PF Withdrawal Process took place when you Left your Job, and You want to Withdrawal your Savings from your EPF Account. Earlier PF Withdrawal Process was not easy but recently The Ministry of Labour and Employment, Government of India, has recently made a few amendments in the Employees’ Provident Fund Scheme, 1952 to make the PF Withdrawal Process Easy and Fast. Let’s Have a Look at the Ways to withdraw your PF Money.
But Before Moving Forward, we would like to Share some Information regarding PF Withdrawal Issue.
Is Early PF Withdrawal a Good Idea?
We know that As an Employee You Save Fix Amount of Money Every Month in your EPF Account. PF Amount is the Savings that You did for your Retirement Life. So, PF Withdrawal before retirement age isn’t a Good Idea until and unless it’s necessary because
- If you withdraw your PF amount within five years of opening the PF account at EPFO, you will have to pay tax on the interest earned. Otherwise, interest on PF amounts is tax-free under Section 80C of the Income Tax Act If you Don’t Withdraw your PF Money.
- It is against the rules if you withdraw the PF account balance of an earlier job while you are still employed.
- It becomes very tough to build a retirement corpus after the age of 55.
- The Purpose of PF Savings is Meant for After Retirement Life Because maybe at the age of retirement (Approx 55-58) after that We can’t be able to continue Work so at that time this Saving of PF Account Help us to Survive for the Future.
However, there are provisions which let you withdraw the PF amount earlier too.
How to Withdraw PF Amount?
Here Note one thing that If you are Currently Working in an Organization, then EPFO won’t allow to Withdraw your PF Account, But there are some Acceptions or in some Emergency Situation when you can withdraw your PF Money.
There are 2 ways to withdraw PF Savings
- PF Withdrawal Using Universal Account Number (UAN Number)
- PF withdrawal Directly By Submitting Few Forms at PF Office.
PF Withdrawal Using UAN Number
PF Withdrawal Using UAN Number is Easy and Fast because UAN has changed all the EPF Process and make it Centralize. It also Consumes Less time Because you Don’t Need to Go to your Previous Employer for the withdrawal process. If you have your UAN Number, then You can Directly Apply for PF Withdrawal Online Using UAN Number. Just Log in with your UAN Number, and there you can find some forms to fill up.
PF Withdrawal Directly at PF Office
In this Method, You Need to Fill up one PF withdrawal form and submit it directly to the Regional Provident Fund Office. This procedure requires identity attestation since the PF office would want to be sure whether the right person is applying for withdrawal. So for the Identity Verification Purpose, withdrawal form needs to be attested by one of the following listed authorities decided by EPFO
- Any Bank Manager
- A Gazetted Officer
- Magistrate/ Post/ Sub Post Master/ President of Village Panchayat/ Notary Public
EPF Withdrawal Using New Form
In this Method for PF Withdrawal, you don’t need any Employer’s attestation. You only need to Provide your Aadhar Number at UAN Portal. Entire Process Goes like this:
- Initially, Link your an Adhaar number to UAN Portal.
- After that authenticated your Aadhar Number by the Employer.
- Then Download the New EPF withdrawal form.
- Fill up the new EPF withdrawal form with correct details and submit it directly to the regional PF office.
By Using this Method, you can get your PF Saving Money within a week (Approximation)
EPF Withdrawal Using Old Form
In this Method first Download Form 19 from EPFO Portal. Fill up the form with Correct Information and then Submit the Form to PF Office for further Process.
DOCUMENTS TO BE ENCLOSED
- A copy of the blank/canceled cheque having the account number and IFS Code of the branch visible so that the payment may be made to the correct account and through electronic mode for faster credit.
- A medical certificate from the ESI or if the employee is not covered under the ESI Scheme, the Medical Officer designated by the Establishment should be attached – if the member retired on account of permanent and total incapacity (reason for leaving b, mentioned above) due to bodily or mental infirmity,
- A copy of Visa, Passport Journey Ticket – In case of migration from India for permanent settlement abroad (reason for leaving d mentioned above).
- The offer of appointment letter and Copy of Visa, Passport Journey Ticket – In case of taking up employment abroad.