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When Do You Need EPF Withdrawal Form 31?

Finance

When Do You Need EPF Withdrawal Form 31?

Employees Provident Fund is a major source of saving for every working professional in the country. A particular share of the salary is deposited in the EPF account of the employee. The employer matches the same amount and deposits it, which employees withdraw when they retire. 

However, you never know when you might require financial assistance. Or there might be a time when you would’ve to withdraw the amount to fulfill any household requirement. EPF is a great source of corpus amount after retirement.

Now, the government has allowed withdrawal from EPF accounts under certain circumstances. Here’s everything you should know about EPF withdrawal form 31. Though many people keep their money in RD accounts, PF is mandatory in various organizations. In case you often get confused about what is RD, you should know that it is entirely different from the PF account.

Source- Shutterstock 

Purpose of EPF Withdrawal Form 31

EPF withdrawal form 31 is a declaration that an employee needs to withdraw funds from the account before they retire. You can download the form by visiting the EPF portal online and initiate the process of withdrawal.

When Can an Employee Use the EPF Withdrawal Form 31? 

There are certain fixed purposes for which an employee can use form 31. Here are the specific purposes-

Purpose  Withdrawal Limit Set Years of service required 
Marriage  50% 7
Education  50% 7
Home renovation  12 times of the employee’s monthly wage (includes dearness allowance, or cost, or interest) 5
Land construction or purchase  For land purchase one can withdraw up to 24 times their monthly wage (includes dearness allowance) 

For house one can withdraw up to 36 times their monthly wage (includes dearness allowance)

5
Repaying loan  Till 36 months of monthly wage (including dearness allowance, or cost, or interest) 10
In case employee is unemployed without any form of compensation  Entire employee share (interest included) n/a
In case employee did not receive salary for over 2 months  Entire employee share (interest included) n/a

Details Required to Fill in Form 31

As mentioned, EPF withdrawal form 31 proves that the employee is requesting the partial withdrawal under certain circumstances. In the form, here are a few fields that applicants, i.e., employees, will have to fill. Here are the EPF withdrawal form 31 sections-

  1. Name of the member, spouse name or father’s name
  2. Name of organization employee is working for 
  3. Current EPF account number
  4. Current basic wage
  5. Dearness allowance
  6. House address 
  7. Remittance mode
  8. Employer and member signature
  9. Receipt of stamp

Procedure to Download and Submit EPF Withdrawal Form 31

You can download the form by visiting the official site of EPFO. Upon filling in all the details correctly, here’s how you can submit it- 

Step 1- Download the form from the official website of EPFO
Step 2- Log in on the website with your account details
Step 3- Under the online services menu, select the form 31 section
Step 4- Now, on the form, enter the last 4 digits of your bank account and verify the details 
Step 5- Click yes on the undertaking certificate
Step 6- Now click on the proceed online option and select the PF withdrawal. 
Step 7- Select the PF advance form and enter all the details required 
Step 8- Submit the form 

Source- Shutterstock

Documents Required to Support Your Claims 

Here’s a list of purposes and documents required to make you eligible for the EPF withdrawal-

  1. Medical issues- Certificate by your employer and doctor
  2. Buying a house- declaration form and property registration certificate 
  3. Loan repays- certificate from a bank stating the principal amount 
  4. Marriage declaration 
  5. Doctor certificate stating medical condition such as handicapped

Steps to Check the Form 31 Status 

Now that you have submitted the EPF withdrawal form waiting for the amount in the bank is a tiring task. Here’s how you can check your form 31 status-

  1. Visit the EPFO site 
  2. Enter your details and log in to your existing account 
  3. Now select the track claim status
  4. From the dropdown menu, select the PF office address
  5. Now check your payslip and establishment code
  6. Enter your account number 
  7. Check your claim status now.

Things to Remember While Filing the EPF Withdrawal Form 31

Here are certain things you should remember while filling out the form- 

  • Remember to attach a cancelled cheque with your form if you want money to be deposited in your account
  • If the withdrawal amount is below Rs. 2,000, then a money order can be done 
  • An employer certificate is necessary if the application is offline
  • If your Aadhaar and PAN are linked online with your PF account, you can make a claim online
  • It takes a few weeks for the refund to be deposited in the account, so you will have to be patient

So, here’s everything to make your EPF withdrawal process hassle-free. Remember to keep everything handy and fill in all the details correctly to make the process successful. In case of any discrepancy, your request might get declined, so ensure that you have solid proof supporting your claims. Whether you want to opt for an RD account or a PPF account, make sure to do your research. Invest your hard-earned money wisely!

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