Are you looking to make a PF withdrawal from your PF amount? EPF members can now submit their PF withdrawal/settlement/transfer claims online. Here is a compilation of all the information you will need to go make a successful claim.
Table Of Content:
- What is EPF Withdrawal?
- New EPF Withdrawal Rules 2023
- 6 Reasons for PF Withdrawal
- 3 Different Types of PF Withdrawals
- Documents Required for PF Withdrawal
- Brief Guide: PF Withdrawal Process
- Steps to Apply for EPF Withdrawal Online on UAN Portal
- Steps to Apply your PF Withdrawal without having UAN
- EPFO Customer Care Support:
- EPFO FAQs
- EPFO Helpful Links:
What is EPF Withdrawal?
PF Withdrawal is a process that allows individuals to withdraw funds from their Employee Provident Fund (EPF) account. This process is initiated when an individual is no longer employed or needs to use the funds for a specific purpose. To withdraw funds from the EPF, individuals must meet specific criteria and follow an online process. In 2023, the EPF Withdrawal process is expected to be more streamlined, with more options available and an easier process overall. Withdrawing funds from your EPF account can be a great way to provide financial stability, so it’s important to understand the process and be prepared when it comes.
New EPF Withdrawal Rules 2023
Under the new rules, PF account holders can withdraw money equivalent to three months’ basic salary plus a dearness allowance. This amount equals 75% of their net balance in their PF or EPF account, whichever is lower. The deposit will not be refunded. You can file withdrawals online.
EPFO gives subscribers of the Employee Provident Fund (EPF) an interest rate of 8.1% for 2022-23. The interest rate was the lowest since 1977-78 when the EPF interest rate was 8%.
6 Reasons for PF Withdrawal
While you are still working, these are the conditions under which you can withdraw your EPF money
- Medical Treatment
- Marriage for Purposes
- Construction of a House or Purchase of Property
- Repaying the existing Home Loan
- Education Purposes
- Alterations or repairs to your House
Learn about EPF Calculator.
3 Different Types of PF Withdrawals
EPFO’s member portal allows subscribers to withdraw 3 types of PF. The following are among them:
- PF Final Settlement
- PF Partial Withdrawal
- Pension Withdrawal Benefit
With the employer’s attestation, EPFO members can withdraw their savings from the member portal using their Aadhaar card details.
Documents Required for PF Withdrawal
The following documents are required for PF withdrawal:
- Universal Account Number (UAN).
- You must provide accurate bank account information.
- Money cannot be transferred to a third party until the PF holder dies, so the bank account must be in the PF holder’s name.
- The EPFO must be notified of the employee’s details, and the employee’s exit from the company must be registered. Correctly state the joining and leaving dates.
- The date of birth and father’s name should match the proof of identity.
Brief Guide: PF Withdrawal Process
EPFO Withdrawal via New Form
- Step 1: Use UAN to update your Aadhaar number
- Step 2: Link your UAN to your AADHAAR
- Step 3: Use the EPF member portal to withdraw
- Step 4: Submit the form to receive your withdrawal
EPFO Withdrawal via Old Form
- Step 1: You must first contact the previous employer’s HR team to get Form 19 for EPF withdrawal.
- Step 2: The form is available to download from EPFO’s website
- Step 3: Fill in details like occupation details, PF account number, IFSC code, and bank details.
- Step 4: You will have to submit the cancelled cheque leaf
- Step 5: Raise the form to your employer
- Step 6: The employer will attest to the form.
Steps to Apply for EPF Withdrawal Online on UAN Portal
- Step 1: Visit the UAN portal.
- Step 2: Fill in the captcha with your UAN and password.
- Step 3: Check your KYC details, such as Aadhaar, PAN, and bank details, on the Manage page.
- Step 4: Select Claim (Form-31, 19 & 10C)’ from the drop-down menu once KYC information has been verified.
- Step 5: Enter your bank account number and press the Verify button to reveal the member’s information, KYC information, and other service information.
- Step 6: Sign the undertaking certificate by clicking ‘Yes’.
- Step 7: Click ‘Proceed for Online Claim’.
- Step 8: You can choose to apply for a full EPF settlement, a partial withdrawal (loan/advance), or a pension withdrawal from the claim form under the heading ‘I Want To Apply For’. The drop-down menu won’t display the services a member is ineligible for due to service criteria, such as PF withdrawals or pension withdrawals.
- Step 7: Click ‘Proceed for Online Claim’.
- Step 9: Select ‘PF Advance’ and enter the employee’s purpose, amount, and address to withdraw funds.
- Step 10: Click on the certificate to submit your application. Your employer must approve a withdrawal request for the money to be credited to your bank account. The funds typically arrive in your bank account within 15-20 days.
Steps to Apply your PF Withdrawal without having UAN
- No UAN? Please fill out a PF withdrawal form and submit it to your local PF office.
- Aadhaar-based Composite Claim Forms or Non-Aadhaar Composite Claim Forms will be available online.
- It can be time-consuming to withdraw from PF without a UAN.
- PF account withdrawals can be partial or full, depending on your needs.
- An employee can withdraw his full EPF after retirement or if he remains unemployed for more than two months.
- Unemployed employees can withdraw 75% of their PF if they remain unemployed for a month.
EPFO Customer Care Support:
If you are an Employee: firstname.lastname@example.org
If you are an Employer: email@example.com.
Toll-free Number: 1800118005
Can I withdraw the full PF Amount?
According to the new EPFO rule, 75% of the EPF corpus can be withdrawn after one month of unemployment, with the remaining 25% being transferred to a new EPF account after finding new employment. Under the old rule, 100% of the EPF corpus could be withdrawn after two months.
Can I withdraw my PF early?
In certain conditions, we can withdraw our pf early.
How many days will PF withdrawal take?
PF amount is deposited into the bank account within 5-30 days after an employee applies for EPF online.
Which reason is best for PF Withdrawal?
In an emergency, such as a medical emergency, a house purchase or construction, or higher education, a partial withdrawal from an EPF account is permitted. Partial withdrawals are limited so that account holder can request them online.
Is it compulsory to furnish PAN by Employees for EPF Withdrawal?
EPF withdrawal/settlement requires PAN to prevent the excess tax from being deducted. If you do not submit PAN, tax deducted at source (TDS) can be as high as 34.6%. Are EPF withdrawals taxable? Employee Provident Fund withdrawals are taxable if you withdraw them before five years of service are complete.
Are EPFO contributions eligible for Tax Deductions(TDS)?
Yes, EPF contributions are eligible for tax deductions.
Can I increase my PF Contributions?
Yes, one can increase EPFO contributions.
Will the employer also contribute higher when I do?
Employees can contribute 100% if they have a salary hike. The employer, however, is not obligated to match your contributions. The employee will continue contributing 12% of your basic pay to your EPF account.
Do I need the employer's permission to withdraw the amount from EPF?
Due to EPFO changes, subscribers to the Employees' Provident Fund Organisation (EPFO) don't need their employer's permission to PF withdrawal partial or entire funds. Subscribers need to ensure their UAN is seeded with their Aadhaar card information.