PF Withdrawal Online and Rules

Employees’ Provident Fund is the foremost way to create corpus savings on which the individuals can rely in later times. The EPF norm gives the choice to contribute 12 percent of the monthly basic pay. Not only employees but even the employers have to contribute an equal amount. The deposited amount earns interest annually. The subscriber of EPF can withdraw the entire accumulated amount at the time of retirement. Although there is an option for premature EPF withdrawal, by satisfying certain vital parameters. If you look forward to applying for EPF withdrawal online, then you must be aware of certain facts such as linking Aadhaar with your UAN is inescapable. Consider it as a top priority followed by rough plum for the types of EPF withdrawal form online to speed up the EPF withdrawal claim process. Confused? Worry no more as Square Yards got you covered through our in-depth guide to EPF withdrawal. Keep scrolling and you will get an answer to every query to enjoy a seamless EPF withdrawal process. 

How to Withdraw PF

With vital alterations made by the EPFO, the benefactors to the scheme don’t have to abide by the employer’s attestation to mould a final or partial withdrawal. The only thing the benefactor has to do is to make sure that the UAN is sowed with the Aadhaar Card details. Additionally, as per the latest EPF withdrawal rules Composite Claims Form has been rolled out. This form is typically used by the subscriber to make partial or complete PF withdrawals. Subscribers can redeem the EPF withdrawal process with utmost ease by making online withdrawal via the EPF withdrawal portal or through the UAN portal.

Step-By-Step PF Withdrawal Process

By way of the EPFO member portal, employees can advance an EPF withdrawal claim online by contemplating the depicted step-by-step EPF withdrawal process. As aforementioned, don’t skip to link your Aadhaar details with your UAN account as it is inescapable. Here is a rundown of the EPF withdrawal online process:

1. Initially, visit the official EPFO member portal through the EPF withdrawal link. 
2. Select the “For Employees” recourse available under the “Our Services” label.
3. Next to this, you will be redirected to a new page. Select the “Member UAN/Online Service (OCS/OTCP)” course of action available in the “Services” label. 
4. Next to this, your screen will load with a new page asking for login credentials. Log in through the credentials that are UAN, authentic password, together with the Captcha code.
5. Next to this choose the “KYC” tab present under the “Manage” label.
6. A new webpage will show up. Scroll down till you reach the page’s bottom and look for the “Digitally Approved KYC” option. Here you can look into the KYC details. Make sure that the available details are appropriate.
7. Now choose the “Online Service” option from the dropdown menu and step forward in the EPF withdrawal process. Move forward if the depicted KYC details are unerring. 
8. Click on the drop-down menu and you will see “CLAIM (FORM-31, 19 & 10C)” as a course of action. Click on it for further processing.
9. Now the screen will show an “ONLINE CLAIM (FORM 31, 19 & 10C)” embodiment. It will be loaded automatically on your system. 
10. Next to this, fill in the required details including the last four digits of the lodged bank account number. Then verify the filled details. 
11. After the completion of the verification of bank details, the portal generates a “Certificate of Undertaking.” Furthermore, choose “Yes” from the shown pop-up and proceed further. 
12. Now, select the “Proceed for Online Claim” course of action.
13. In the event of online EPF withdrawal, count the “PF ADVANCE (FORM – 31)” label available within the drop-down. You will see this drop-down menu abutting “I want to apply for” recourse.
14. Now select a valid reason for the claim from the available drop-down menu available adjacent to the “Purpose of required advance” option. After selecting the appropriate option, fill the form with other essential details including employee address and required amount. 
15. Moving further, tick the checkbox present at the bottom of the page and submit the completed withdrawal application.
16. Remember, you might have to submit certain notable documents and it thoroughly depends upon the chosen type of EPF withdrawal.
17. You are done with your part now, just wait for the employers’ approval for the withdrawal request. After the approval of the EPF withdrawal online claim, the designated amount is withdrawn from the employee’s EPF account. The same is deposited into the respective account. Flanking claim settlement, the subscriber receives an SMS on the registered number.

After going through the EPF withdrawal apply online procedure, it’s time to know what the basic types of PF withdrawals are. 

Types of PF Withdrawals

Three distinct types of PF withdrawals are enlisted for the EPFO subscribers. The subscribers can avail of the benefits if they have seeded the Aadhaar card with the UAN. The available options on the EPFO member portal are:

• PF Complete Withdrawal: It is applicable in the event when the subscriber reaches the retirement age or at the time of employment termination. 
• PF Partial Withdrawal:  Such withdrawals are applicable when an individual requires funds to cope with emergency situations. 

Key Points:

1. You can claim the depicted withdrawals only after receiving employers’ attestation. 
2. Linking of Aadhaar Card with UAN is inescapable.
3. Complete withdrawal is possible when an individual remains unemployed for at least two months. 

Up-To-The-Minute EPF Withdrawal Rules

The EPF account incorporates endowment equally from the employer as well as the employee. Although you cannot withdraw the corpus amount present in the EPF account at a whim. There are notable limits that apply to the EPF withdrawal, and one can consider them as PF withdrawal rules. Followed by, we have abridged EPF withdrawal rules 2021, to forge serene EPF withdrawal

Here are Imperative PF Withdrawal Rules 2022

1. The subscriber cannot withdraw funds from the EPF account during the employment, contrasting to a bank account. EPF is considered a long-drawn-out retirement savings maneuver. As a fact, the benefactor can withdraw the money post-retirement in terms of the final settlement.
2. The subscribers are allowed to make a partial withdrawal from their dedicated EPF accounts in case of predicament including medical emergencies, for higher education, marriage purpose, or house purchases. Partial EPF withdrawal is contingent on certain limits leaning on the key reason for withdrawal. The subscriber can count on EPF withdrawal online process for seamless partial withdrawal.
3. The benefits of EPF corpus withdrawal can be enjoyed only ensuing retirement, and the officials don’t consider early retirement unless the benefactor reaches 55-years of age. Although, you can withdraw 90 percent of the EPF corpus one year prior to retirement as per new EPFO rules. But the age of the applicant shouldn’t be less than 54.
4. The subscriber can ask for the withdrawal of EPF corpus in case of unemployment. As per the present scenario, the key reason can be pandemics and retrenchment.
5. To access EPF funds in case of unemployment, the EPF subscriber is supposed to declare and show unemployment for two months.
6. As per the new EPF advance withdrawal rules, the benefactor can withdraw 75 percent of the accumulated EPF corpus in the wake of 1-month unemployment. Rest 25 percent amount will be transferred to the new EPF account afterward the new employment.
7. Whereas, as per the previous PF advance withdrawal rules, the benefactor was allowed to make 100 percent EPF withdrawal following unemployment for two months.
8. EPF withdrawal is free from taxation but under notable conditions. You get taxation benefits on EPF corpus, scarcely when you contribute a specific amount to your EPF account continuously under 5 years of service. The corpus amount will be liable to taxation if the account notices any break in terms of contribution for 5 continual years. In such an event, the whole amount will be pondered as a taxable income.
9. There will be tax deduction only if the benefactor applies for premature EPF withdrawal. Although, if the overall amount is lesser than INR 50,000, the amount is not liable for TDS. One more crucial point you can’t skip is, if you have linked your PAN with the EPF account, then you will be liable to pay TDS at the rate of 10%. Whereas subscriber pays 30% TDS in addition to tax.
10. The condition of the employer’s attestation has been rolled out. You don’t have to wait for employers’ approval to continue with your EPF withdrawal. The benefactors can do it directly through the EPFO portal. All you need to do is, seed your Aadhaar with UAN and be free from attestation work. 

EPF Withdrawal Form

To withdraw your provident fund, you will have to submit EPF Withdrawal Claim Form. The claim form usually varies from person to person depending upon the applicant’s age, the key reason for EPF withdrawal together with the employment status of the applicant. Prior to recent amendments, Form 19, Form 31, as well as Form 10C had to be submitted for the EPF withdrawal. Although, the composite claim form has replaced the mentioned claim forms. Now you don’t have to fill three different ones as one composite form comprises all essential details. Earlier some of the forms were taken into consideration to get employees’ UAN details, whereas the composite claim form asks for Aadhaar details that are linked to the UAN.

As discussed, the EPF claim form varies depending upon specific criteria. Various types of EPF claim forms are available for distinct claim categories. It is crucial to apply for EPF withdrawal with an appropriate claim form for effortless withdrawal procedures and fund disbursement.

Below mentioned ones are the copious imputations of the EPF withdrawal. The most vital ones amidst these are the forms on which TDS is applicable. Although, it isn’t preferable to withdraw the EPF balance in the course of active employment. In spite of this, consider EPF transfer amongst ventures at the time of job switch. 

Types of EPF Withdrawal Claim Forms

Following are the various EPF Withdrawal forms that are made available by the enterprise for distinct claim processes.

• Form 19: This form is considered in case of final settlement by the subscriber.
• Form 10C: Subscribers fill this form to avail benefits of claiming a Scheme Certificate and Withdrawal Benefit. This is applicable for’ Pension Scheme ’95.
• Form 10D: Subscribers fill this form in the event of pension claims.
• Form 20: When a legal heir or nominee files a claim in case of death then Form 20 is filled. 
• Form 5IF: Subscribers fill this form to claim assurance benefit provided under Deposit Linked Insurance ’76. It is filed either by the legal heir or the assigned nominee.
• Form 31: Form 31 is considered to claim advance withdrawal under Employee’s Provident Scheme ’52.
• Form 13: Subscriber fills this claim form to transfer provision fund or pension fund amongst different accounts.
• Form 14: To finance a life insurance policy from the PF account, Form 14 has to be filled. 

PF Withdrawal Rules for Housing Loan 

EPF subscribers can take advantage of the racked-up fund from their EPF account to ease up their housing needs. Although, one of the critical PF home loan rules is you can make a withdrawal for a home loan only when you have completed three years of account opening. The of late added Para 68-BD under EPF Scheme-1952, depicts, that EPF subscribers can get 90 percent withdrawal from the EPF corpus to make down payment of housing loan or to pay home loan EMI or for construction purposes.

Untimely, the maximal EPF withdrawal amount was restricted to the overall amount the employee and employers contributed as a whole in addition to an interest of thirty-six months. Or the subscriber could avail amount equal to the property cost. Whichever had lesser value was sanctioned to the subscriber. There is no need to become a member of any housing scheme to avail of the benefits of an EPF home loan. You just had to be an EPF member for at least 5 years. This was applicable before the sliding of Para 68-BD within the EPF Scheme. 

Now, EPF benefactors have unlocked better ways to utilize their corpus funds. Eventually, the limit has been minimized to 3 years, earlier it used to be 5 years. The benefactor must have a minimum balance of INR 20,000. Although, the member is restricted to withdraw the amount for property purpose one in a lifespan as per the new PF withdrawal rules for home loan. 

Below Depicted are Essential Features of EPF Home Loans:

• The subscriber must be a registered member of housing society and should have at least 10 active members. 
• The bank considers the Commissioner’s certificate of PF endowment to compute the EMIs for pf withdrawal. 
• To avail of the facility of EPF home loan, the applicant needs to fill and submit composite claim forms.
• The benefactor is supposed to dispense a letter of authorization to pay monthly EMIs from provision funds. 
• The PF facility can be coupled with Pradhan Mantri Awas Yojana (PMAY) for availing of the benefits of subsidy. 

PF Withdrawal Rules for Marriage Purpose

Here are the PF withdrawal rules for marriage, that the applicant must satisfy to avail of PF benefits:

• The benefactor must have completed 7 years of continuous service to withdraw provision funds for marriage purposes. 
• At max, the applicant can withdraw 50 percent of the accumulated amount.
• A subscriber is permitted to withdraw the amount for his/her marriage, siblings’ marriage, and child’s marriage. 

PF Withdrawal rules to withdraw amount ahead 5 Years of Service

If you count on EPF withdrawal prior to completion of 5 years of continual services, then you tempt TDS on your withdrawing amount. Although, if your EPF withdrawal amount is below INR 50,000 then there will be no TDS deduction. Moreover, if you count on withdrawal prior the completion, then you will have to keep the following PF withdrawal eligibility criteria into consideration: 

• The latest amendments of the ITR Form 2 as well as ITR Form 3, says the claimant will have to submit an depth breakdown of the overall amount accumulated within the PF account on yearly basis. 
• With the help of PF amount breakdown, the Income Tax Department will be able to depict even if the amount withdrawn by the applicant is taxable or not.
• In addition, the tax department verifies if in case the applicant has to pay any additional tax after revaluation. 
• Usually, the EPF contribution takes place in four parts: Employees’ monthly contribution, employers’ monthly contribution, in addition to the interest amount liable on each deposit.
• If the subscriber has already claimed exemption on the contributed amount in the previous year, then under Section 80-C, all parts are taxable.
• If the subscriber has not claimed an exemption yet, then the employee’s contribution will be exempted from an imposed tax specifically at the withdrawal time. 
• The tax payable by the applicant thoroughly depends upon the income slab employee falls in that financial year. 
• The tax is generally applicable as per the financial year in which the applicant makes the withdrawal. Although each year of the contribution will be considered. 

After Retirement Rules for PF Withdrawal

When a subscriber applies for withdrawal after retirement then he/she will have to consider EPF Pension Withdrawal Rules, to avail seamless withdrawal procedure. 

• As per the latest updates in EPF Act, if a benefactor retires at the milestone of 58 years, he/she is eligible to apply for PF final settlement.
• The overall provision fund balance usually comprises of employee’s contribution together with employer’s contribution. 
• When a subscriber serves and contributed to the PF account for more than ten years, he gets the eligibility for EPS amount too.
• If the subscriber hasn’t completed the ten years of continual service at the retirement time, then he can avail the entire EPS amount in addition to the EPF corpus. 
• If he avails the same after the completion of 10-year continual service tenure he gets the pension benefits too as per the PF Pension Withdrawal Rules. 
• When you withdraw the corpus amount of your EPF account post your retirement then it is completely exempted from the taxation. 
• If you don’t count on the final settlement after retirement, then the accumulated amount becomes liable to taxation. 
• A subscriber who is already registered with the EPF member portal is allowed to fill the associated form to claim funds. 
• If the subscriber fails to withdraw the accumulated funds within three years of retirement, then he will be liable to pay tax on the earned interest amount. 

Eligibility Criteria for PF Withdrawal

To apply for the EPF withdrawal process, you need to look into the eligibility criteria for EPF withdrawal. Even after being the subscriber of EPFO, you can’t access EPF withdrawal anytime, as you have to match up with the notable parameters to avail of the same. The eligibility criteria may vary based upon the applicant’s current situation, so here is a read-through for eligibility criteria based upon the case scenarios. 

1. When the subscriber is under the same employer:

• If an applicant looks forward to taking up an advance amount from his EPF account, then he has to fill and submit the composite claim form.
• In the event of financing insurance policy by way of PF account, then he will have to file Form 14.
• If the applicant has finished employment and has reached the age of 58 years, then he can claim pension funds. For the same, you will have to fill Form 10D. It is applicable if you have completed 10 years of competent service. 
• If you have not completed the 10 years of competent service, then you will have to fill a composite claim form to access PF withdrawal. 

2. When a subscriber counts on job switch:

• If you are switching your job and willing to transfer your EPF account, then fill and submit Form 13.
• In case the subscriber leaves the venture and doesn’t join another then he will have to file a composite claim form to access the final settlement or pension fund. 
• If the subscriber belongs to the 58 plus age group, then he can make the claim through the composite form. To avail of a pension benefit, fill Form 10D.

3. When the subscriber leaves an enterprise on account of a physical disability:

• The EPF subscriber can consider EPF withdrawal online apply by filling a composite claim form or an EPF withdrawal form. 
• Can apply for the pension claim by filing Form 10D.
• If the applicant is above 58 years, as well as hasn’t completed ten years of service then fill and submit the composite claim form.

4. When the subscriber is deceased during the service period:

• If the event takes place when the benefactor is yet to be 58 and is still serving, then the legal heir or nominee is eligible to apply for the EPF settlement by filling Form 20 for final settlement, and for monthly pension fill Form 10D. In addition, if you wish to avail Employees’ Deposit Linked Insurance then submit Form 5IF.
• When the benefactor has completed 10 years of service and is 58 years older, then the legal heir or nominee can consider relying on the EPF withdrawal process by filling Form 20 (final settlement), Form 10D(pension), and Form 5IF (insurance amount).
• When the benefactor has not completed 10 years in service, then the legal heir or assigned nominee can file EPF settlement through Form 20 and can access insurance amount through Form 5IF.

Preconditions for PF Withdrawal

To ensure that you go through a seamless and uninterrupted EPF withdrawal process, you have to cope with a specific set of requirements. Following are the things you need to consider, to bring about the EPF withdrawal online, without getting the employer’s attestation.

• Benefactors need to make sure that they do have active UAN linked with Aadhaar number. In addition, the mobile number must be seeded to the EPF account.
• Integrate your bank details together with the IFSC code with the PF account. 
• To avail of the final withdrawal settlement before the completion of five-year tenure in the EPF scheme, you will have to link your PAN details with the PF account.

Documents Required for PF Withdrawal

Below Listed are the Vital Documents to Apply for the EPF Withdrawal Process:

1. Form 19, Form 10C, Form 10D as well as Form 31
2. Revenue stamps – Two
3. Bank Account Statement
4. Proof of Identity
5. Proof of Residence
6. Cancelled cheque, to determine the IFSC code as well as the account number of the subscriber. 

Note: The subscriber needs to make sure that you provide a single account holder’s cancelled cheque.  

PF Withdrawal Limit

EPF withdrawal limit typically orients around the core purpose because of which the subscriber claims for the withdrawal.

Benefits of PF Withdrawal Online

When you count on EPF Withdrawal online, you unlock numerous benefits including:

Hassle-free and seamless EPF Withdrawal- When you rely on the online process for the EPF withdrawal claim, you save time and efforts that would have been misspent in making multiple PF office visits and in standing prolonged queues.

Diminished Processing Time- EPF withdrawal online procedure ensures that the benefactor’s claim is processed & credited within the affiliated account in EPF withdrawal time that is 15 to 20 days. This time usually shrinks with updated government plans. 

No involvement of the previous employer: Contrasting from offline claims, there is no compulsion of attesting documents from the previous employers. EPF withdrawal online claims are automatically verified through UAN and linked Aadhaar card details. 

Pension Benefits: Individuals who are not eligible to avail of pension plans can withdraw pension from EPF account. You get a pension by just being a subscriber of EPFO, even if you didn’t contribute any amount within the Pension Fund. 

Taxation on PF Withdrawal

When you count on EPF withdrawals, you unlock the benefits of tax exemptions too. Although you can enjoy the taxation benefits if you apply for EPF withdrawal after five years of continual service. Additionally, the tax slab applicable as per the income depicts the exemption you will get. In the event of EPF withdrawal before the completion of 5 years of service, you will be liable to pay TDS, or you might have to pay tax based upon the overall PF amount.

Moreover, in specific cases, no tax is levied on the EPF withdrawals even if you withdraw the amount before 5 years. Such cases are:

• In case of medical emergencies and severe health issues the EPF withdrawal will be exempted from imposed tax
• If your overall PF amount is less than INR 50,000
• When the applicant makes PF withdrawal through Form 15G and Form 15H [ in case if the applicant submits PAN, then he will have to pay 10% of TDS deduction)
• When the benefactor transfers the PF balance from one account to another during job switch
• In the event of withdrawn of employer’s business

Points to Consider Before Applying for PF Withdrawal

Before jumping down into the EPF withdrawal process, you should be familiar with certain essential things. Go through the listed basic essentials and then apply for EPF withdrawal online:

• Set the seal on UAN and its credentials to access effortless EPF claim online.
• Ensure that the phone number registered with the EPF account is actively working as you will receive the updates through SMS on the same. Additionally, in case of lost credentials, you will need your number to reset the credentials. 
• Always stay updated about the new EPF withdrawal rules, for instance, the revised retirement age is 58 years and earlier it used to be 55, EPF interest rates, the limit of EPF withdrawal along the tax obligations.
• Last but not the least, count on EPF withdrawal only when you have a valid reason to do the same. 

Wrapping Up:

Concluding we can say that the EPF withdrawal process becomes seamless when the EPFO subscriber is familiar with critical norms. Now when you know about the different types of EPF withdrawal forms you can apply for the fund withdrawal with utmost ease. Apply for EPF withdrawal online through the EPF withdrawal portal and follow up the instruction to file the EPF withdrawal online claim. Get your provision fund or pension fund and fulfill your urgent financial need by following up on easy-breezy EPF withdrawal steps.

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