Whatever doubts you have regarding PF’s will easily get cleared here. You can read this blog to know more about PF’s
The Provident fund or PF amount is generally a contribution best-saving scheme where the employer and employee must contribute equally to the Monetary Fund to meet post-retirement necessities. If you want to withdraw or access the corpus, you must follow some rules regarding the Provident fund withdrawal. Employees Provident fund organization manages the employee Provident fund in India. It is ideally a statutory body that offers financial backup for the Indian citizens employed in the organised sector. In this article, you’ll learn how to withdraw the full PF amount.
What is required for PF withdrawal online?
To withdraw your PF amount online, you will need to have the following:
- Your Universal Account Number (UAN): This is a unique 12-digit number that is assigned to every EPFO member. You can find your UAN on your PF statement or by logging into the EPFO website.
- Your PAN: Your Permanent Account Number (PAN) is a mandatory document for any financial transaction in India.
- Your bank account details: You will need to provide the account number, IFSC code, and branch address of the bank account where you want to receive your PF withdrawal.
- Your Aadhaar card: Your Aadhaar card is linked to your PF account, so you will need to provide your Aadhaar number and verify it using an OTP sent to your registered mobile number.
- Reason for withdrawal: You will need to select the reason for withdrawing your PF. The most common reasons for withdrawal include:
- Full and final settlement: This is when you withdraw your entire PF balance upon leaving your job.
- Early withdrawal: This is when you withdraw a portion of your PF balance before you have completed 5 years of service. Early withdrawals are subject to TDS.
- Partial withdrawal: This is when you withdraw a portion of your PF balance to meet certain expenses, such as medical expenses or education expenses. Partial withdrawals are not subject to TDS if you have completed 10 years of service.
- Form 19: This is the online claim form for withdrawal of PF amount. You can fill out Form 19 online using the EPFO website.
How to Withdraw PF Amount with UAN?
To withdraw your PF amount online with your UAN, follow these steps:
- Go to the EPFO website: https://unifiedportal-mem.epfindia.gov.in/
- Click on the ‘Services’ tab.
- Select ‘For Employees.’
- Click on ‘Online Claim (Form-31, 19, 10C & 10D).’
- Enter your UAN, password, and captcha code.
- Click on ‘Login.’
- Select ‘Claim (Form-19, 10C & 10D)’ from the menu.
- Enter your bank account details.
- Select the reason for withdrawal.
- Upload Form 19.
- Click on ‘Submit.’
Your PF amount will be credited to your bank account within 20 days.
How to Withdraw PF Amount without UAN?
If you have lost your UAN or do not have it, you can still withdraw your PF amount. However, the process is a bit more complicated. You will need to fill out Form 19 offline and submit it to your regional PF office. You will also need to provide additional documents, such as your PAN card, Aadhaar card, and proof of employment.
Here are the steps to withdraw your PF amount without UAN:
- Download Form 19 from the EPFO website: https://www.epfindia.gov.in/site_docs/PDFs/Downloads_PDFs/Form19.pdf
- Fill out the form carefully and completely.
- Attach copies of your PAN card, Aadhaar card, and proof of employment.
- Submit the form to your regional PF office. Your PF amount will be credited to your bank account within 2-3 months.
When can you withdraw the PF balance?
The Provident fund is here to be withdrawn after retirement, but some rules allow you to withdraw your funds for emergency work or purposes. There are 3 different types of withdrawal available: the Provident fund final settlement, Provident fund withdrawal partial, and the pension withdrawal benefit.
In some situations, you can withdraw the full PF amount entirely or partially from your Provident fund before maturity.
Some of the Provident fund rules to be followed in 2024 are as follows
- EPF funds are accessible only after retirement, unlike regular bank accounts.
- Partial withdrawals can be requested online for emergencies like medical expenses, education, or home purchases.
- EPFO permits 90% withdrawal a year before retirement for individuals aged 54 or older.
- Unemployment due to lockdown or retrenchment allows withdrawal of 75% after a month, with the remaining 25% transferred to a new EPF account upon reemployment.
- Withdrawals become tax-exempt after five years of continuous EPF contributions.
- Premature withdrawals may incur TDS deductions, with a 10% rate if PAN is provided and 30% if not.
- EPF status can be verified online, directly through EPFO if UAN and Aadhar are linked and approved by the employer.
- Subscribers must declare unemployment to access EPF funds, with full withdrawal permitted after two months of unemployment under the old rule.
The best part is that the withdrawal rules provide maximum flexibility to allow the PF account holder to meet different emergency requirements while using the savings. You can also choose to invest in other high-return investment avenues, including mutual funds, if you have some surplus funds after using the withdrawn amount.
On Vakilsearch, you can calculate the amount of money you’ll have in your EPF Calculator India account when you retire.
PF Withdrawal plus EPS Amount
You have two primary methods to withdraw your PF (Provident Fund) and EPS (Employees Provident Fund) funds: one involves using your Aadhaar card number, and the other does not. Utilizing your Aadhaar card streamlines the process and reduces the time required, whereas proceeding without it tends to prolong the procedure. Here’s how you can withdraw your funds with and without your Aadhaar card:
Withdrawal without Aadhaar Card:
If you lack an Aadhaar card but possess your PF number, you can complete the Composite Claim Form (Non Aadhaar). If your service period is less than 5 years, you must provide all relevant details including your PAN (Permanent Account Number) and attach two copies of form 15G or 15H. If you don’t have a UAN (Universal Account Number), you can provide your PF account number.
Withdrawal using Aadhaar card:
For those with an Aadhaar Card, submission of a Composite Claim Form (Aadhaar) directly to the EPFO office is necessary, without requiring attestation from your employer. Along with the form, you must attach a cancelled cheque, and your entire PF balance amount can be transferred to your bank account.
Steps to Exit Enter or Withdraw Full PF Amount
If your Provident fund withdrawal takes a lot of time, the exit date is not specified yet. To avoid this scenario, the employee’s Provident fund organization has developed a feature on the unified portal where the employee can easily input the date of departure from the last employer on their own. Gone are the days when only an employer could enter the exit date because now employees can also do that.
To Exit the PF, You Need to Follow the Following Steps
- Firstly you need to enter your unified account number and password to access the UN website.
- Choose the option to manage and then click on the exit option at the top of the panel.
- Choose the employer given in the menu.
- You would be taken to a new page where you have to input the birthdate, joining date, and exit date. You must refer to the resignation letter date if the departure date is before the 15th of the current month.
- As per the new EPF withdrawal terms 2023 – https://www.epfindia.gov.in/site_en/index.php, the withdrawal funds after at least 5 years of service are not likely to attract any TDs. The employee Provident fund was indeed an attractive option with the facility to transfer your EPF account with the UAN number and with the provision to earn better interest on the balance fund for at least 3 years without any contribution. The new rules have made the system quite beneficial for the EPF holders, especially the ones working in the organized sector. They can now avail all the funds for emergencies easily.
As per the new rule, EPFO permits withdrawal of 75% of the EPF corpus once one month of unemployment. The remaining 25%n be transferred to a replacement EPF account after gaining new employment. As per the recent rule, 100 percent EPF withdrawal is allowed after 2 months of unemployment.
Conclusion – How to Withdraw Full PF Amount?
Hope this blog regarding how to withdraw full pf amount? was helpful. Don’t forget to check all the withdrawal rules before withdrawing your PF. For any support needed on PF, you can connect with the experts at Vakilsearch right away.
FAQ:
1. How much of total PF can be withdrawn?
As per the EPFO guidelines, an individual can withdraw up to three months of their basic salary plus dearness allowance or 75% of the net balance in their EPF account, whichever is lower.
2. Can I withdraw 90% of my PF?
No, an individual cannot withdraw up to 90% of their PF accumulation as per the new regulations
3. What is the maximum PF limit?
There is no maximum limit for PF. However, the tax-free contribution is limited to 12% of the basic salary and dearness allowance of the employee subject to a maximum limit of Rs. 15,000 per month.
4. How many days will PF withdrawal take?
The time taken for PF withdrawal depends on the mode of withdrawal. If the withdrawal is made online, it usually takes around 10 days. However, if the withdrawal is made offline, it may take up to 30 days.
5. Can I withdraw my PF after leaving job?
Yes, an individual can withdraw their PF after leaving their job. However, they need to wait for a period of two months for the withdrawal of the PF amount in the case of resignation from service (not superannuation).
6. How much interest is given on PF?
The interest rate on PF is decided by the government and is subject to change every year. For the financial year 2022-23, the interest rate on PF is 8.15%.
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