The PF (Provident Fund) serves as a future security fund for the workers and employees. The worker partially contributes to the fund, while the employer also makes some contribution towards it. This fund can be used for various purposes such as emergencies, pensions or even just for living after retirement. This article will help you to know how to withdraw PF amount and the procedures to be followed.
Additionally, this article will answer some popular questions regarding PF such as “How To Withdraw PF Online After Leaving Job?”, “How to withdraw PF amount while working?”, “How to withdraw PF amount online?” and “Can I withdraw 100% PF amount?” will be answered. By reading this blog post in detail one should know all about Provident Fund.
What is a Provident Fund PF?
A provident fund (PF) is a smart way of protecting money for future purposes. Its main purpose is to ensure that workers are financially stable when they get old. This scheme encompasses the deposit of an agreed amount each month from the employee’s salary which is shared by an employer and an employee. These amounts will then be sent to the PF accounts of their owners and at a later time they might withdraw them. Thus there is more about PF below:
Features of PF (Provident Fund):
- Efforts of Employee and Employer:
- Every month, a portion of employee pay is withdrawn and put in the PF account. The same sum is contributed to this account by the employer.
- A secure future:
- This fund helps the employee to secure their future and protect them from financial crises.
- Financial Supervision:
- The government controls PF funds, hence they are considered safe.
- Contingency Fund:
- In case of emergency, PF fund can be withdrawn for medical expenses, weddings or other emergency needs.
- Pension Scheme:
- Apart from PF, this fund is also useful for getting a pension after the employee’s service period.
- Tax Concessions:
- PF funds are eligible for tax concessions. It helps in reducing the income tax burden of the employee.
Benefits of the PF Scheme:
- Interest Rate: A PF account carries a government-mandated interest rate on the amount, which is higher than savings accounts.
- Financial security: Provides financial security after retirement, which ensures that the employee does not face financial problems in the future.
- Withdrawal of PF: PF amount can be withdrawn at the time of retirement or in case of emergency.
An essential scheme for the future of an employee is called the Provident Fund. This fund helps employees achieve financial security and avoid crises in their lives.
How To Withdraw PF Amount Online?
To withdraw your Provident Fund (PF) amount online, follow these steps:
- Must have Universal Account Number (UAN):
Initially, you must possess a Universal Account Number (UAN) before being able to delete the PF sum. You can use this UAN number to check the amount and other facts regarding the money in your PF bank account.
- Login to the UAN portal:
You must be logged in UAN portal. Login to your account using your UAN number and password.
- Select the claim form:
After you log in to your account, go to the “Online Services” tab and select “Claim (Form-31, 19 & 10C)”.
- Bank Account Details:
You need to enter your bank account details. Your bank account should be linked with Aadhaar and PAN in the UAN portal.
- Issuance of Aadhaar Card:
Your Aadhaar card should be issued. It should be linked to the PF account.
- Enter the claim details:
Enter the amount you want to withdraw, type of claim and other details.
- Submit the claim form:
After entering all the details, you have to click on the “Get Aadhaar OTP” button. The OTP will be sent to the mobile number registered in your Aadhaar. Enter that OTP and submit the claim form.
- Check claim status:
After you submit the form, you can check your claim status through “Track Claim Status”.
- Acceptance of claim:
Once your claim is accepted, you can get the PF amount in your given bank account.
Awakenings:
- The details you have given should be valid.
- Your Aadhaar and PAN cards should be linked with the UAN portal.
- If you face any problems, you can contact your employer or EPFO office.
- Withdrawal of PF amount is a simple process. If your basic details are correct, you can easily get your amount.
Frequently Asked Questions on PF:
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How to withdraw PF amount online?
A. Follow the steps mentioned above to withdraw PF amount.
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Can I withdraw 100% PF amount?
A. Withdrawal of full PF amount is possible only in certain circumstances. Generally, these circumstances are in significant cases such as retirement or death of the employee. The main cases where you can withdraw 100% PF amount are:
- Termination of employment:
Age 58 years: When you reach 58 years, you can withdraw the full PF amount.
Age 55 years: When you reach 55 years, you can take the PF amount for pre-retirement withdrawal.
- Non-working for 2 months before retirement:
If you are out of work for 2 months (continuously), you can withdraw the full PF amount. You should not have any other job during this time.
- Education, medical needs, marriage:
In certain special circumstances, especially in cases like education, medical needs or marriage, you can withdraw PF amount. But, it is not completely 100%; Only a limited amount can be withdrawn as per your requirement.
- Death of Employee:
In case of the death of the employee, his family members or nominees can withdraw the full PF amount.
- Pension Fund:
When you retire, you can also withdraw the pension fund from the APF account.
- Permanent disability:
If you are permanently incapacitated, you can withdraw the entire PF amount.
Procedure:
- Login in the UAN portal.
- Claims (Form-31, 19 & 10C) should be selected.
- Relevant details and supporting documents should be submitted.
- Payer Bank account details should be entered.
The form should be submitted with the help of Aadhaar OTP.
Before wanting to withdraw the full PF amount, it is important to understand the rules well, keeping in mind your circumstances and requirements. It is also necessary to follow the guidelines of EPFO and your employer.
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Can I withdraw the PF amount while working?
A. Yes, you can withdraw the PF (Provident Fund) amount while still employed. However, it is somewhat limited and allowed only for certain needs and situations. You can withdraw the PF amount in the following important cases:
- Medical Requirements:
Treatments: For major medical expenses like heart surgery, kidney transplant, and cancer treatment.
Medical treatments for loved ones: For the medical needs of your spouse, children or parents.
- Education:
Child Education: For your child’s higher education, tuition fees, hostel fees etc.
- Construction or purchase of house:
House Construction: To build a house on your land.
Home Purchase: For purchase of plots or apartments.
Home Repair: To repair or renovate your home.
- Marriage:
Wedding Expenses: For your or your children’s wedding.
- Pre-retirement:
Age 54 years and above After you complete 54 years, you can withdraw up to 90% 1 year before retirement.
- Unemployment:
Unemployment: If you are unemployed for 1 month, you can withdraw up to 75% of your PF balance. After 2 months of unemployment, the remaining 25% can also be withdrawn.
Documents required for withdrawal:
- Aadhaar card.
- PAN card.
- The Bank account is linked to the UAN portal.
- Documents related to relevant requirements (birth certificates, treatment documents, educational documents).
Procedure:
- Login in the UAN portal.
- Select “Claim (Form-31, 19 & 10C)” in the Online Services tab.
- Check your bank account details.
- Select the relevant withdrawal type.
- Fill in the details and verify through Aadhaar OTP.
For better help:
Contact the EPFO office concerned with your PF account management. Get help from your employer or company’s HR department. Withdrawal of PF amount while employed is a somewhat linear process. It is very important to show proper documents and requirements.
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What is the PF withdrawal limit?
PF withdrawal limit while in employment varies according to different requirements. Withdrawal can be made for medical expenses, children’s education, house construction, and marriage. If unemployed, 75% in the first month, the entire balance can be withdrawn after two months.
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How much money is deducted from PF withdrawal?
A. In PF withdrawal, there is no immediate time limit when withdrawing money. However, withdrawal should be done after completion of 5 years to get a tax benefit. In case of withdrawal before 5 years, tax and other charges will be applicable.
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How do I check my PF balance through SMS?
A. SMS account details: For UAN-activated members, you can find out your latest PF contribution and also check the available balance with EPFO by sending an SMS at 7738299899 from your registered mobile number. EPFOHO UAN to 7738299899.
Conclusion:
Withdrawal of PF amount is an easy process but it may seem somewhat challenging. It is necessary to follow steps like logging in UAN portal, selecting the correct form, and entering your Aadhaar and bank account details. By submitting important documents, you can get your PF amount quickly. During emergencies or retirement, withdrawing PF can provide safety in financial matters. In instances of uncertainty, problems and questions, visiting or contacting the EPFO office or your employer is highly recommended. Finally, now you should know how to withdraw PF amount as you have read this article and do exactly that by following the steps provided.
