Employee Provident Fund is a scheme instated by the government, as per the Employee Provident Fund Act of 1952, wherein you and your employer contribute a specific amount each month. Since money is invested monthly, it helps you build a corpus for your post-retirement life. While your PF account will change every time you start working at a new organisation, your consolidated EPF account, identified by your Universal Account Number (UAN), will not change. This 12-digit UAN is extremely useful and is all you need to check your PF details. For example, if you want to know your EPF balance or if you want to check contributions made by your employer, you can do so through the EPFO e-SEWA portal, mobile app, and SMS by logging in with your UAN.
What is required for online withdrawal of savings from PF?
You may need quick access to these funds in situations such as hospitalisation, wedding or education of your child, home renovation, and repairs. Instead of taking a loan, you can withdraw funds from your PF in whole or in part. Remember that you will have to keep UAN handy to initiate the PF withdrawal process.
To withdraw your PF amount using the EPFO portal, you will need to ensure the following:
- Aadhaar number must be linked and verified with UAN
- The bank account where you want to receive the amount must be the same as the bank account registered with your Aadhaar
- In case of any changes or modifications, you can complete the eKYC process and update your details before you submit a claim
How to withdraw your PF savings with UAN?
You can easily withdraw your PF online through your UAN by visiting the EPFO e-SEWA portal. Here are the steps you need to follow:
- Log in to the portal – Visit the EPFO e-SEWA portal, log in using your UAN and password, and enter the captcha code. In case you have forgotten your password, you can reset it via an OTP sent to your registered mobile number.
- Visit the online claims section – When you’ve logged in, you can look for ‘claim (Form-31, 19, 10C & 10D)’ in the ‘online services’ section.
- Enter bank account details – Once this section opens, you will be required to enter the correct bank account number (seeded with UAN) as a verification process.
- Confirm terms & conditions – Once you have verified your details, you need to confirm the Terms and Conditions stated by EPFO. You can then click on ‘proceed for online claim.’
- Select reason for withdrawal – You will find a dropdown menu, from which you would need to choose the reason for withdrawing from your PF account. You will only be shown the options for which you are eligible.
- Enter details and upload documents – When you select the reason for withdrawal, you would need to enter your complete address, and you may need to upload your cheque/passbook details if you’ve chosen the option for ‘Advance Claim.’ You’ll need to accept further ‘Terms and Conditions' before requesting a one-time password (OTP) for verification.
- Get Aadhaar OTP – Once you have confirmed your details and accepted the terms and conditions, you would need to request an OTP, which will be sent to the mobile number registered with your Aadhaar. Upon entering the OTP, your claim application will be submitted.
Once you have submitted your claim, you can track your claims status by logging into your member e-SEWA portal account under track claim status. The EPFO officials will match your data in their records with the data submitted in your online claim form. On completing their verification, they will process your claim application, and the amount will be credited to the bank account linked with your UAN.
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How to withdraw your EPF without UAN?
To withdraw your Employees' Provident Fund (EPF) money without a Universal Account Number (UAN), you can follow these steps:
- Download the Appropriate Form: If you do not have a UAN, you will need to fill out a PF withdrawal form. You can choose between an Aadhaar-based Composite Claim Form or a Non-Aadhaar Composite Claim Form, which can be downloaded from the internet.
- Fill Out the Form: Complete the chosen form with all the required details. Ensure accuracy in providing your personal and employment-related information.
- Submit to Regional PF Office: Once the form is filled, submit it at your Regional Provident Fund Office. You can determine the jurisdiction of your PF office using your alpha-numeric Provident Fund Account Number, which is often mentioned on your salary slip.
- Identity Attestation: As per the old withdrawal process, you may need to get your identity attested by a bank manager, magistrate, or gazette officer. This attestation serves as a verification of your identity.
- Wait for Processing: After submitting your withdrawal form, it will be processed by the Regional Provident Fund Office, and the withdrawn amount will be credited to your registered bank account.
When Can You Withdraw EPF?
Partial or complete withdrawal of EPF is possible. Complete withdrawal is permitted upon retirement or if the individual is unemployed for over two months. Meanwhile, partial EPF withdrawal is sanctioned for specific purposes like medical expenses, marriage, or home loan repayment, among others.
EPF Withdrawal Taxability
When an employee has made contributions to their EPF account for five years in a row, their withdrawal is tax-free. In the event that a five-year contribution gap occurs, the EPF withdrawal amount is subject to taxation for that particular fiscal year. If an employee withdraws more than Rs. 50,000 from their EPF account before the five-year period, TDS is withheld.
When an employee withdraws more than Rs. 50,000 from their EPF account before the end of the five-year period and presents their PAN card, 10% TDS will be withheld. In the event that these workers do show their PAN cards, 30% of the withdrawal amount will be withheld as TDS. However, if the employee provides Form 15G/15H, no TDS will be withheld.
When an employee withdraws their EPF balance after five years of service, no TDS is deducted.
Documents Required for EPF Withdrawal
The following documents are necessary to withdraw your PF:
- Universal Account Number (UAN)
- Bank account information of the EPF subscriber
- Identity and address proof
- Cancelled cheque with IFSC code and account number