Provident Fund (PF) of the employee is the fund which is made up of by the employer and employee together during the employment. Generally, 12% of the basic salary of employee deposited to PF account and the same amount deposited by the employer. Withdrawal of Provident Fund from EPF account is not allowed while you are still employed. But in the case of emergency, you can withdraw the amount from your PF account.
How To do pf withdrawal without any hassle
You can withdraw this amount when you switched your job and you don’t want to transfer your Provident Fund (PF) account. There are two ways by which you can withdraw PF amount is given below.
- Withdrawal PF Amount Using UAN (Universal Account Number): If you have UAN (Universal Account Number), You don’t need the approval of your previous employer to process the withdrawal application. You can directly apply for PF amount withdrawal using Form-19 which is available at Employer OR you can download it from the official website of EPF. But you can use this option If you don’t have your UAN (Universal Account Number).
- From Regional Office: You can withdraw your PF amount by applying through the Regional PF Office. To withdraw PF amount you have to follow the following steps given below:
- Get the Form-19 from the Regional PF office OR download it from the official website of EPFI.
- Fill all the required details in the form.
- Your form needs to be attested by Any Bank Manager/ A Gazetted Officer/ Magistrate/ Notary Public/ Post Master to verify that the right person is applying for PF amount withdrawal.
- To minimize the chance of fraud application, EPF generally, asks for a letter to provide the reason behind the direct application for withdrawal of PF amount.
- You should also attach the proof of employment letter (If available).
Note: Once your application form submitted to the Regional PF Office. You will receive the PF amount along with the Interest within three months from the date of submission of application form.
PF Withdrawal Online without employer signature
This will be the popular way to Withdraw pf online without visiting pf office and employer signature.
- UAN Number and Aadhar Should be Linked with PF Account if not update it at uan Portal.
- PAN Number
- Fill the account details and check eligibility.
- Enter Bank details should be matched with epfo member name.
- click on transfer amount will be credited to the bank within a couple of weeks.
Pf Transfer & withdraw @ UAN Portal
Login with UAN & password the Menu bar among below list.
- Other services click on it and select Transfer request. among Claim status
Fill the details and submit the claim form. check claim status real-time on uan portal.
Offline forms & process included at http://www.epfindia.com
forms 19 |10c |2 |5 | 9 | 11
Withdrawal of Employee Provident Fund (EPF) Amount is against the rules. But in case emergency, you employee withdraw the amount from their PF account when employee switched job and don’t want to transfer his/her Employee Provident Fund (EPF) account.
There is the list EPF Withdrawal Forms and details of their uses is given below.
Forms are divided into 4 types:
- EPF Claim forms
- Registration forms
- EPF Linked schemes like Insurance, Family Pension etc.
- EPF Form 13: when you leave the job, EPF Form 13 is used to transfer your Provident Fund (PF) account from your previous employer to the new employer.
- pf withdrawal form 14: If you want to apply for Life insurance Policy from your Provident Fund (PF) amount, EPF Form 14 used to finance the PF Fund amount.
- EPF Form 19: If you are leaving your job OR taking retirement, You can use the EPF Form 19 to withdraw you Provident Fund amount.
- EPF Form 10-C: If you want the settlement of withdrawal benefit either new Employees Pension Scheme EPS 95OR under old Family Pension Fund (FPF), You can use the EPF Form 10-C along with Form 19/20. If you are less than 58 years, you can also use EPF Form 10-C for an issuance of Scheme certificate for the retention of membership.
- Form 10-D: This form is used to get the pension either by you or by your nominee after your death. If nominee filing the form for Pension, a valid Form-2 (Nomination Form) is also required to get the pension.
- EPF Form 20: This form is used to get the amount of Provident Fund by nominee/Family member after your death. If nominee filing the form for Provident fund amount, A valid death certificate and Form 2 is also required with the Form 20.
- 31: This is the Advance form, used for taking Advance, Loan, or withdrawal from PF amount for various reasons like the medical problem, buying a house, marriage etc. A declaration certificate also required along with Form 31.
- EPF Form 5 (I.F.): This Form is used by the nominee for the withdrawal EPF amount/dues of the deceased member, who died while in doing the service.
- Advance Stamped Receipt Form: If you want to claim the returned cheque issued by EPF India from your EPF account for various reasons. You can use the ASR (Advance Stamped Receipt) Form.
You can download Claims Forms from EPFIndia.com
Why You Should Not Withdraw PF Amount Early
The above list of forms can use by the EPF member/Nominee to withdraw funds from EPF Account, But Withdrawal of EPF funds early is not good. There are several reasons why you should not withdraw your PF amount until you need it badly.
- The employee gets the high rate of interest (8.75% per annum) on PF amount.
- PF amount is useful after the retirement for the stress-free life of the employee.
- If you withdraw PF amount after 05 years of opening the account, the interest earned will be tax-free. But if you withdraw the PF amount within 05 years of opening the account, you have to pay tax on the interest earned.
- If you switched your job, You can easily transfer your PF account. So you don’t need to withdraw the PF amount.
EPF Rules And Regulations
Both the employer and the employee want to usage several percentages of the basic wages, dearness allowance as well as retaining allowance. So, whether you are employee every month to the EPF fund as well as the rate of contribution is ten percentages in the case of the following methods. All associations which have to employ more than twenty employees should be registered in EPF.
There is the list of purposes and quantum of contribution which can be withdrawn are listed below of EPF rules and regulations for several purposes.
- pf withdrawal for self, children as well as siblings and then you have to complete some service to withdraw.
- A person can withdraw up to either 6 times of either her or his monthly salary or total use with the parents as well as children.
- Whether a person wants to withdraw from an EPF account for the main purpose of a home loan. The home can be register in his or her name or held jointly. Some years of service is needed to withdraw about of 12 times of the month of an account holder.
- you can make the best use of the account, the salaried employee must be aware of what type of provident fund account entails as well as how it is operated.
- You can select to withdrawal from their rules as well as regulations of EPF for different other reasons like premature retirement as a result of any other strength or mental disability that also used to an account and it comes with more useful
- These are the best rules and regulations of employee provident fund scheme. If you want to get more information about this EPF and then simply you can click here.
Rules and regulations New
For withdrawing your account in EPF you must follow some rules and regulations effectively. The simple and effective rules and regulations help to make you withdraw process as effective as well as easy. Without following the rules the EPF withdrawal account is much difficult for a salaried employee.
- As per EPF rules people those who can withdraw an EPF account such as if she or he no job and if 2 months have elapsed since she is his last employment.
- Wherein the employees are assuming a cumbersome claims process it may help at the time of leaving an organization.
- A salaried employee may withdraw money from EPF accounts for various reasons. As per the rule, the employee can withdraw amount for self, children and siblings and she or her completed minimum of 7 years.
- The person can withdraw the required amount up to 6 times of her or his total corpus or monthly salary towards medical treatment of parents, children, and spouse.
- As per the rule, the person withdraws amount for the home loan repayment, the home should be registered in her or his name and be held jointly. And it requires a minimum of ten years to withdraw up to 36 times.
- An individual must be 54 years old to withdraw an amount up to 90% of the total salary of her or his EPF account.
- You can also withdraw amount for house alteration or renovation and the house should be registered in her or his name. In the type of withdraw required minimum of 5 years and up 12 times they allow to
These are the required rules for withdrawing amount for your essential purposes.
Tax TDS Deduction
Provident Fund (PF) of the employee is the fund which is made up of by the employer and employee together during the employment. Generally, 12% of the basic salary of employee deposited to pf withdrawal account and the same amount deposited by the employer. Withdrawal of Provident Fund from EPF account is not allowed while the employee is still employed. But in the case of emergency, Employee can withdraw the amount from their PF account.
An employee can withdraw this amount when they switched their job and don’t want to transfer Provident Fund (PF) account. There are provisions related to TDS when employee withdrawal from Employee Provident Fund.
In several cases, Employee’s will be exempted to pay the TDS on withdrawal of EPF amount from their account.
- When employee transfer their old Provident Fund (PF) account to new PF account while switching the job.
- When employee discontinues his/her job due to Ill health.
- IF the employer closed the business, the employee doesn’t have to pay TDS on their PF amount.
- If the employee is on the contractual basis or working on a project, there will be o TDS when employee withdraws the amount after completion of Contract/Project.
- When employee withdraws the PF amount after the completion of 05 years of their service.
- If employee don not completed the 05 years of service but withdraw the amount less than Rs.30,000 from PF account, there will be no TDS have to pay for the employee.
- If employee don not completed the 05 years of service but withdraw the amount equal to or more than Rs.30,000 from PF account and submits the 15G/15H form along with their 10 digit PAN (Permanent Account Number) details, there will be no TDS have to pay for the employee.
15G 15H Forms
In several cases, Employee’s have to pay the TDS on pf withdrawal of EPF amount from their account.
- If employee don not completed the 05 years of service but withdraw the amount equal to or more than Rs.30,000 from pf withdrawal, then employee have to pay the TDS at 10% rate in the following cases.
- Employee submits the details of PAN (Permanent Account Number) card.
- The employee does not submit the 15G/ 15H Form.
- the employees have to pay the TDS at a maximum marginal rate of 34.608% in case of Employee fails to submit the details of PAN (Permanent Account Number) card.
- TDS will be deducted at the time of pf withdrawal under Section 192A of Income Tax Act, 1961.
- Form 15H – Form 15H is for the Senior citizens of 60 years and above.
- Form 15G – Form 15G is for the Individuals of below 60 years and have no Taxable income.
- These tax Forms 15H/ 15G are self-declaration Forms.
- The employee must provide the details of PAN (If available) in the Form 15H/ 15G and Form 19.
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