“Need to know complete PF Withdrawal Procedure? Then Get all the Details Here.”
Welcome to Indian Customer Care. Since you have landed here, I am quite sure that you want to withdraw your money and don’t want to go through much of hassle.
Brace yourself as you have landed into the right place. I can completely understand how difficult the process is as I was in the same situation a few years back before my own PF withdrawal was completed.
So, let’s begin.
Introduction to PF Withdrawal
One thing I would like to clear first is that Employee Provident Fund Withdrawal (EPF) or Provident Fund Withdrawal is one and the same.
So what is this PF Withdrawal all about?
It is nothing but the money which you as an employee contribute @12% per month and the same amount is contributed by the firm you were working in with the aim to fund the employee after their retirement from the organization.
Note: Check your pay slips for UAN (Universal Account Number) and pen it down somewhere, we will use it soon.
What is this UAN now?
Universal Account Number is a number which EPF Organization of India allocates to every employee under the PF Act, India. This saves the employee from the pain of transferring EPF accounts while switching jobs. This UAN will be linked to your bank account for easy money deposits and withdrawals.
PF Withdrawal Prerequisites
- When Can you withdraw money from your EPF Account?
You can withdraw your PF if
- You have retired from the employment
- While switching between jobs if the waiting period is more than 2 months you can freely withdraw your deposited money without any issues.
However, the Government of India has made certain provisions of partial withdrawal which are listed below;
Reason for PF Withdrawal
Service Criteria in terms of Years
Purchase of land
|A little before your retirement||
Reached the age of 57 years
- In how many ways can we withdraw PF amount into our account?
PF withdrawal can be accomplished in 2 possible ways;
- Online PF Withdrawal
- Offline PF Withdrawal
As per the official website, the settlement period for PF withdrawal is less than 15 days but in most cases, it can take up to 2 months for the money to be deposited into your account.
In case you get any issues while following the steps below you can contact EPFO Customer Care to get your issues resolved fast.
|EPF Customer Care Number||1800118005|
|EPF Email Supportemail@example.com|
|EPF Official Website||EPF Website|
The Online Method of PF Withdrawal
Step 1: Activate UAN
To activate Universal Account Number there are 2 ways but first open this link and then follow below given steps;
1. UAN Number given in your payslip
The UAN Number will be given in your Pay slip under the heading PF UAN. Note down your UAN Number (Example: 1010XXX340XX) and enter it into the portal.
Enter UAN Number. (Link to Use)
1. Enter your full name as per Aadhaar Card or PAN Card.
2. Enter Date of birth, Email Id and mobile number.
3. Click on Get the Authorization Pin to receive the authorization on both registered Email Id as well as Mobile number.
4. Once your authorization is complete you will receive an email with your login details.
2. Member ID, Aadhaar Card or PAN Card
Not able to find your UAN Number not to worry, we have got you covered. Just enter any of the following in the above portal and follow the same steps mentioned above to get the authorization pin.
Note: Make sure after this step you are ready with login Id and password.
Step 2: Sign in to the Portal
Once you have completed the above process you will receive a password and your username will be your UAN Number.
1. Open this link and enter your UAN Number & password to login to the portal.
2. Click on Manage tab and select “KYC”. Make sure all the details like Bank Account Number, Aadhaar & other details are verified.
If not update them one by one. Wait for the approval from the portal. This can take up to 5 working days.
3. Once KFC verification is done, click on “Online Service tab” followed by claim Form 31, 19 and 10C respectively.
4. The Claim window contains all of your KFC details, bank account number and other service details.
Verify all of them and proceed for Online Claim to submit your PF Withdrawal Application.
5. In the claim form, you have the choice to select the type of claim you want to proceed with.
Such as; Full EPF Settlement, Pension PF Withdrawal or Partial PF withdrawal. If you want to withdraw all of your EPF Money go with Full EPF Settlement option.
Hurray…!! Job almost completed.
Now all you need to do is wait for your application to be processed and wait for the money to be deposited into your bank account. Note the process is a bit slow and it can take anywhere around 2 months’ time. However, I received it within 1 month of my application submission date.
Also, you can check your application status via the same portal by clicking on Online Services Tab and then selecting “Track Claim Status”.
Here is how the screen looks like after your PF is completely settled.
The Offline Method of PF Withdrawal
To withdraw your PF amount offline you need to visit this link and download the composite claim form either Aadhaar or Non-Aadhaar one based on your availability of the documents. The new composite claim form Aadhaar shall we duly filled and submitted to the respective jurisdictional EPFO office without your attestation. However, if you are filling the New composite claim form for Non-Aadhaar then the form must be duly filled and attested by you before submitting it to the nearest jurisdictional EPFO office.
- EPF has to be deducted if your employer has more than 20 employees.
- Only J&K state is an exemption to this act.
- The amount deducted under EPF is completely tax-free.
- Currently, the interest rate given by the government is 8.55% which is just huge compared to other financial instruments.
- One of the unique features of EPF is that it can be used to provide capital for house construction.
Why you should hold your EPF?
Currently, in the year 2019-2020, the EPF interest rate is almost 8.6%. This certainly huge in terms of interest earned from any of the available debt instruments. Also, the plus point of this money is that it is government backed and totally tax-free as it enjoys the status of Exempt, Exempt and Exempt (EEE) Status from the employer’s income.
Thus, even though I withdrew my PF after switching my first job I would recommend you not to withdraw it until an emergency. A best possible option could be to maintain your EPF Account even if you are switching jobs and take the sum amount out after your retirement for long term gains.