HomePersonal FinanceHow to withdraw EPF money online amid COVID-19 outbreak?

How to withdraw EPF money online amid COVID-19 outbreak?

You can withdraw EPF money online amid the COVID-19 outbreak. As per the new EPF rule, EPF subscribers can withdraw 75% of your EPF balance or three-month wages whichever is lower. This withdrawal is non-refundable in nature. It is also known as advance EPF withdrawal.

It is very easy to withdraw EFP money online. You just need to put your request via the Unified member portal. You should have an active UAN number linked with a mobile number in order to withdraw EPF money. Your EPF KYC compliance must be in place. For more information about EPF KYC, you can visit – How to update KYC EPF UAN Online?

The new rule of allowing 75% EPF withdrawal is notified due to COVID-19 outbreak. Even at the time of online withdrawal, you need to select the option “OUTBREAK OF PANDEMIC (COVID-19)”. If you are keen to withdraw money from your EPF account here is a step by step process.

Also Read – Online EPF withdrawal Claim Submission Process

Prerequisites to withdraw EPF money online

  • UAN number should be known to you and it should be activated.
  • Your Aadhaar Number should be linked with UAN number.
  • UAN should be KYC complaint.
  • Your Aadhaar Number should be linked with Mobile number.
  • Bank Account number and IFSC code should be seeded with UAN.
  • Scan copy of Passbook or cheque with your name, account number and IFSC code.
  • Desktop or Laptop with good Internet Connectivity.

How much Money you can withdraw during COVID-19 outbreak?

As per the EPF rule notified by the government of India you can withdraw a lower amount of the following.

Case 1

3 Months of basic and dearness allowance. You can get information about basic and dearness allowance in your monthly pay slip.

Suppose your monthly salary is Rs.30000 and your basic is Rs.6000 and dearness allowance is Rs.2000. Three months of basic and dearness allowance is Rs.24000.

Case 2

75% of EPF corpus amount till now. You can check your EPF corpus amount from UAN portal or by downloading your EPF passbook.

Suppose you have total 1 Lakh EPF corpus in your account on 31st March, 2020. 75% of EPF corpus would be Rs.75000.

So, in above case you will be able to withdraw Rs.24000 – 3 months of basic and dearness allowance.

How to withdraw EPF money amid COVID-19 outbreak?

The step by step process to withdraw EPF money amid Coronavirus is given below.

# Step 1

Login to EPFO UAN portal – https://unifiedportal-mem.epfindia.gov.in/memberinterface/ using UAN credential.

# Step 2

Click on Online Services from the navigation menu and select the first option Claim. Services >> Claim (Form-31,19,10C & 10D)

# Step 3

You will be able to see EPF subscriber detail and KYC information. You need to enter last four digits of your bank account and click on verify for the verification of your bank account.

# Step 4

Next step is to click on “Proceed for Online Claim”. Now select PF Advance (Form 31) from the drop down. You will be able to see multiple options in the drop down “Purpose for which advance is required” such as marriage, medical expense, purchase and construction on house, natural calamities etc. You will be able to see one additional option in the drop down – “OUTBREAK OF PANDAMIC (COVID0-19).

withdraw EPF money

# Step 5

Select purpose as “Outbreak of pandemic (COVID-19)” from the drop down. Enter the amount you want to withdraw from your account. The amount should be lower of 3 months basic and dearness allowance or 75% of EPF corpus amount.

# Step 6

Upload scanned copy of cheque and enter your address. Accept the terms and condition and click on “Get Aadhaar OTP” option and submit it.

# Step 7

You will get OTP on your registered mobile number. Enter the OTP your claim will be submitted. Once your claim is submitted you need to ask your employer to approve this claim. Once is approved by employer it will be proceed and amount will be credited to your bank account.

The EPF withdrawal amount is taxable or not that is not yet known, but it tax on the withdrawal EPF amount under this case would be unlikely.

Shitanshu Kapadia
Shitanshu Kapadia
Hi, I am Shitanshu founder of moneyexcel.com. I am engaged in blogging & Digital Marketing for 10 years. The purpose of this blog is to share my experience, knowledge and help people in managing money. Please note that the views expressed on this Blog are clarifications meant for reference and guidance of the readers to explore further on the topics. These should not be construed as investment , tax, financial advice or legal opinion. Please consult a qualified financial planner and do your own due diligence before making any investment decision.