Most organizations offer employees the Provident Fund (PF) in India. The PF serves as a retirement saving scheme backed by the government of India. Every month, a share from your salary is deducted towards PF, and even the employer has to contribute their share. You also earn a fixed interest on the total amount of money. After quitting your job, you can transfer it to the new company.
You can also go for PF withdrawal if you want to withdraw the money. Earlier, for PF withdrawal, you must fill out the forms and submit a set of documents. However, today, you can log in to the EPFO website and apply for PF withdrawal in just a few clicks. Here’s how to go about it.
Prerequisites for PF withdrawal
Before applying for PF withdrawal, you must know your UAN (Universal Account Number). You can get your UAN from your salary slip. Next, if you’re doing this for the first time, you must visit the eSewa Portal here and activate your UAN. To activate your UAN, your mobile number should also be linked with the UAN, as you will get an OTP for authentication. Your Aadhaar number should also be connected to the PF account. If not, then you will need to click on it.
KYC follows the ‘Manage’ tab after logging in. Also, before withdrawing your provident fund, you must add details such as your bank name, account number, and IFSC code. This will ensure the PF withdrawal amount will be directly credited to your bank account. Here, you must enter the last four digits of your bank account number to verify. At the bottom, click ‘Proceed for Online Claim’, after which you will be redirected to the claims page.