How to Withdraw PF: Are you searching for how to withdraw pf? Are you confused should I withdraw pf or not? In this article, we will provide you all the important aspects of pf withdrawal. Have you left the job and now you want to withdraw your PF? You will be aware of the long procedure of pf withdrawal. If not, then don’t worry we will let you know.
How to Withdraw PF
Why should you not withdraw your PF Early?
Due to following reasons, you should not withdraw your PF:
- PF amount is continuously built in order to ensure big amount on retirement. PF acts as an amazing financial tool that helps you save a little each month to get a superb interest rate of 8.75% p.a. The Interest that you have earned on the PF account is tax-free.
- You can transfer your PF balance by following the online process. You can build your retirement corpus by adding PF balances.
- Due to one or the other reason, if you withdraw from your PF account before 5 years of opening the account, then you have to pay tax on the interest that you have got. Or else the interest on the PF account is Tax-free.
- It is illegal as per the rule to withdraw the PF Account Balance of an earlier job if you are stilling doing the job.
- Besides this, you can’t withdraw the entire corpus of the year. However, the employee’s contribution and the interest gained on it can’t be withdrawn before the retirement age.
Withdrawal of PF even if you doing the Job is against the rules. A Provident Fund is made by the contribution of both, Employee and the Employer till the particular period of Employment.
According to the report, only 12% of the total monthly salary goes into the PF Account. The same amount is also contributed by the employer. Your PF is actually a corpus which you can spend after retirement, there are certain situations due to which you can withdraw your PF.
Read More: PPF Calculator
Checklist required before PF withdrawal
In order to withdraw your PF, please check the list of items given below:
- You should know your UAN, in order to apply for EPF withdrawal.
- Your name should match with your bank account name.
- Your Birth date and father’s name should match with an Identity proof.
- Your Employer must have to register the exit date in EPPO Accounts.
Different ways to withdraw PF Account
Following are the different ways by which you will be able to withdraw PF Account:
- Apply for EPF withdrawal with New Form
With the help of this method, you will not require the employer’s confirmation. This method is only beneficial for people who have given their Aadhar Number at the UAN Portal. As soon as your Aadhar is being confirmed by the employer you don’t need any other confirmation. So, you should link your Aadhar with UAN at your Job. You will have more relief when you have completed this task.
In order to withdraw your PF, follow the simple steps given below:
- First of all, link your Aadhar number with UAN.
- Your Aadhar Card should be verified by the employer
- Now, you have to download the new EPF withdrawal form.
- Lastly, fill the new form and submit it instantly to the Regional PF Office.
Due to the direct submission of PF, you will receive PF within a week.
- Submit PF withdrawal application form directly at the regional office.
Here, you will have to use the Form 19 for the EPF Withdrawal. You can get this form from the Employer. However, you can also download the Form 19 from EPFO website. As per the rules, you will get the scheme certificate instead of pension amount if your service at a place is less than 10 years. However, if you are doing service for more than 10 years, then you will receive the pension only and that is also if your age is above 50. In order to withdraw the pension amount, you will have to fill the form 10C.
Information required for PF withdrawal
Before you apply for withdrawal, you should have the following information handy with you.
- PF Account Number
- Date of Joining
- Date of Leaving
- Bank Account Number
- IFSC Code
Besides this, you have to submit a canceled cheque for account number assurance. As there may be an error while writing Account Number.
However, the most important thing is that you should maintain a great relation with the HR Department of your Employer. If the employer is more familiar with you and cooperates well, you will receive the PF money as soon as possible.
Follow the steps given below to apply for PF withdrawal:
- First of all, go to the HR department of the employer and carry a copy of blank cheque with you.
- HR department will provide you form 19 and form 10C.
- You can also ask for your Joining as well as leaving date.
- Submit the form to the HR.
- HR will verify all the details and send the form to the regional office.
- The Regional Office will then process your request within a month.
- Lastly, the amount will be directly credited to your bank account.
Read More: UAN Activation
EPF withdrawal without the Employer’s Signature
It is difficult to get the Employer’s Signature if you have left the job on a bad note. Initially, it was compulsory for all the employees to get the validation of employers in order to initiate the procedure of EPF withdrawal. Currently, the EPFO has released this step for PF withdrawal. Both EPFO and UAN has made the procedure of PF withdrawal quite easy. There are mainly two ways to get EPF withdrawal without Employer’s Signature.
- Using Aadhar Card
- without using Aadhar Card
- Using Aadhar Card
- For ease, EPFO provides a withdrawal option on its portal where you have to just link your Aadhar Card. As soon as you do this, you don’t require the signature of your Employer.
- Aadhar Card, as well as the Salary Bank account, should be verified by the employer.
- Also, be sure that your UAN is activated. Now, you can move forward with the procedure of EPF withdrawal.
- Now, on the EPFO web portal, download the forms – Form 19, Form 31 and Form 10C.
- Enter required details such as Name, address, registered mobile number, PAN card number, and date of joining and at last main reason for leaving the job.
- Now, you have to attach a canceled cheque for the EPFO in order to confirm the Account number. Lastly, submit the form and canceled cheque to the nearest EPF Office.
- Please make sure that all of your details provided in the form should match with the UAN database. If there is any fault, then the withdrawal process will stop.
- Without using Aadhar Card
- If you don’t have an Aadhar card, then to make PF Withdrawal without employer’s signature will be difficult.
- First of all, Download Forms, Form no 19, 31 and 10C from the EPFO Portal.
- Now, you have to fill the form with all the required details and then get a signature from a credible authority such as – a Gazetted Officer, a magistrate, member of the EPFO, or any manager of the bank.
- Here, please be sure that you get the signature on each and every page of the form and also verify the bank details.
- In order to stop any case of fraud, you have to give the reason for direct application of withdrawal. By stating “Non-Cooperation” from the ex-employer is the best reason to deal with the matter.
- Here you also have to attach a compensation bond of Rs 100 on the stamp paper.
- Also, you have to affix copies of payslips, appointment letter, Form 19, and your employee ID Card.
- Finally, you have to attach the copy of KYC documents, identity and address proof before providing all the copies at the EPF Office.
Read More: Pension Plans
PF Joint Declaration Form
A PF Joint Declaration Form is basically a form created between the employee and his/her employer when the total wages in a month exceed than a certain limit, i.e. Rs 6500 per month. One can easily download the form from the EPF Office. Follow the simple steps given below to fill the form.
- First of all, address the form to the Regional PF Commissioner.
- Then, state your name and your employer’s name.
- Also provide details such as your name, father’s name or husband’s name, DOB, PF Account Number and then your date of joining and leaving.
- Here you have to attach a copy of Identity proof such as Aadhar card, Driving license, Voter ID Card, Passport or PAN Card.
- Lastly, sign the form. Now, you have to get the signature of an authority and then the establishment seal.
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Read More: UAN Member Portal