During the Corona period, EPFO has started a special facility so that people do not have to face the problem of money in medical emergency. Under this, now you can easily withdraw 1 lakh rupees from your PF account within an hour. You can withdraw this money in case of any kind of medical emergency. Through this facility, any person can withdraw his money from PF account.
Medical bills had to be deposited earlier
according to EPFO, even before this, you can withdraw money from EPF during medical emergency, but for this you had to deposit medical bills first. But this medical advance is different from the earlier service. In this you do not have to deposit any bill. All you have to do is apply and the money will be transferred to your account.
How to withdraw money
- To withdraw money from PF, the employee will first have to login to the official website of EPFO https://unifiedportal-mem.epfindia.gov.in/memberinterface/.
- As soon as the website opens, you have to enter UAN and password and captcha on the right side and click on Sign In.
- On the page opened, you click on the Online Services tab on the right side of the page and select Form (Form-31,19,10C & 10D) from the drop-down list.
- You can see the member details here. Now enter the last four digits of your bank account to verify and click ‘Yes’.
- On the next page select Form No. 31.
- Choose your reason. Enter required amount and upload scan copy of passbook and enter your address.
- After this you will find ‘I want to apply for’ written here, on which you will have to click.
- After that click on ‘Proceed for online claim’.
Some conditions for online claim
- UAN must be activated.
- Your verified Aadhaar should be linked with UAN.
- Bank account with IFSC code should be linked with UAN.
Withdrawing 1 lakh will get Rs 1.56 lakh less on retirement
According to the estimated calculation, if you have 30 years left in your retirement and now you withdraw Rs 1 lakh from the PF account, then this will affect your retirement fund by Rs 11.56 lakh . Know here how much withdrawal will affect your retirement fund.
Do not withdraw money from PF fund unless it is very important
Money management experts believe that unless it is very important, one should avoid withdrawing PF. It is getting interest at the rate of 8.5%. The larger the amount that is withdrawn from PF at this time, the bigger will be the impact on the retirement fund.
