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A handy guide to withdrawing your EPF after retirement

  • Highlights

  • The age for full withdrawal of your provident fund is 58 years

  • You can transfer your existing PF to a new employer as well

  • However, withdrawal before five continuous years is taxable

  • Read our handy guide see how you can withdraw your EPF post-retirement

Investments in you employee provident fund (EPF) and employee pension scheme (EPS) can hold you in good stead in the long run, especially after retirement. The rules state that full EPF amount consisting of employer's contribution, employee's contribution, and the interest amount can be withdrawn only after attaining the retirement age of 58.
If you do want to access the money before the age of 58 years, you can withdraw only your contribution and the interest component of the EPF account.
Your EPF membership will continue, even after withdrawal before the age 58, as the employer's portion is paid only after age 58. You can however withdraw 90% of your entire EPF amount after the age of 57.


Things to know about withdrawing your EPF post-retirement

As per the norm, the employee contributes 12% of the basic pay plus Dearness Allowance, to the EPF account. The employer contributes up to Rs.541 per month to EPS. The balance of 12% of (basic pay + DA) and the EPS contribution is added to the EPF account. Interest is calculated on the whole EPF amount.
For a smoother withdrawal process, make sure that all your PF accounts are merged into one, so that all EPF balances get added for calculation. The Employees' Provident Fund Organisation (EPFO) has launched a 'composite form' that can be used for withdrawal, transfers, advances, and others. You can merge these online.

Transfer from the previous employer to the present one should be processed without fail, to make the withdrawals easy. Also, once you change your job, you have to submit Composite Declaration Form (F-11) to the new employer along with the basic details, Universal Account Number (UAN) and previous PF number.

Guide to Withdrawing EPF After Retirement

6 features of Bajaj Finance Fixed deposits

The present employer enters the information in the employer’s portal. If UAN is linked to Aadhaar and the bank details, the auto-transfer takes place once the previous employer verifies. Actual transfer is processed once the first contribution by the present employer takes place. For offline transfer process, Form 13 will be required.


Withdrawing EPF balance and full pension after 58 years of age

After the age of 58, you can withdraw full EPF amount as well as pension.You need to fill and submit Form 10D to claim your full pension.

Withdrawal of pension between ages 50-58, with at least 10 years of service

Even if you have completed 10 years of service, the EPS amount cannot be withdrawn before the age of 58. However, you can claim a reduced pension if you are between the ages 50-58. For this, you need Form 10D and the Composite Claim Form.

Withdrawal of EPF And EPS if the service tenure is less than 10 years

Both the EPF balance and the EPS amount will be paid to you if your service period is less than 10 years. To avail this, you need to check the option for ‘pension withdrawal’ in the Composite Claim Form.

Whether it is full or partial EPF and EPS withdrawal, you can easily do it online through the UAN portal.

Invest in a fixed deposit for senior citizens for assured returns on your EPF

Withdraw your EPF and invest in a Fixed Deposit to get higher returns and stability on your savings. Many lenders offer special interest rates on fixed deposits for senior citizens. You can, for instance, invest amounts as low as Rs. 25,000 in a Bajaj Finance FD for senior citizens and get interest rates of 8.20%. Plus, you can also make the most of multiple pay-out options and flexible tenors.


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