Business News: Keep these important points in mind if you are withdrawing money from PF

Business News: Keep these important points in mind if you are withdrawing money from PF

How to withdraw from EPF To apply online for EPF withdrawal, the customer must have an active Universal Account Number (UN) and a mobile number. EPFO customers can check their balance online through the website.

Business desk The Employees Provident Fund Agency or EPFO, the nodal agency, monitors the contributions of the Employees Provident Fund (EPF), in addition to which customers can withdraw partial withdrawals or ‘advances’ from PF funds. Employees contribute 12 percent of their wages to EPF accounts and employers deposit an equal amount.

Here are some important things to know before partial withdrawal from PF funds

Partial withdrawal from PF funds, or ‘withdrawal in advance’ may be made on certain conditions. For example, house purchase or construction, loan repayment, non-payment of wages for two months, marriage of daughter, son / brother, family members can be done.

To apply online for EPF withdrawal, the customer must have an Active Universal Account Number (UAN) and a mobile number.

Customers can claim withdrawal in advance through EPFO ​​Portal UnifiedPortal-mem.ipfindia.gov.in. After approval, the money is credited to the customer’s account. However, financial experts say it is not right to withdraw PF until retirement. The EPF amount is taxable if the account does not contribute for five consecutive years. In that case the entire EPF amount is treated as taxable income for that financial year. It takes 10 days for customers to deposit money in their bank account.

EPFO customers can check their balance online through the website. EPFO also provides missed call facility and a balance check facility through SMS service.

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