EPF account holder? Here is how you can make full, partial claims - Know process, steps

When it comes to claiming the EPF amount, one can either avail the entire amount or apply for partial withdrawal.

To claim the EPF amount, the employee needs to submit an application which can be done both online as well as offline. Photo: Reuters

The Employee Provident Fund is like the social security scheme for individuals working in private companies. In other words, it is the method through which employees save up funds for retirement or when they leave the organisation. Moreover, EPF tends to be a fall back for many as it can be used at an hour of need. Under the retirement fund body Employees' Provident Fund Organisation, the EPF is made mandatory for private employees and is available for companies and firms that have more than 20 employees under the rules by law.

The employees are meant to invest 12% of their salary under this scheme, with the current rate of interest on the EPF account at 8.65%.

When it comes to claiming the EPF amount, one can either avail the entire amount or apply for partial withdrawal. The withdrawal can be on the account of marriage, education, purchase of property, home loan repayment, renovation or pre-retirement. Moreover, one can close their account once they leave the existing organisation or transfer the EPF account from one form to another. The limit to the amount that can be extracted is subject to the reason for withdrawal and the tenure of the service of the employee.

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Further, EPF accounts have no maturity period attached to it hence claims can be made when one changes jobs or takes retirement. Additionally, if the employee withdraws after the retirement age of 60 years, the individual gains both the EPF as well as Employee Pension Scheme (EPS) funds.

To claim the EPF amount, the employee needs to submit an application which can be done both online as well as offline. It is through this form that the applicant can make an official claim over the amount in the EPF account. This process is mandatory for making both full as well as partial withdrawal claims.

Offline:

One needs to download the new composite claim (Aadhar) or the composite claim form (Non-Aadhar). The new composite claim (Aadhar) form can be filled and submitted to the respective jurisdictional EPFO office. This form does not need the attestation of the employer. Meanwhile, in the case of the new he composite claim form (Non-Aadhar), the employee needs to fill the form and submit it to the respective EPFO office along with the attestation from his or her employer.

In the case of partial withdrawal from the EPF account, one need not furnish various certificates. They can claim the EPF amount with a self-certification attested to the form.

Online:

One can also apply for EPF withdrawal online, which cuts down on the time taken for the claim. Please note to proceed with this method of claim, ones UAN (Universal Account Number) should be activated and linked to ones KYC i.e. Aadhaar, PAN and bank details along with the IFSC code.

Visit the UAN website
Login to the portal with your unique username and password.
Click on Manage.
Select KYC and cross check whether the KYC details like Aadhaar, PAN and bank details along with the IFSC code. are correct and verified.
Post this, go to the tab Online Services.
Click on Claim from the drop down menu..
The Claim screen will display the member details as well as KYC details.
On the form, select the claim you wish to make i.e. full EPF settlement or partial withdrawal or pension withdrawal. These options are present under the I want to apply for tab.
Click on Proceed for Online Claim. This way you submit your claim

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Employee Provident Fund