Simply put, you need to input your universal account number (UAN), password, and captcha on the Employee Provident Fund Organization (EPFO) website. Then you select “Claim (Form 31, Form 19, Form 10C, and Form 10D)” by clicking on the “Online Services Tab”. Click “Verify” after entering the bank account number associated with your PF account.
For the benefit of interested readers, we go into further detail about this procedure below. Before we get there, let’s quickly define what an EPF scheme is.
Employee provident fund scheme
One of the most valuable employee benefit programmes ever launched by the Ministry of Labour is the EFPscheme. One of the best retirement funds is this one. It is a style of savings account in which recurring contributions are made in equal amounts by the employer and employee.
Only registered employers and workers of registered employers are eligible to make this donation. It may or may not be necessary by law for employers to register.
Employees are required to contribute 12% of their base pay to this fund each month in accordance with EPF regulations. The company makes a matching contribution to the employee’s PF account. Every year, interest is earned on the funds put into EPF accounts.
When an employee retires, he or she is able to withdraw his or her entire EPF balance. However, after fulfilling certain requirements, this blog describes how one can make early withdrawals from the EPF account.
Employee provident fund updates
The EPF offers an interest rate of 8.1% to subscribers for the years 2022–2023. Since 1977–1978, when the EPF interest rate was 8%, this rate hasn’t been this low.
Beginning in FY 2021–2022, interest on employee contributions to EPF accounts that exceed Rs 2.5 lakh throughout the fiscal year is subject to employee taxation. Section 194A of the tax deduction as source (TDS) applies to this interest as well.
When can we withdraw the employee provident fund?
EPF might be withdrawn completely or in part.
Complete withdrawal
EPF can only be completely withdrawn in one of the following two situations:
When an individual retires
A person who has been unemployed for more than one month may withdraw 75% of the total collected funds and 25% of the remaining funds if their unemployment lasts more than two months.
If an individual changes occupations before their unemployment period of two months or longer has expired, they are not permitted to completely withdraw their EPF balance (i.e., the transitional period between employment changes).
EPF balance partial withdrawals are only permitted under certain situations.
The process for withdrawing employee provident fund
Generally speaking, one can withdraw EPF by submitting:
- Physical application and
- Online application
The EPFO has created an online withdrawal option, which has made the procedure more convenient and quick.
Pre-requisites
Make sure the following requirements are satisfied before applying online through the EPF portal for the withdrawal of EPF:
The cell number used to activate the UAN is functional, and the UAN has been activated.
Your “know your customer (KYC)”, which includes your Aadhaar, permanent account number (PAN), bank information, and the Indian Financial System Code (IFSC), is linked to your UAN.
The prior employer does not have to vouch for your withdrawal application if the aforementioned requirements are satisfied.
How to use the universal account number portal to withdraw employee provident fund
Step 1: Visit the UAN website.
Step 2: Enter your UAN and password to log in. Click the “Sign In” button after entering the captcha.
Step 3: To determine whether your KYC information, including your Aadhaar, PAN, and bank details, has been confirmed, click on the “Manage” tab and then pick “KYC”.
Step 4: After the KYC information has been validated, select “Claim (Form-31, 19, 10C,and 10D)” from the drop-down menu under the “Online Services” heading.
Step 5: The following screen shows member information, KYC information, other service information. Click “Verify” after entering number for your bank account.
Step 6: Select “Yes” to affix your signature to the certificate of undertaking, and then carry on.
Step 7: At this point, select “Proceed for Online Claim”.
Step 8: In the claim form, under the tab “I Want To Apply For”, choose the claim type you need, such as a full EPF settlement, a partial withdrawal (loan or advance), or a pension withdrawal. The choice won’t appear in the drop-down menu if the member is not qualified for any of the services, such as PF withdrawal or pension withdrawal, because of the service requirements.
Step 9: To withdraw your money, choose “PF Advance (Form 31)”. Additionally, include the reason for the advance, the required sum, and the employee’s address.
Step 10: Click the certificate to finish submitting your application. For the purpose for which you have filled out the form, you might be asked to submit scanned documents. If the withdrawal request is approved by the employer, only you will have money sent into your bank account. The process of having the funds credited to your bank account often takes anywhere from 15 to 20 days.
Provident fund office customer care numbers
PF customer care/helpline number is 1800118005.
PF missed call number for getting to know EPF details is 9966044425.
PF toll-free number is 1800118005.
SMS “EPFOHO UAN” to 7738299899 to know your PF balance.
The email address of PF office is employeefeedback@epfindia.gov.in
What forms of identification are required to withdraw employee provident funds?
Employee provident fund Form 19
To withdraw EPF funds for the final settlement, use EPF Form 19. The EPF Form 19 basically consists of two pages and has the sections listed below.
The member’s name, father’s or spouse’s name, date of birth, name and address of the establishment, the dates they joined and left the company, their PF account number and UAN, full postal address, their PAN, their reason for leaving the company, the method of payment, and their signatures, as well as those of their employer and employer’s designee, are all listed on the first page of the form.
The second page of the form contains the stamped advance receipt. Only if you choose the check payment method will you need to fill out this part.
How do I fill out employee provident fund Form 19?
When leaving or changing jobs, you can seek to withdraw or transfer your EPF corpus. To withdraw your EPF amount, complete the EPF Form 19 online or offline.
Steps for completing Employee Provident Fund Form 19 online
You must enter your UAN, password, and captcha on the EPFO website.
Then you select “Claim (Form 31, Form 19, Form 10C, and Form 10D)” by clicking on the “Online Services Tab”.
Click “Verify” after entering the bank account number associated with your PF account.
You must choose “Yes” on the “Certificate of Undertaking” pop-up window in order to continue.
There will be a drop-down selection next to the “I wish to apply for” option.
Select the “Only PF Withdrawal (Form 19)” option.
The following screen provides a new field where you can enter your full permanent address.
After entering your address, click “Get Aadhaar OTP” and check the disclaimer box.
To move on to the next phase, you must input the OTP that you receive on your registered cell phone number and authenticate your Aadhaar.
Following the successful submission of your application, you are given a reference number.
Employee provident fund Form 31
Form 31 can be used to obtain an advance from the EPF account or to make a partial withdrawal from it. Form 31 is available through the UAN portal. To apply for an EPF advance, you must, however, have your bank account information, PAN, and Aadhaar information updated on the portal.
How can I get employee provident fund Form 31?
To download Form 31, go to the EPFO website. Alternatively, you can access the link.
How many employee provident fund Form 31 will be submitted online?
Visit the EPFO portal, log in with your UAN and password, and enter the captcha code as directed.
You then generate your online request by going to the “Online Services” tab and selecting “Claim”.
A page with information such as your name, father’s name, DOB, Aadhaar number, PAN, date of joining the organisation, and cellphone number shows when you click “Claim”.
Following your final review of all the necessary information, you select “Proceed for Online Claim”.
Selecting the “PF Advance (Form 31)” option from the drop-down menu would be beneficial.
After selecting your justifications, you enter the amount and your current address.
You must check the box next to “Get Aadhaar OTP” and sign the disclosure.
You must input your OTP, select “Validate OTP” and then submit the “Claim Form”.
What is Form 10C?
To withdraw or transfer your EPF amount, complete and submit Form 10C online. You can download the form using the link.
How should Form 10C be filled out online?
You must enter your UAN and password to access the EPF portal.
Next, you select “Online Services” in the menu bar.
Next, select the “Claim” tab, which displays Forms 19, Form 31, and Form 10C.
You will be taken to the following page, where you may view the member details, KYC requirements, and service history.
Then you select the tab labelled,“Proceed Online Claim”.
The claims section will be directed to you, where you can check information such as your PAN, phone number, bank account number, and UAN number.
To verify your information, you must input the last four digits of your bank account number and click “Verify”.
The “Certificate of Undertaking” is then selected, and you click “Yes”.
The next step is to choose whether you want to “withdraw PF only” or “withdraw pension only” for your claim type.
Select “Only Pension Withdrawal (Form 10C)” from the “I wish to apply for” selection.
You must check the disclaimer box and indicate your permanent address in the Form 10C section.
Please select the “Get Aadhaar OTP” tab.
Your cell number associated with Aadhar will receive an OTP. You must input this OTP, select “Validate OTP” from the menu, and then click “Submit Claim Form”.
After successfully submitting Form 10C, an SMS message will be sent to your telephone number.
When Form 10C is completed and attached to your pension claim, the EPF money is sent to your savings bank account.
How can you withdraw employee provident funds without a UAN?
You must complete and submit the PF withdrawal form to the regional provident fund office. Additionally, the alpha-numeric PF account number, which displays your state and location from your pay stub, makes it simple to determine the jurisdiction of your provident fund office.
You must obtain your identity attestation from a bank manager, magistrate, or gazette officer as part of the out-dated provident fund withdrawal procedure.
How can I download Form 15G to withdraw from my employee provident fund?
Form 15G can be downloaded from the EPFO portal or the websites of significant banks.
Form 15G to claim employee provident fund amount without TDS
Two sections make up new Form 15G. Name, PAN, residential status, financial year, permanent address, and mobile number are all listed in Part 1 of Form 15G.
The estimated income for which the declaration is made must be included (it includes employee and employer contributions but not the EPS contribution). The organisation disbursing the income fills up the remaining area.
We will now address some crucial queries regarding EPF withdrawal.
Is providing a permanent account number by employees for employee provident fund withdrawal required?
No, it is not required. However, it can significantly lower the TDS assessed on the amount withdrawn.
Are tax deductions allowed for employee provident fund contributions?
In accordance with Section 80C of the Income Tax Act of 1961, EPF contributions are indeed tax deductible.
Can I make more contributions to the employee provident fund?
It is possible to enhance your EPF contributions and pay up to 100% of your basic salary. The Voluntary Provident Fund (VPF) account receives this contribution.
Will my company match my increased contributions?
No matter if you choose VPF, the employer’s contribution will always be minimal.
Do I need my employer’s consent to withdraw the funds from my employee provident fund account?
You can withdraw funds from your EPF account without your employer’s consent, according to recent changes in the EPF regulations.
Can I remove money too soon?
Yes, provided you meet certain requirements and provide verifiable proof, you may make early withdrawals.
What occurs to my employee provident fund account if I leave my current position or change jobs?
The EPF account will stop receiving monthly contributions as soon as you leave your position or leave one firm and join another. However, it does not imply that the account will stop being active.
When you change employers while still using the same UAN, the new employer will open a new EPF account for you. Then, you can ask EPFO to combine the old and new EPF accounts.
If you do not join a new job, you will have an additional grace period of three years from the date of your final payment to take the entirety of your EPF balance. Your EPF account will be deemed inactive if you don’t comply. You might need to go through challenging processes in order to receive this money.
After you leave the employer, would the Employee Provident Fund Office continue to pay interest on your employee provident fund account?
If you leave your work before turning 58, your EPF account will become inactive if you don’t request an EPF withdrawal within 36 months of the date you become eligible. You won’t continue to receive interest payments after your EPF account is rendered inactive.
Let’s say you have two employee provident fund accounts, one for your present job and one for your previous employer. How do you withdraw the most money possible?
Through your UAN, you can combine various EPF accounts into a single one. Additionally, you may view your EPF transactions in the same location whenever you change jobs. To consolidate your EPF accounts, you must submit an application to the EPF Office. Once your EPF accounts have been merged, you can proceed with the standard EPF withdrawal procedure online or offline.
How long would it take to resolve the employee provident fund claim?
Your EPF claim could be resolved in 20 days or less.
I’ve been at my present company for five months. Can I get my EPF money out?
No, until you are out of work, you cannot take funds from your EPF. The current EPF withdrawal regulations allow you to take 75% of your EPF corpus after one month of unemployment. Additionally, if you are jobless for longer than two months, you may withdraw the remaining 25%.
Let’s say your claim is turned down because you did not make an EPF contribution. Only EPF transfer funds are visible in the EPF passbook. How can you get your EPF money back?
Your claim being denied is frequently due to the employer not making EPF contributions for two to three months. There isn’t much you can do about this other than demand that your employer consistently pay contributions to your EPF. It will solve a lot of issues later.
When can we withdraw the employee provident fund amount?
EPF withdrawal is permitted under a variety of conditions, each with its own qualifying requirements.
- Retirement: Employees who retire from employment at age 55 are eligible to withdraw their EPF.
- Unemployment: People who have been out of work for two months are eligible to withdraw 75% of their EPF balance.
- Medical Reasons: When an EPF withdrawal is made for medical reasons, a minimum service year is not necessary for the claim process.
- Wedding: Individuals must have a minimum of 7 years of service history in order to withdraw EPF for wedding-related expenses.
- Home loan repayment: Those who withdraw EPF to pay off a mortgage must have completed three years of service.
- Purchase or construction of a home: To be eligible to withdraw EPF for a home purchase or construction, the applicant must have completed five years of service.
- Home renovation or reconstruction: EPF withdrawals for home renovation or reconstruction require a minimum of five years of service.
How long does it take to withdraw the employee provident fund amount?
Depending on the method of application for withdrawal, it may take some time for the pension authority to process the claims. Online EPF withdrawal requests may take three working days to process.
It is evident from our discussion thus far that taking a PF withdrawal online is the quickest way to have the money credited to your bank account.
It is also evident that people are unable to withdraw their EPF balance while they are employed. However, under some conditions, partial EPF withdrawal is permitted. Additionally, a person does not need their employer’s permission to withdraw their EPF.
It’s vital to remember that one can only withdraw their entire EPF amount after retiring.
We anticipate that this blog post will be interesting to all of the curious readers who want to withdraw their PF amount online based on our discussion thus far.
