How to withdraw EPF money for education of children - Check the steps here

Employees’ Provident Fund (EPF) is a retirement fund. Employees Provident Fund Organisation (EPFO) has fixed the EPF interest rate at 8.25 per cent for the financial year 2023-24. Under EPF regulations, employees must contribute 12 per cent of their basic salary to this fund each month. Employers contribute a matching amount to their employees’ PF accounts. The Employee Provident Fund is an important retirement savings plan in India, wherein the employer and employee contribute an equal amount towards the fund.
 
EPF account holders can withdraw up to 50 per cent of their total contribution to the EPF to pay for their higher education or their children’s education costs after class 10. However, this withdrawal can be made only after contributing for a minimum of 7 years towards the EPF account.
 

EPF Partial Amount Withdrawal: Documents required
 

• Universal Account Number (UAN)
• Accurate bank account information
• The bank account should be in the account holder’s name, as funds will not be transferred to a third party unless in case of the account holder’s death.
• The employer should provide the employee’s information to the EPFO and record the employee’s departure from the company, including accurate joining and leaving dates.
• The employee’s personal information, such as the date of birth and father’s name, must match the identity proof.

EPF Partial Amount Withdrawal: Steps to apply for EPF withdrawal online on UAN portal
 

Step 1: First visit the UAN portal.
Step 2: Log in with your UAN and password, then click on the ‘Sign In’ button.
Step 3: Click on the ‘Manage’ tab and select ‘KYC’ to check whether your KYC details, such as Aadhaar, PAN card and bank details, are verified.
Step 4: Once KYC details are verified, go to the ‘Online Services’ tab and select the option ‘Claim (Form-31, 19, 10C, and 10D from the drop-down menu.
Step 5: Enter your bank account number and click on ‘Verify’.
Step 6: Sign the certificate of the undertaking and then proceed.
Step 7: Click on ‘Proceed for Online Claim’.
Step 8: Select the claim you require, i.e., full EPF settlement, EPF part withdrawal (loan/advance) or pension withdrawal, under the tab ‘I Want To Apply For’.
Step 9: Select ‘PF Advance (Form 31)’ to withdraw your fund. 
Step 10: Provide the purpose of such an advance, the amount required, and the employee’s address.
Step 11: Submit your application and wait for the employer’s approval. The money will be credited to the bank account within 15–20 days.