A wise man once quoted-
“All days are not the same. Save for the rainy days; when you won’t work, savings will work for you. ”
And probably this is what struck the mind of the Indian Government.
Provident Fund was introduced long back for the salaried class. Since then PF, EPF or Employee Provident Fund continues to be the most sought after investment. It gives you benefit in tax, acts as a life long pension, insurance benefit and even as a premature withdrawal option at the time when you need the money before retirement.
In this blog, we tell you the latest changes first and then the EPF withdrawal online procedure alongwith the screenshots for better understanding.
Changes in the PF withdrawal rules-
The government decided to give the PF subscribers the option to take out almost 75% of the amount after one month of staying unemployed given that the account is active.
The rest of the 25% funds can be withdrawn at the time of final settlement. It can be done after two continuous months of unemployment.
Some more changes for PF withdrawal online-
If your PF account is linked properly with UAN, attestation from the employer’s side is not required to withdraw PF online.
TDS is applicable on EPF withdrawal only when-
- The employee has not completed 5 years of service. (continuous)
- If the amount of EPF is more than Rs. 50,000.
- You can submit PF withdrawal form 15 G to eliminate TDS deduction.
- The settlement period is reduced from 20 days to 10 days.
- The member’s portal can be leveraged to update details like DOB, UAN and Aadhar and the nomination details.
How to withdraw PF online?
There are two ways to withdraw PF online-
- Submitting physical application and withdrawing PF offline- You just need to download the Aadhar or Non- Aadhar claim form from here.
Also, with Aadhar, no attestation is required and without it, attestation is required.
- Submitting an online application to withdraw PF- To apply for PF withdrawal online, there are some conditions that must be met.
- UAN and mobile number should be activated and working respectively.
- UAN should be linked to KYC.
The rest of the procedure is mentioned below-
Go to the UAN portal.
Login using your UAN and password.
Click manage and click on KYC in the dropdown.
After clicking on KYC, you will see a screen like the one in the image below. Here you need to see if your Aadhar, bank and PAN details are verified or not. Checking the verification is necessary as this is mandatory for the employer.
Now you need to click on the online services tab and press the “claim form” option appearing in the drop-down menu.
After that, a screen showing the member and KYC details etc. for submitting the claim form, you now just need to click proceed tab for the online claim.
In this form, you have to select the type of claim form you want. You will get this from the tab “I want to apply for _______”. When seeking withdrawal, it is available under the following conditions and forms-
Form-31 – Partial withdrawal of PF
Form-10C – Pension withdrawal benefit & scheme certificate
Form-19 – Complete PF withdrawal
Form-10D – Claim of monthly pension
Note:If you as a member are not eligible of PF withdrawal or pension withdrawal because of the service criteria, the option won’t be displayed in the drop-down. However, if you are still employed but going for the claim, only form 31 may be visible.
After you have applied, an OTP will be sent to the mobile number which is linked to your Aadhar Card. See the OTP, enter it to successfully submit your claim form.
Thereafter, a reference number will be shown on the screen. You can use that number to check the status of the claim.
Take a look at the summary of the PF online withdrawal procedure in this picture.
And this is it!
We hope now you will be able to withdraw your PF easily.