How Can We Withdraw PF Amount |
Easy Steps To Withdraw PF Amount| Online EPF Withdrawal
EPF i.e. Employee Provident Fund or simply PF is your life saving. It is your retirement corpus which will be useful in your non-working years. So every effort should be made not to withdraw PF amount unless it is quite necessary. You should think about PF withdrawal only after retirement. I insist on this due to the following four reasons:
- PF is considered as your retirement fund and it can make your retirement life stress free. You need not worry about the daily expenses in your retired phase.
- If you withdraw PF amount before completing 5 years of continuous service, you will have to pay tax. PF withdrawal is tax free only after at least 5 years of opening the EPF account.
- If you switch job, you can easily transfer your existing PF account to your new company.
- Even after your early retirement (from job), you can remain invested in EPF. Your PF account will earn interest up to your 58 years of age.
Also Read:- PF Withdrawal After Leaving Job: Yes Or No?
You Can Easily Withdraw PF Amount
But, if you have decided to withdraw PF amount after giving all considerations, you can do it easily. I am going to tell you how can you withdraw PF amount. First of all, you need to know that there are 3 categories of EPF claims:-
- Full withdrawal via PF Final settlement.
- PF Partial withdrawal via loan or advance.
- Pension withdrawal benefit through EPS withdrawal.
You will be happy to know that now these three withdrawal has become very easy. Now you can withdraw PF amount online without any hassle. It means that you need not visit your employer or EPFO office. With online process of EPF withdrawal, your claim can be settled within a few hours. EPFO has also introduced a composite claim form for withdrawal of PF amount. After this, you do not need to submit supporting documents or certificates.
UAN Has Made Easy The Process Of PF Amount Withdrawal
This has become a reality after UAN i.e. Universal Account Number coming into action. Now every EPF account holder has provided a UAN which doesn’t change life long. Online PF withdrawal facility is available through the UAN member portal. You can use this portal with the help of your UAN and password. If you login for the first time, you can generate a new password.
Remember that your Aadhaar number should be linked with your UAN. And before submitting the claim form to withdraw PF amount, ensure that the bank account details are updated. Earlier there were 3 different claim forms for 3 different purposes.
a. PF Final Settlement (Form19)
b. Pension Withdrawal Benefit (Form10-C), and
c. PF Part Withdrawal (Form31) from the Member Interface directly.
Withdraw PF Amount With Composite Claim Form
Now to make PF withdrawal you will need to fill the new Composite Claim Form. There are two types of form:- 1) Composite Claim Form (Aadhaar) and 2) Composite Claim Form (Non-Aadhaar). Non-Aadhaar claim form will be submitted by those, whose Aadhaar is not seeded with UAN. These subscribers would need to have their claims forms attested by the employer before submission to EPFO.
According to the EPFO, for PF withdrawal claim, member should fulfill following four conditions:
(1) The member should have activated his/her Universal Account Number. The mobile number used for activating UAN should be in the working condition.
(2) Member’s AADHAAR details should be seeded in EPFO database. He should avail OTP facility for verifying eKYC from UIDAI while submitting the claim.
(3) Member’s Bank Account along with IFSC code should be seeded in EPFO database.
(4) PAN should be seeded in EPFO database for PF Final Settlement Claims in case his/her service is less than 5 years.
Conditions For PF Final Settlement
If you are going to withdraw PF amount after Final Settlement, you should keep these points in mind:-
(1) Your Date of Joining and Date of Exit should be available in the EPFO Database.
(2) You should not be working presently in any company under PF Act. You can be self-employed or working in a company who does not come under PF Act.
(3) The Claim should be submitted not before two months after leaving the job.
Conditions For Pension Withdrawal Benefit Claim
If you are claiming pension benefit, you should also fulfill the following two additional points:-
(1) Your total service should be more than 6 months.
(2) You must have not completed the 9.5 years as a PF account holder. After this period, you can not claim pension just after leaving the job unless your age is 50 years or above.
Conditions For Part PF Withdrawal
As you know that you can also partially withdraw PF amount balance during your job. But there are certain conditions for this. If you fulfill these conditions, you can claim part PF withdrawal. For this, your Date of Joining should be available in the EPFO database. A good thing is that now you are not required to give any supporting document while claiming PF part withdrawal online. Your filling the claim form online will be taken as self- declaration for having applied for the same.
PF Amount Withdrawal: The process
Following is the process for online claim submission in order to withdraw PF amount.
- Login to the member interface using UAN credentials. The path of the portal is https://unifiedportal-mem.epfindia.gov.in/memberinterface/. You will need your UAN as well as password for login. If you forgot your password, just reset it.
- After login, check that whether your KYC and service eligibility conditions mentioned there are correct or not. If those are not correct or incomplete, do the needful to correct them before proceeding further.
- If the details are correct, you should now select the relevant claim.
- As you click on the Claim, you need to authenticate using OTP. This OTP will be received on the mobile number registered with UIDAI. After submitting the OTP, now you should complete the online claim submission.
After submission of claim to withdraw PF amount, you will get a confirmation copy which you can save for future use. You can also track your claim status at this very UAN portal.
PF Amount Withdrawal: Points To Remember
Remember that you will get the payment from EPFO for your PF claim only into the bank account registered with it. If, for any reason, you want to use some other bank account to get the claim, you should not submit the claim online. You should use the physical process of PF withdrawal instead. Or you have the option to get the bank account details changed through your current employer before filing online claim process.
One more thing, online claim process to withdraw PF amount is not available to those who do not have Aadhaar. The non-Aadhaar composite claim form needs more information like date of birth, father’s name and bank account details. Apart from your signature, it has to be certified by your employer as well. So I would suggest you to link your PF account with Aadhaar so that your EPF withdrawal becomes hassle free.
I hope that you would have now a clear picture about the PF amount withdrawal process. If you have any doubt, question or problem related with EPF withdrawal, do write to me.