The EPF (Employees’ Provident Fund) is a mandatory savings program for employees to help them after retirement. This fund is also known as the Provident Fund (PF). According to the EPF guidelines, the employee must pay 12 percent of his basic salary into this fund every month, and the employer must pay the same amount every month.
Conditions for the withdrawal of PF accounts
A person can withdraw part or all of their PF amount as needed. The person may be retired or unemployed for a period of more than two months. In this way, the amount can be withdrawn until a officiating office has issued a certificate.
A partial withdrawal, on the other hand, has to meet several benchmarks. A person can withdraw money for education, land or home purchases, from repaying home loans to treating COVID-19, but all such withdrawals must be at least 5 to 7 years, with the exception of early retirement, which the employee must be at least 54 years old.
The withdrawal process:
Offline payout
For offline withdrawal, all you need to do is download the compound application form (Aadhaar) or (Non-Aadhaar) and submit the completed form to withdraw the funds. For the composite application form (aadhaar) you need your aadhaar number and bank details, but these details are not required for the non-aadhaar.
After completing the form, you must submit it to the relevant EPFO office with the employer’s certificate.
Online payout
Withdrawing online is preferable to withdrawing offline, as the process is leaner and less time-consuming for the employee.
Step 1:
Make sure that the Universal Account Number (UAN) is activated and linked to a registered mobile number. Make sure all of your banking information like name, account number and IFSC code is updated. If this information is up-to-date, you do not need a certificate from your employer to leave.
Step 2:
Go to the UAN portal and log in with your UAN and password. Enter the captcha and continue with the registration.
Step 3:
Go to the “Online Services” tab at the top of the drop-down menu and click the “Claim (Form-31, 19 & 10C)” option.
Step 4:
This will take you to a new page with all member details, KYC details, etc. Enter your bank account number and click ‘Confirm’. Then you need to provide the reason for leaving PF’s services.
Step 5:
A pop-up window with the name “Registration Certificate” appears. Click on ‘Yes’.
Step 6:
Go to the drop-down menu again and select the “I want to submit an application” option and then select the “PF payout only (Form 19)” option.
Step 7:
Complete the “Full Address” section and upload scanned copies of your passbook or check.
Step 8:
Select the check mark in the disclaimer and click on the ‘Get Aadhaar OTP’ option. Enter the OTP that you received on your registered and linked mobile phone number. Then submit the application.
Step 9:
After submitting this form, follow the same steps and send “Form 10C” via the portal. The amount you requested should be transferred to your registered bank account within 15 to 20 days.
