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Important things to know about PF Withdrawal

EPF stands for employee provident fund. This scheme is managed by Employees Provident Fund Organization. As per the Miscellaneous provisions act 1952, employee who is working with a companies registered under EPF Act and having salary less than or upto 15,000 while joining have to become a member of EPF. The main benefit of EPF is for employee as he can avail the benefit of saving this contribution for his retirements. However, he can opt to liquidate his funds whenever he wants.

PF withdrawal process -

Employees can withdraw their EPF under the following criterias -

1. For medical treatment :
There is no minimum working time period. An amount equal to the employee’s share with interest or 6 times his monthly salary, whichever is lower can be withdrawn. Withdrawal can be for the medical treatment of self, spouse and children.

2. Repayment of home loan/ constructing or buying home :
Employee can withdraw for the repayment of home loan or even for buying or constructing a new home. The employee must be in continuous service for 5 years and the house should be fully or jointly registered on his name.

3. Wedding :
An employee can withdraw PF for the marriage ceremony of self, siblings or his children. Employee can withdraw upto 50% of his contribution EPF and must complete 7 years of service to be eligible for withdraw.

4. Unemployed :
A person can withdraw 75% of his or her provident fund if he/she is unemployed for more than 2 months.

5. Retirement :
After completing 58 years, an employee is eligible to withdraw his entire pf amount.

PF Withdrawal Mode -

PF can be claimed offline and online. It takes 20 days for claim to get settled. As per the new law from EPFO , it is compulsory to have an Universal Account Number (UAN) & Aadhar card linked to the employee's provident fund. As it will help an employee while claiming the fund and there won't be any need to transfer EPF while changing the job. With the help of UAN, employee can apply for the claim online.

Offline Mode :
For withdrawing offline you will require Form 15G. The purpose of form 15G is to request  the EPFO not to deduct TDS from your withdrawal incase withdrawal is
 before 5 years getting complete. To file form 15G EPF withdrawal, you will require hard copy which can be downloaded from or from website of any indian leading bank for free.
Fill it with the required details and and submit the hard copy with other required documents copy such as PF acknowledge receipt, PAN card and aadhar card. Submit it to the nearest EPF office.

Online Mode :
The online process of EPF withdrawal claim saves you from the hassle of visiting the PF office in person and standing in long queues.
For applying online, you'll need to visit the official website of EPFO 
Login with the required details. It is better to check your KYC details mentioned online before proceeding in order to avoid any problem caused. Below is the process to apply for withdrawing PF.

Steps to apply for EPF withdrawal online:
Step 1: Go to the UAN portal.
Step 2: Login with your UAN and password and enter the captcha.
LoginStep 3: Click on the tab ‘Manage’ and select KYC to check whether your KYC details such as Aadhaar, PAN and bank details are correct and are verified.
Step 4: Click on to the tab "Online Services"  and select the option ‘Claim (Form-31, 19 & 10C)’.
Step 5:  The ‘Claim’ screen will display the member details, KYC details and other service details. Enter the last 4 digits of your bank account and click on verify.
Verify bank account number
Step 6:  Click on “Yes” to sign the certificate of undertaking and then proceed.
Step 7:  Click on “Proceed for Online claim”.
Step 8:  In the claim form, 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. Further provide the purpose of such advance, the amount required and the employee’s address.
Step 10: Click on the certificate and submit your application.

You may be asked to submit scanned documents for the purpose you have filled the form. The employer will have to approve the withdrawal request to receive your money in your bank account. 

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