What is EPF and how to withdraw EPF online

You are an employee working in a company but don’t know about EPF and the ways to check and withdraw EPF online, Don’t worry in this article you will learn the step by step procedure to claim your EPF online and check your PF balance.

In this article know how to withdraw pf online with UAN number….

PF [Provident Fund] is a way to save a small amount every month the same as SIP investment in mutual funds with a great interest rate of around  8.75% per annum making sure to have enough money after retirement.

• In EPF  both the employer and employee contribute about 12% each of the “basic salary” of the employee plus DA.
• The EPF amount should be withdrawn only if its absolutely required before retirement.
• The employee can even increase the EPF contribution amount by contacting their Employer, helping them in getting a good amount on their retirement through compounding.
• The interest earned on the PF amount is tax-free if the amount is withdrawn after 5 years for the account opening.
• A person needs to update KYC and bank details for the online claim of the EPF amount.
• If the amount is withdrawn before 5 years then the amount is taxable at, around 34.6% without pancard and around 10% with pancard updated in EPF account.
• TDS deduction on withdrawals of more than amount Rs.50,000 for less than 5 years service in the organization.