EPF Money ATM Withdrawal Process : For most employed people in India, Employees’ Provident Fund (EPF) is a reliable savings tool. This scheme is run under the auspices of Govt. Its objective is to provide a safe fund for the employee to avoid financial hardship after termination of employment or retirement. Every month both the employee and the company deposit a part of the salary in the EPF account. Gradually this amount increases. Build a good fund during retirement.
Earlier withdrawing EPF money was a bit difficult, but now EPFO has changed the rules. With the new rules, withdrawing EPF money has become easier than before. For this you have to apply online in EPFO portal. The rest of the process is completely digital. This involves the money coming directly to your bank account, which you can then withdraw via ATM or online transfer. So, let’s know how to withdraw EPF money from ATM.
What is EPF? How does it work?
EPF stands for Employees’ Provident Fund, it is a government scheme in which you and your company contribute money every month. It is based on your basic salary. This amount will be deposited in EPFO in your name. It will increase with interest. When you retire or change jobs, you can take it. But now this scheme is not limited to retirement only, you can withdraw partially if required.
Before withdrawing EPF amount, your UAN should be active, your bank account should be linked to your PF account, your Aadhaar, PAN numbers should be updated in EPFO portal, mobile number should be linked with your Aadhaar to get OTP. If all this information is correct, withdrawing EPF money will be very easy.
Complete step by step process on how to withdraw EPF money from ATM
1. Login on EPFO Portal – First go to https://unifiedportal-mem.epfindia.gov.in/memberinterface/.
2. Click Online Services – After login, go to online services in menu and select claim option.
3. Verify the bank account details – Here you will see your bank account linked to your PF. If the details are correct, click on continue for online claim.
4. Select Form 31. – Give reason to withdraw money – Now select PF Advance. Here you have to state the reasons like medical emergency, marriage, education, building a house etc. and then enter how much amount you want to withdraw.
5. Upload the required documents – In some cases, scanned copy of bank passbook or canceled check should be uploaded. So make sure the documents are clear and correct.
6. Verify with Aadhaar OTP – Now click on Get Aadhaar OTP. The OTP will be sent to the mobile number linked with your Aadhaar. Enter it and submit the application.
7. Withdraw your money now through ATM or online – Your application will be considered by an EPFO officer. If everything goes well, the money will be sent to your linked bank account in 3 to 7 days. Once the money is in your bank account, you can withdraw it either by transfer through ATM card, net banking or mobile banking or directly from the bank.
