Introduction
To know the PF Withdrawal Process, let us first learn as to what are the requirements without which the PF Withdrawal would not be possible. The term PF stands for Provident Fund which serves as a long-term saving that comes into use after the retirement of the employee. Let us learn about some requirements necessary to be fulfilled.
First is that the Universal Account Number (UAN) must be active and the phone number linked shall also be in working condition. Another is that the UAN must be linked with KYC i.e. Aadhaar, PAN, bank details as well as IFSC Code. These requirements, if met successfully at the initial stage itself then there shall not be any requirement to attest the same in the withdrawal application required to be filed for PF Withdrawal.
PF Withdrawal Forms
Having read about necessary requirements, let us now jump to the form vital to be filed. The important PF Withdrawal forms are as two of them, namely:-
It is an epfo form to be filed for “Claiming final settlement from Provident Fund”. This form contains the member’s name, father or spouse name, date of birth, name and address of the establishment, date of joining and Date of leaving the company, PF Account Number and UAN, full postal address, PAN (Permanent Account Number), reason for leaving the organization, mode of payment and the employer and employees signature.
It is an epfo form to be filed for “pension withdrawal”. For pf withdrawal online or to transfer your Employee Pension Scheme (EPS), this form is filed.
- Form 31
It is an epfo form that is filed for availing an advance from the EPF Account. During the job, when an employee requires fund in emergency so he or she can file or consult an ESI PF Consultant for the same to file Form 31. For this, your bank account details, PAN and Aadhaar details must be updated on the EPF advance.
Form 19, Form 10C and Form 31 to be filed for obtaining PF withdrawal.
Types of PF Withdrawal
EPF which is described as the Employees Provident Fund can be withdrawn either fully or partially. Let us know about two types of withdrawal of PF online.
- Complete EPF Withdrawal
Complete withdrawal is possible in two cases, first is when the employee retires. And secondly, When an individual is unemployed for more than one month, he/she can withdraw 75% of the total accumulated amount and can withdraw the rest 25% if the unemployment period stretches beyond two months.
- Partial EPF Withdrawal
Partial withdrawal is generally done when any mishap or any emergency arises. Following are the cases mentioned below when partial withdrawal of epf is allowed.
- Medical purpose
- Marriage
- Education
- Purchase of land or purchase/construction of a house
- Home loan repayment
- House renovation
- Partial withdrawal before retirement
Documents Required for PF Withdrawal
The necessary documents that are required for availing PF Withdrawal are as follows:-
- Universal Account Number (UAN)
- Correct and updated bank account details
- Bank Account must be in the name of PF holder
- Employees Date of Birth
- Employees Father’s Name
- Employer is required to submit the employees’ detail of EPFO Portal
PF Withdrawal Online Process
Here is the process of PF withdrawal which is an informational guide for all employees.
- Search on google “EPFO Login” and you will then see the EPFO Portal in front of your displayed.
- From the EPFO menu bar, you need to drag on the option named as “Services”.
- Services option will further six multiple options from which you need to select “For Employees”.
- On the page, you will be able to see in the left hand corner many services mentioned. Choose “Member UAN/Online Service (OCS/OTCP)”option which will redirect you to a new webpage.
- Login in to the portal by filing the credentials.
- Click on the “KYC” option under the “Manage” tab.
- A new webpage will be opened. Click on the button given as “Digitally Approved KYC” and check your KYC details.
- Drag to “Online Services” option when all the information is correctly filled. And from the drop-down list select, “Claim (Form 31,19 and 10C)”.
- A new webpage containing Claim (Form 31,19 and 10C) shall be opened. Enter the last 4 digit of registered bank account number and select the verify button to verify the details by epfo.
- After verification of bank details, “Certificate of Undertaking” is generated.
- A reason for claim has to be selected from the drop-down options provided next to the “Purpose for which advance is required” option. The fields provided for the address of the employee and the amount for advance is also required to be filled up.
- Click on the checkbox given at the end of the page and submit your epf withdrawal application. You might be asked to upload some documents depending on the nature of withdrawal opted.
- Once the employer approves the withdrawal request, the withdrawal amount will be withdrawn from the EPF account and will be deposited to the respective bank account. Once the claim has been settled, you will receive an SMS notification on your registered mobile number.
This was a detailed and 13 step epf withdrawal process which seems easy to follows yet its complicated and if done without any due consultation, it may to lead some consequence. Hence, it would be better to contact an esi pf expert for the pf withdrawal procedure.
Note :-Form 10C to be filed only after form 19 is successfully uploaded. Within 5-10 days settlement is granted.