If you have been employed and are thinking of taking a loan to meet any of your needs, then leave the worry of finding a loan. Now you can also meet your special needs from your PF fund. The employee’s share, the employee’s employer’s share and the amount of interest received in the PF account are deposited. The government has allowed the account holder to withdraw a part of the fund in special situations with specific conditions.
Now EPFO ie Employee Provident Fund Organization is allowing its members to withdraw non-refundable advance from EPF account with certain conditions. But there is a limit for this. The rules of EPF say that the account holder can withdraw only 75 percent of the total amount deposited in his account or an amount equal to three months’ basic salary plus DA i.e. dearness allowance. Keep in mind that only 75 percent of the total deposit amount or three months’ basic salary plus dearness allowance, whichever is less, can be withdrawn.
According to the information available on the website of Employees’ Provident Fund Organization, the non-refundable advance will be available within three working days. But for this, it is mandatory to fill the online claim form correctly and fulfill the eligibility condition of the claiming member.
What is the eligibility for non-refundable advance?
Employees’ Provident Fund Organization (EPFO) has shared information in this regard on its official Twitter handle. EPF advance can be taken for purchase or construction of house/flat/site. It can also be used to repay the housing loan. Apart from this, EPF advance can also be taken in the event of change in the existing house, illness of a family member, marriage of someone in the family, post-matric education of children, natural calamity. You are also eligible for this non-refundable advance if you are unemployed for at least one month or want to invest in Varishtha Pension Bima Yojana.
Know the correct process of online claim
According to the information provided from the official Twitter handle of Employees’ Provident Fund Organisation, EPF members can apply for non-refundable advance through Unified Member Portal or UMANG App.
Step 1. Go to this link unifiedportal-mem.epfindia.gov.in/memberinterface.
Step 2. Login by entering your UAN number and password.
Step 3. Select the option of Online Service.
Step 4. Now go to Online Service Claim (Form 31, 19, 10C and 10D).
Step 5. Upload the bank check leaf with your name written on it.
Step 6. After selecting the submit option, your form will be submitted.