Employee Provident Fund (EPF/PF) is a retirement savings plan that the government of India has mandated for all salaried employees.
The funds deducted from your salary as EPF goes to your EPF account,
which is maintained by the EPF Organization.
All organizations in India that have more than 20 employees, as per law, is mandated to register with EPFO.
Generally, it is a savings platform provided by the government to help the employees build a corpus for post-retirement life.
EPF Form 31 also called as PF Advance Form 31/EPF Withdrawal Form 31 is utilised to file a claim for partial withdrawal of funds from EPF or Employees’ Provident Fund.
Let’s discuss more about “What is PF Advance Form 31?”.
In case of a financial emergency, this corpus can also be withdrawn to meet the requirements during the employment tenure.
There is an online facility offered by the PF Organization for the employees who wish to apply for an PF advance.
A partial withdrawal can be applied for by filling PF Form 31.
This form 31 is available online on the UAN Portal.
The employee easily needs to use his/her log in details.
Also, basic KYC such as the Aadhar card, PAN card as well as the bank account details need to be updated on the UAN Portal beforehand, to carry on the further formalities of PF advance.
|Form Name||EPF Form 31 or PF Form 31|
|Known as||PF Advance Form 31|
|Submitted for||Application for advance or loam from the PF.|
Here are New and Important rules about PF advance withdrawal:
Account holder can make withdrawals based on the below listed circumstances.
Listed below are the withdrawal purpose, the minimum service requirement to be eligible to make the withdrawal, the withdrawal limit.
|Reasons||Minimum service (Year)||Withdrawal Limit|
|House Construction or purchase of plot|| 5||Land purchase – An amount of up to 24 times of an subscriber’s monthly wages and DA (dearness allowance) can be withdrawn.|
For house – Subscriber can withdraw up to 36 times their monthly wages and dearness allowance.
|Home Loan Repayment||3||Maximum 90% of PF balance.|
Property purchased should be registered under the name of the subscriber or joint ownership.
|House renovation||5||12 times the monthly salary of subscriber.|
|Marriage||7||50% of the employee’s contribution along with interest.|
|Medical||Not required||6 times the monthly salary OR Employee’s share with interest whichever is lower.|
|Education||7||Subscriber can withdraw up to 50% of their contribution to the EPF.|
|House Construction or purchase of plot||Declaration and|
Registration certificate of the property.
|Home Loan Repayment||Certificate from the agency stating the outstanding principal along with interest.|
|House renovation||Certificate from the agency.|
|Marriage||Declaration within Form 31.|
|Medical||Certificate by the employer and doctor.|
|Education||Certificate from institute.|
Subscriber can check the status of their online withdrawal by following the steps given below
Reliance Jewels "Reliance Jewels" is a part of Reliance Industries Ltd., which is owned by… Read More
Senco Gold and Diamonds "Senco Gold Ltd." is one of the oldest jewellery company in… Read More
Atal Pension Yojana PRAN The Government of India has announced a new pension plan called… Read More
NPS Account in Post-Office The post office of India offers the facility of opening accounts… Read More
Government Pension Scheme for Old Age Retirement is the beginning of a new step in… Read More
What is SBI Pension Plan in 2021? Once you reach a specific life-stage, you will… Read More