PF Withdrawal process how to withdraw pf at epfo india

By | April 22, 2018

Provident Fund Withdrawal Information Available has given below like What is PF Withdrawal, Checklist of PF Withdrawal, and Online Provident Fund Withdrawal, Old and New Form PF Withdrawal and More.

 

Checklist of the PF withdrawal

If you need to withdrawal the pf amount then the employee should check some information.

 

  • The universal account number mandatory for Provident Fund withdrawal
  • The employee name should match with a bank account.
  • Date of joining & date of exit should update on a unified portal,
  • The date of birth and the father name should match with the ID proof.

PF withdrawal with the new form

  • Link the Aadhaar number to the UAN
  • Download new provident fund withdrawal form and then fill the required details
  • Submit the form directly to regional provident fund office.

A person retiring from the same company which he/she joined at the beginning of his/her career is not quite common anymore. We could have imagined it if we were living in the 19th century but in the 21st century, it is impossible. The workplace of a person changes frequently, especially in the private sector. Shifting from one job to another involves many paper works and PF transfers. In the earlier, PF transfer was a tedious job but now with the introduction Universal Account Number, it has become a matter of seconds.

Why Should One Transfer Provident Fund instead of closing it?

Every individual who is shifting from one job to another has two choices either to close the PF account or to transfer it to the new account. Well earlier PF transfer involved paperwork like getting the transfer form from the old employer and submitting it to the new one. However, in the new era, the launch of an online self-service portal by EPFO has made the process easier and hustle-free. Below are some advantages of PF transfer.

Benefits of EPF Transfer

  1. PF transfer can be beneficial to you as you need to pay tax on the amount if you close an old account before 5 years. Well, it is clear that transferring the fund to new account will surely save you from tax deduction.
  2. You don’t need to withdraw all your money, you can transfer some and can avail partial withdrawal on your PF funds for certain reasons like a marriage of your daughter, any medical issue, construction of a new house, etc.
  3. Higher the amount in the account higher will be the interest return you get from EPFO. This in hand can be a good source of income.

PF Transfer Online 

Fund transfer was always allowed by the Employee Provident Fund Organisation. However, it was hectic and time-consuming as the employee had to get a Form 13 filled signed by his/her employer and submit it to the new employer. While sending the Form 13 by courier or post, it would have gone lost or misplaced leading to an increase in the numbers of dormant account with the EPFO. An estimate as of March 2013 by EPFO showed that around Rs 22,000 crores were lying with the EPFO as dormant. Since the accounts were dormant, it didn’t receive any interest too.

However, with the change in technology, we have found that EPFO has introduced a new scheme in October 2013 by which an employee can transfer his provident fund via online without much hustle. Since the launch of this new online portal around 1.15 lakh employee has applied for their PF transfer. Around 99,000 claims have been settled while 8,900 claims are been rejected due to some issues. You can clearly see that the number of success is greater than the number of failures. Seeing the success, the government issued Universal Account Number for every employee. This brings all the accounts of an employee under one head. Now, you can submit the Form 13 to any of the two employers, i.e., present and ex. However, this is possible only when your present employer carries a good sign of trust.

Steps on How to Transfer Provident Funds Online

This will guide you on how can you transfer your PF using the online portal provided by the Employee Provident Fund Organisation. Just follow the steps properly. Any mistake can create difficulties or error in the end.

Make sure you have your Universal Account Number or UAN. If you don’t have it, contact your employer and ask for it.

  1. Open the official website of EPFO at www.members.epfoservices.in/home.php. If you have a login ID use it or create one if you don’t.
  2. It will redirect you to another page where you have to provide details like your UAN and mobile number. Other information regarding current employer like state, establishment number, and account number are also required.
  3. Now, you need to check the eligibility of your account using which you are going to do PF transfer. Here, you need to fill the details about your ex-employer like the state in which he/she was located and establishment number. Once you are done with filling this information, you can click on “Check Eligibility”
  1. By clicking on “Check Eligibility” you can know whether your account is eligible for a PF transfer or not. If it is eligible, you need to register on the EPFO website. This includes submitting some of the valid documents. The documents required to be submitted are.
  • Valid Photo ID such as Pan Card
  • Aadhaar Card or
  • Driving License.
  1. The EPFO website will send a pin to the mobile number you provided to verify. Submit the pin and complete the verification process.
  2. Now you can login using the document ID and phone number as you will be directed to the EPFO Member Claims Portal. Once, you have logged in, various options will be available to you.
  1. On the top tabs, you can find “Request for transfer of account”, click on it. This will lead you to the PF transfer form where you have to fill in three broad parts:
  • Beginning with you needs to fill in your personal information like name, email ID, IFSC code of your bank and your salary account number.
  • In the second part, you need to fill in the details of your old PF account.
  • At the last, you need to fill the details regarding your new PF account.
  1. Just go through the details you have provided. Click on “Preview” and check whether the information is correct or not. If it is wrong just modify them. Once you ensure all the details are right, enter the captcha and get Pin and click on “I Agree”. 
  2. Once you have entered the PIN, the PF transfer claim has been initiated. You can check the status of your PF transfer claim through the portal. In case of any error, you can feel free to contact the EPFO or you may inquire your present/previous employer.

That’s how you can do the PF transfer using the online portal. It may appear difficult but it is way easier than the old way of PF transfer.

Meeting Your PF Withdrawal Issues Online

In the recent times, employees have faced vast issue regarding emergency withdrawals of Provident Funds. Usually, the employers ignore their request. In order to remove this issue on the part of the employees, EPFO has introduced a new portal known as “Claim Portal”. If you are one of the employees who is facing problems with their PF withdrawal follow the steps mentioned below:

  1. First of all, log on to the EPFO claim portal at https://employerclaims.epfoservices.in/. After you open the site, click on “Claim Online”. Through this, any PF account holder facing problems can raise a claim.
  2. In case, any of the employers refuse to accept your withdrawal claim, you can file a complaint against him/her. Just click on “Complaint regarding provident fund”. It is available on the same portal.
  3. If the issue is found valid then it will be taken into consideration by the EPFO executives and will be solved duly.

Restrictions Regarding PF Withdrawals

While there some good deeds for employees, there are even some good deeds for the employers too. The Employee Provident Fund Organisation introduces certain restrictions on the withdrawal of PF. You should be aware of this.

  • You must have completed at least two months of working in your current company. If you try to make a withdrawal before two months, an employer can reject your withdrawal proposal without any hesitation.
  • You can never make a 100 % withdrawal of your provident fund before the age of 57. Before hitting the age of 57, you can withdraw a maximum of 90% of your provident fund.
  • If you withdraw provident fund before completing 5 years of continuous working than a certain amount of tax will be charged against your withdrawal. To make the withdrawal tax-free, you have to withdraw it after completing 5 years of continuous service.

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