which emergencies can you withdraw PF money?
EPFO has made a major change to its rules. Now, employees can withdraw their entire eligible PF amount up to twice a year, whether for an emergency, marriage, education, or illness. Under the old rules, frequent withdrawals resulted in service breaks and impacted pensions. However, the new provision ensures continued service and a substantial fund will be secured at the time of retirement.
How to Withdraw PF Money: Step-by-Step Guide
Withdrawing PF funds has now become extremely easy and quick. You can apply online from the comfort of your home. To do this, your UAN must be active and your bank account must be linked to your PF account. Additionally, your Aadhaar and PAN card information must be updated in your PF account. After this, you can easily complete the withdrawal process by filling out the online form and have your PF amount transferred directly to your bank account.
Step 1: Apply online for PF withdrawal
PF funds cannot be withdrawn directly from an ATM. Don’t be alarmed. Logging in to the EPFO website is essential. Log in to the EPFO member portal with your UAN and password, then go to ‘Online Services’ and select ‘Claim (Form-31, 19, 10C, 10D)’. Verify your bank account number and complete the online application by clicking ‘Proceed For Online Claim’. Following this process, your PF amount will be transferred directly to your bank account.
Step 2: Select ‘PF Advance (Form 31)’ and provide the reason.
Here, under ‘I Want To Apply For’, select ‘PF Advance (Form 31)’ and then specify the reason for withdrawing the money (e.g., medical emergency, marriage, building or buying a house, children’s education, etc.). You will also need to enter the amount you wish to withdraw.
Step 3: Upload the required documents and submit the OTP
Yes, you will need to upload a scanned copy of your bank account’s checkbook or passbook. After filling in all the information, click on ‘Get Aadhaar OTP’. An OTP will be sent to your Aadhaar-linked mobile number. Enter that OTP and submit it.
Step 4: Money gets credited to your bank account
After your online application is submitted, the EPFO will review your application. If everything is found to be correct, the approved amount is usually deposited directly into your bank account within 3 to 7 working days.
Step 5: Withdraw money from your bank account through ATM
Once the PF funds are deposited into your bank account, you can easily withdraw them from any ATM using your bank’s ATM card. You can withdraw this money by visiting a bank branch or transferring it online.
Cannot withdraw directly from ATM
In short, PF funds cannot be withdrawn directly from ATMs. You must first apply online and have it transferred to your bank account, and then you can withdraw funds from that bank account using an ATM.
When will I get the money?
So you see, withdrawing PF funds is so easy. This facility can provide financial assistance in difficult times. But remember, it’s for emergencies, so use it wisely. (Note: This news is based on general information; the process for withdrawing PF funds from an ATM may vary; we’re not completely confirming this.)
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