Earlier we have discussed Steps to check EPF Claim Status via online and offline. In this Post, we will discuss how you can Transfer your PF money and PF Withdrawal Process. PF Withdrawal is required when you Left your current organization, and You want to Withdrawal your available EPF Account Savings.Earlier PF Withdrawal process is a tedious task but after the introduction of EPFO Portal, it becomes fast and easy because now no need to visit any EPF regional office to Claim your PF balance.
Why is Early PF Withdrawal a Bad Idea?
If you are working in a Government organization then it’s compulsory to Add Money to your GPF Account but in private sector employee, it’s different. They need to EPF account. PF is the Savings that You did for your Retirement Life (The main reason of this It’s Possible that after a certain age (58) we can’t able to work properly due to Medical problem). So, PF Withdrawal before retirement age isn’t a Good Idea until and unless it’s necessary. Below are some of the reasons:
- It is against the rules if you withdraw the PF account balance of an earlier job while you are still employed.
- If you withdraw your PF amount within five years of opening the PF account at EPFO, you will have to pay tax on the interest earned. Otherwise, interest on PF amounts is tax-free under Section 80C of the Income Tax Act.
- It becomes very tough to build a retirement corpus after the age of 55.
- The Purpose of PF Savings is Meant for After Retirement Life Because maybe at the age of retirement (Approx 55-58) after that We can’t be able to continue Work so at that time this Saving of PF Account Help us to Survive for the Future.
Steps for PF Withdraw
There are 2 ways to withdraw PF Savings
- PF Withdrawal Using UAN Number
- PF withdrawal Offline by Filling PF Withdrawal Forms.
NOTE:- You can’t apply for PF withdrawal If you are currently working in any organisation
PF Withdrawal Using UAN Number
UAN Acts as an Umbrella for employees because You don’t need to open new account everytime of changing the Job. Only UAN number is enough it will be Universal and Unique for employees. PF Withdrawal Using UAN Number is Easy and Fast. It will take Less time Because you Don’t Need to Go to your Previous Employer for the withdrawal process. If you have your UAN Number, then You can Directly Apply for PF Withdrawal Online Using UAN Number.
- To withdraw PF amount using UAN Number go to UAN Unified Portal and log in to your account Using Your UAN number and Password.
- Find out PF Withdrawal Option and fill the application and Submit.
PF Withdrawal offline at PF Regional Office
In offline Method, Visit your Regional PF Office where your Account has opened earlier. Then You Need to Fill up one PF withdrawal form and submit to the EPF Officials. This procedure requires identity attestation since the PF office would want to be sure whether the right person is applying for withdrawal. So for the Identity Verification Purpose, withdrawal form needs to be attested by one of the following listed authorities decided by EPFO
- Bank Manager
- A Gazetted Officer
- Magistrate/Post/Sub Post Master/President of Village Panchayat/Notary
PF Withdrawal Using Aadhar Card
In this Method for PF Withdrawal, you don’t need any Employer’s attestation. You only need to Provide your Aadhar Number at UAN Portal. Entire Process Goes like this:
- First, you need to Update your KYC detail by linking your aadhar card with your EPF Account Online.
- Then Download the New EPF withdrawal form.
- Fill up the new EPF withdrawal form with correct details and submit it directly to the regional PF office.
EPF Withdrawal Using Form 19
First Download Form 19 from EPFO Portal. Read all the instructions and then fill up the form and submit to your regional EPF Office.
Documents required for PF Withdrawal
- A copy of the blank/canceled cheque having the account number and IFS Code of the branch visible, so that the payment may be made to the correct account and through electronic mode for faster credit.
- A medical certificate from the ESI or if the employee is not covered under the ESI Scheme, the Medical Officer designated by the Establishment should be attached – if the member retired on account of permanent and total incapacity (reason for leaving b, mentioned above) due to bodily or mental infirmity,
- A copy of Visa, Passport Journey Ticket – In case of migration from India for permanent settlement abroad.
- The appointment letter and Copy of Visa, Passport Journey Ticket – In case of taking up employment abroad.