EPF Tips: How to withdraw EPF funds from an ATM? Understand the complete process in 5 steps..

Have you ever thought about suddenly needing money and being able to 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 doesn't need to be repaid. So, let's learn how you can withdraw money from your EPF account.

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 upon changing jobs.

The 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 emergencies, marriage, education, or illness. Under the old rule, 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.

Withdrawing from PF has now become much easier and faster. You can now apply online from the comfort of your home. For this, your UAN must be active, and your bank account must be linked to your PF account. Your Aadhaar and PAN card information must also be updated in your PF account. After this, you can easily complete the withdrawal process by filling out the online form and having your PF amount transferred directly to your bank account.

PF funds cannot be withdrawn directly from an ATM. Don't be surprised; in fact, this requires logging in to the EPFO website first. Log in to the EPFO member portal with your UAN and password. Then, under 'Online Services,' select 'Claim (Form-31, 19, 10C, 10D)'. Verify your bank account number and complete the online application by clicking 'Proceed For Online Claim.' After this process, your PF amount will be transferred directly to your bank account.

Here, under 'I Want To Apply For,' select 'PF Advance (Form 31)' and 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 to be withdrawn.

Yes, you will need to upload a scanned copy of your bank account's checkbook or passbook. After entering all the information, click 'Get Aadhaar OTP.' An OTP will be sent to your Aadhaar-linked mobile number. Enter that OTP and submit it.

After submitting your online application, 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.

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 also withdraw them by visiting a bank branch or transferring them online.

In short, PF funds are not withdrawn directly from ATMs. You must first apply online and have them transferred to your bank account, and then withdraw from that bank account using an ATM.

So, you see, withdrawing PF funds is so easy. This facility can provide financial support during difficult times. But remember, it's for emergencies, so use it wisely.

Disclaimer: This content has been sourced and edited from Zee Business. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.