After you have discontinued service beneath employment, there are two issues that you are able to do along with your Provident Fund Account,
- If you’re taking on employment in one other firm then you may switch your present Provident Fund Account to the brand new employer.
- If you don’t plan to go beneath employment once more then you may withdraw the funds mendacity in your Provident Fund Account.
On this article we’ll cowl the right way to withdraw the funds mendacity in your Provident Fund Account.
How one can Withdraw Cash from Provident Fund?
For withdrawal of cash from the provident fund, the very first thing you should examine is whether or not your Provident Fund account is opened with the Staff’ Provident Fund Group or with the corporate’s PF belief.
In case, your account is with the corporate’s PF belief then you should contact your HR for the withdrawal course of.
For withdrawal from the Authorities EPFO you may learn beneath,
Withdrawal of PF Cash from Govt. EPFO
Withdrawal of funds from Provident Fund Account will be of two sorts,
- Partial Withdrawal
- Full Withdrawal
Let’s examine every of them intimately,
Partial Withdrawal from Worker Provident Fund
Partial withdrawal will be accomplished from the Worker Provident Fund just for sure specified causes. Each purpose has sure situations that must be met for facilitating the withdrawal.
The desk given beneath states the explanations and the situations for withdrawal.
| PF withdrawal purpose | Minimal service | PF Withdrawal Restrict |
| Home Development or buy of plot for self, partner or joint | 3 years | 90% of PF stability |
| Dwelling Mortgage Reimbursement of self, partner or joint | 3 years | 90% of PF stability |
| Home renovation or alteration of self, partner or joint | 5 years from completion of home | 12 instances of the essential wage or worker share with curiosity (whichever is decrease) |
| Marriage of self, siblings and kids | 7 years | 50% of PF stability |
| Medical therapy of self, dad and mom, partner and kids | Not required | 6 instances of his or her month-to-month wage or complete corpus (whichever is decrease) |
Other than the above talked about the opposite causes for partial withdrawal will be made are,
- Lockout or closure of manufacturing unit
- Publish Matriculation schooling of kids
- Pure calamity
- Lower in electrical energy in institution
- Buying tools by bodily handicapped
- One 12 months earlier than retirement
- Funding in Varistha Pension Bima Yojana
If in case you have any of the above causes for partial withdrawal then by following the situation on the phrases of service you may withdraw out of your Provident Fund account.
Full Withdrawal from the Worker Provident Fund
For those who want to withdraw your complete quantity out of your Provident Fund account then your termination needs to be on the account of any of the explanations given beneath,
- Termination on account of in poor health well being
- Contraction /Discontinuation of employer’s enterprise
- Different trigger past the management of the member
- Private Causes
- Marriage (for feminine member)
- Everlasting Settlement Overseas
For those who meet any of the above standards then you may withdraw your complete quantity out of your Provident Fund Account together with it, there’s an added situation that 2 months ought to have handed because you left employment or you have got retired from employment on the age of 58 years.
Nonetheless, you may withdraw 90% of the corpus only one 12 months earlier than the retirement i.e on the age of 57 years.
Now comes the query of variety of years of steady employment. That is vital for 2 causes,
1. To examine the withdrawal of your cash within the EPS account.
If in case you have been in steady employment for lower than 10 years, then the cash contributed in direction of your EPS account be withdrawn. However if in case you have been in service for greater than 10 months you then can’t withdraw out of your EPS account.
2. To find out the taxability on withdrawal.
If in case you have been in steady employment for lower than 5 years then your complete quantity withdrawn together with curiosity from the account will grow to be taxable. If in case you have in steady employment for greater than 5 years then your complete quantity is tax-free. (Advisable Learn: Tax on withdrawl from Worker Provident Fund)
Process for Withdraw of Cash from Provident Fund
There are two methods you could withdraw cash, i.e.
- On-line
- Offline
On-line:
You’ll be required to furnish the next info for full/partial settlement out of your Provident Fund Account:-
1. UAN quantity
It’s a distinctive ID hooked up to your Provident Fund account which shall be given to you by your employer. For those who haven’t been allotted a UAN quantity then you may go to this hyperlink to get one. Bear in mind to maintain your Aadhaar quantity (needs to be linked along with your cellular quantity) and your Provident Fund quantity helpful to get the UAN quantity.
2. Aadhar Quantity
To make a web-based declare it’s obligatory to hyperlink your Aadhaar quantity along with your Provident Fund account by the EPFO web site. The Aadhaar quantity needs to be linked to your registered cellular quantity as you’ll obtain OTP on this quantity.
3. Financial institution Account
It’s obligatory to hyperlink your Financial institution Account along with your EPF account to assert your Provident Fund account cash. On this account you’ll obtain the cash. To hyperlink the checking account, you want your checking account quantity and IFSC code.
4. PAN Quantity
If you’re withdrawing lower than Rs. 50,000 then PAN will not be obligatory however in case you are withdrawing greater than Rs. 50,000 then we have to examine the variety of years of steady employment.
If you’re withdrawing cash earlier than 5 years of steady employment then it’s obligatory that you just furnish your PAN account quantity since you might be topic to TDS deduction. If you’re withdrawing out of your Provident Fund account after 5 years of steady employment then it’s not obligatory furnish your PAN particulars.
The above talked about are the important particulars that you should hyperlink along with your account on the EPFO web site to make a web-based declare.
You possibly can apply on-line in your partial/full settlement by following the steps given beneath,
- Go to the EPFO web site
- Click on on the “On-line Claims Member Switch Account” or to succeed in straight click on right here.
- Enter your UAN quantity, Password and the Captcha code displayed on the display screen.
- Then click on on the “Handle” tab.
- Then enter the small print to hyperlink your Financial institution Account, PAN (if relevant), and Aadhaar Quantity by submitting the related particulars.
- Then confirm the Aadhar Quantity utilizing the OTP.
- Then click on on “On-line Companies”.
- Underneath the On-line Companies click on “Declare”
- Fill out the related particulars, authenticate with Aadhaar and submit.
Offline
You can also make a declare offline with or with out utilizing Aadhaar. The types for each of them are completely different.
You possibly can apply for offline by following the steps given beneath,
- Obtain the types right here.
- Fill out the shape with related particulars.
- Get the shape attested by your earlier employer if you happen to shouldn’t have a Aadhaar Card.
- Submit the shape to the EPFO workplace in your metropolis.
How a lot time does it take for the settlement of claims?
Earlier the time interval for settlement of declare was 20 days resulting from bodily types. Now the EPFO has lowered the time interval to 10 days upon on-line utility. Subsequently, to assert the cash quicker it’s suggested to make a web-based utility
You may also observe your declare by following the given beneath steps,
- Go to the EPFO web site
- Click on on the “On-line Claims Member Switch Account” or to succeed in straight click on right here.
- Enter your UAN quantity, Password and the Captcha code displayed on the display screen.
- Then click on on “On-line Companies”.
- Underneath the On-line Companies click on “Monitor Declare Standing”