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Important things to know about PF Withdrawal



EPF stands for employee provident fund. This scheme is managed by the Employees Provident Fund Organization. As per the Miscellaneous provisions act 1952, an employee who is working with a company registered under the EPF Act and having a salary less than or up to 15,000 while joining has to become a member of EPF. The main benefit of EPF is for the employee as he can avail of 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 criteria -


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 An amount equal to the employee’s share with interest or 6 times his monthly salary, whichever is lower can be withdrawn.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 a home :
Employees can withdraw for the repayment of a 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. An employee can withdraw up to 50% of his contribution EPF and must complete 7 years of service to be eligible for withdrawing.

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 a claim to get settled. As per the new law from EPFO, it is compulsory to have a 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, an 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 in case withdrawal is before 5 years getting complete. To file form 15G EPF withdrawal, you will require hard copy which can be downloaded from 
https://www.incometaxindia.gov.in/pages/downloads/most-used-forms.aspx or from the website of any Indian leading bank for free.
Fill it with the required details 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 EPF withdrawal claim online process saves you from the trouble of visiting the PF office in person and waiting in lengthy queues.
For applying online, you'll need to visit the official website of EPFO www.epfindia.gov.in 
Log in 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: Step 2: Log in with your UAN as your username and password and the captcha.
Step 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 member information, KYC information, and other service details will be shown on the 'Claim' page. Enter your bank account's last 4 digits, and press Verify.
Verify your 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:  Select, full EPF EPF Part withdrawal (loan/advance) or pension withdrawal, in the claim form,  then tap on ‘I Want To Apply For’. 
Step 9: For withdrawal, click "PF Advance (Form 31). Additionally include the intent of such advance, the sum needed, and the address of the employee.
Step 10: Tap on the Certificate and submit the application. 

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


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