New Delhi. Employees’ Provident Fund (EPF) is a mandatory contribution from the salary of employees working in the private or government sectors. It is one of the most trusted savings schemes in India. This money can also be used in case of emergency or can also be withdrawn at the time of retirement. EPF also acts as a life cover.
Employees can also avail loan against it. There is also a guarantee of better returns on the money deposited in EPF (Employees’ Provident Fund). It offers higher interest rates than many FDs and investment options. Interest rates are revised annually. This year the rate for 2021-22 has been fixed at 8.50 percent.
cash needs will be met
According to a report during the Corona period, people are withdrawing more money from their savings at this time. EPFO has come up with easy ways for its account holders to meet the sudden need of cash during the pandemic so that the need of the people can be met immediately. You can withdraw these money online sitting at home.
Withdraw money with the help of UMANG app
EPF account holders can easily submit their request online and avail this scheme. Apart from this, funds can be withdrawn from UMANG mobile app by following simple steps. Please note that you need to link your Universal Account Number and UMANG App with your Aadhaar card before using the mobile app for withdrawal.
Phase 1– Download the UMANG app from your mobile phone software company’s App Store and login.
Phase 2After that go to the search menu and search for EPFO
step 3Click on ‘Employee Centric’ and select the option of raise claim
step 4Enter your EPF UAN and generate OTP.
Step 5– Enter the OTP received on your registered mobile number and select the withdrawal type and submit the request.
Step 6– You will now be provided with your claim reference number, which can be used to track the status of the withdrawal request.