Last Update on :

EPF Withdrawal Online Procedure

Follow the steps given below to fill the EPF withdrawal form and initiate a claim online:-

Step 1- Sign in to the UAN Member Portal with your UAN and Password.

Step 2- Click on the ‘Online Services’ tab and select ‘Claim (Form-31, 19 & 10C)’ from the drop-down menu.

Step 3- Member Details will be displayed on the screen. Enter the last 4 digits of your bank account and click on ‘Verify‘

Step 4- Click on ‘Yes’ to sign

Step 5- Now click on the ‘Proceed for Online Claim’ option
Step 6- Select ‘PF Advance (Form 31)’ to withdraw your funds online

Step 7 – A fresh section of the form will open, wherein you have to select the ‘Purpose for which advance is required’, the amount required and the employee’s address
It is worth noting that all options for which the employee is not eligible for withdrawal will be mentioned in red.
Step 8 – Click on the certification and submit your application
Step 9 – You may have to submit scanned documents depending on the purpose for which you have submit the form.

Eligible Conditions for EPF Withdrawal
 
 


The following are the conditions that an employee must meet in order to qualify for the EPF-

1.The total amount from the EPF account can only be deducted after retirement. EPFO is looking to retire early after a person has reached the age of 55

2.Partial withdrawal of EPF is only allowed in an emergency medical situation, home purchase or construction, or higher education

3.EPFO allows 90% withdrawal of 1 year value before retirement

4.A person may withdraw from the EPF corpus if he or she faces unemployment prior to retirement due to retirement or retrenchment

5.Under the new law, only 75% of the corpus can be withdrawn after 1 month of inactivity. The rest will be transferred to a new EPF account after getting a job

6.Employees do not need to wait for approval from their employer by withdrawing their EPF. By linking UAN and Aadhar to your EPF account, you get permission online

7.When applying online, you must be-

  • Active UAN number

  • Bank details linked to UAN

  • Details of PAN and Aadhar are sown in the EPF database

EPF Withdrawal Form / Combined Claim Form

PF withdrawal forms that need to be submitted vary depending on age, reason for demand and whether the job is still valid or not. Employees will be required to submit a consolidated Claim Form so that they can withdraw part or final payment.

Previously documents such as Form 19, Form 31 and Form 10C were required to withdraw funds. However, these documents have now been replaced by an integrated application form that requires Aadhar employee details. Submission of this form does not require proof of employer.

When applying for offline withdrawal, you are required to complete a consolidated Claim Form which serves the purpose of three forms - Form 19 (Final Pension Settlement), Form 10C (Withdrawal of Pensions) and Form 31 (Withdrawal of PF Amount)

Documents Required

The following documents are required when applying for PF-withdrawal

  • Combined Claim Form

  • Two Revenue Stamps

  • Bank account statement (Bank account must be in the name of the PF holder only while he or she is still alive)

  • Ownership

  • Proof of address

  • One blank and canceled check with the visual code of the IFSC and account number

  • Personal details such as father's name, date of birth, etc. It should clearly resemble proof of ownership

If an employee releases his or her PF value before five years of continuous operation, he or she is responsible for assisting ITR Forms 2 and 3 to ensure a detailed separation of the total amount deposited into the PF account each year.

How Can You Assess the EPF Claim Status?

EPF withdrawals can be made via the UAN member's website. The member must first activate his or her UAN and log in to the portal for withdrawal online. The site can also be used to transfer funds from his old PF account to a new account. Other online services such as eKYC, contact details, etc. They can also be done with this portal.

EPF withdrawal status can be checked online on the part of an EPF member. You have visited the online site and select 'Claim Claim Status' in the 'Communication Service' section. Note that you do not need to enter any reference number to check the status; will be displayed on the screen automatically. 

Benefits of online EPF withdrawals

Claiming an EPF withdrawal online has many benefits, some of which are listed below-

Unexpected withdrawal - The online process of the EPF withdrawal claim saves you from the hassle of visiting the PF office in person and standing in long lines.

Reduced Processing Period- For online applications, the amount will be processed and credited to your bank account within 15-20 days of application. This processing time will also be reduced according to government plans.

No need to visit your previous employer for verification- Unlike offline claims, where you have to get your employer-certified documents, online claims are automatically verified. This is especially helpful for people who have moved to a new city as it saves them from having trouble posting or traveling long distances.

EPF Withdrawal Limits

Employees may remove their EPF corpus under the following conditions-

1.Construction / Purchase of a house

  • The employee must be in continuous employment for five years

  • Only the PF account holder and his or her partner can apply for withdrawal

  • The non-deductible amount is 24 times the monthly purchase price or 36 times the monthly salary for purchase and construction (both)

2.Repayment of home loan

  • An employee must work continuously for three years

  • Only the PF account holder and his or her partner can apply for withdrawal

  • 90% of the money can be withdrawn

3.Renovation of the house

  • An employee must work continuously for 5 years from the date of construction

  • Only the PF account holder and his or her partner can apply for withdrawal

  • An amount equal to 12 times the monthly salary may be deducted

4.Marriage

  • An employee must work continuously for 7 years

  • The PF account manager, siblings and / or children can apply for withdrawal

  • 50% interest-bearing contribution contribution can be withdrawn

5.Treatment

  • There is no temporary work schedule

  • The PF account manager, his parents, spouse or children can apply for withdrawal

  • An amount equal to the employee's share of interest or 6 times his or her monthly salary, whichever is less

Tax on EPF Withdrawal

Corpus revocation of EPF tax-free; but, only under certain circumstances, the following:

  • The employee must have contributed to the EPF account for the next five years; withdrawals made before the 5-year period are not taxable

  • EPF tax is taxable if there is a break for 5 years; in which case, the total amount will be taxed

  • TDS is deducted from the early release of the EPF corpus, only in the event that the amount exceeds Rs. 50,000

  • If an employee provides his or her PAN card with the system, a 10% TDS will be paid; and 30% TDS and tax will have to be paid if the employee fails to provide his or her card

  • Employees are required to complete Form 15H / 15G as a declaration if the total income is not taxable.

  • If an employee chooses to transfer funds from his or her PF account to the National Pension Scheme (NPS), he or she will not be liable to pay tax on such withdrawal.

  • If an employee requests exemptions from previous EPF contributions to the EPF in terms of Section 80C, he or she will be liable to pay tax on the employee contribution, employer contribution and interest on each deposit. However, if they did not claim it last year, part of the work contribution will be tax deductible

  • The tax the employee must pay will depend on his or her annual salary

Types of PF Withdrawal

Subscribers can make three different types of PF withdrawals on the part of an EPFO ​​member. Of course. 

  • Final payment for PF

  • PF partial withdrawal

  • Pension withdrawal benefit

Subscribers can make the above-mentioned withdrawals from the EPFO ​​member's website with the proof of their employer if they have filed their Aadhaar and UAN card details.

Reasons for withdrawal of PF

Circumstances in which you can continue to withdraw money from your EPF while working

  • Medical Treatment

  • Marriage intentions

  • Construction of a house or purchase of property

  • Repayment of existing home loan

  • Educational objectives

  • Changes or renovations to your home

1. Medical Treatment

 If you happen to be covered by a health insurance policy, then you are all right. However, if you do not have it and in that case you need to be hospitalized, you may have to spend a lot of hard work. However, at a time like that, your money in the EPF can help you a lot. You can withdraw money from your EPF account for any of the three reasons given below. However, please keep this in mind that you can choose only one condition and not all.

 Any major surgery at a particular hospital

Bedtime is more than a month

This person suffers from Tuberculosis, Leprosy, Cancer, Mental Derangement, Paralysis, heart problems, etc. He is also on leave from his employer for the alleged illness

You can actually withdraw money from EPF at any time during your service. You do not have to have the full number of years in the organization to claim that money. You can always withdraw money for medical purposes, even if you have spent a year or two in your current organization.

You should also keep in mind that the maximum amount you can spend on your six-month salary. This amount may not be huge but it will give you the help you need in an emergency. Not only can this benefit be taken at any time, but it can also be enjoyed as often as you want. So, your PF will definitely save you.

Specific documents must be provided by you and Form 31

Your employer must provide you with a certificate stating the insurance plan he or she provides and the benefits that the member does not receive. If not, the member must provide a certificate issued by the Employees ’State Insurance Corporation stating the fact that the member will no longer be able to receive the benefits provided by the Employee Insurance Scheme

The doctor must ensure that in this case a hospital is required. Also, if surgery is required, that should also be stated by the doctor on that certificate

2. Objectives of Marriage 

Money from your EPF can be deducted from an event such as a wedding once you have completed seven years of service life. You can use up to 50% of the funds available in your EPF account and you can enjoy this benefit three times over. So, let’s assume you have INR 5 lacs in your EPF account. However, you should not count the total amount when you wish to spend it on your wedding intentions. Your contribution to the EPF and the interest earned on it should be calculated by you. The active cases are as follows.

Your marriage

Marriage of a Son or a daughter

Brother's wedding or sister's wedding

3. Construction of a house or purchase of property

You can withdraw money from EPF when you plan to buy a house or build a house. However, you must understand a few rules first.

The land or house you wish to buy must be in your own name, your spouse's name or in combination with both of your names. Any other combination will not be allowed

You must have completed at least 5 years of employment

The maximum amount you can receive from your EPF account is 24 times your monthly salary

If the property you intend to buy has a question then it should first be free from all related disputes. Property must be registered and proof of registration must be included.

4. Repay the existing mortgage loan

If you have taken out a home loan and wish to repay it in advance you can withdraw some money from your EPF. But to get this benefit you must have completed ten years of your career. However, you can receive this benefit only once in your entire life. Also, you can use EPF to buy a house or property or to pay off a current home loan. You can't earn money for both of them.

The property you pay for must be in your name, your spouse's name or joint property. Most people have family-friendly loans with siblings or parents. In such cases, you will not be able to receive this particular benefit. An amount equal to 36 times your monthly income can be obtained from the EPF to pay for an existing home loan. 

5. Educational objectives

Some of the money from your EPF may be withdrawn for Education purposes. This benefit can only be obtained at the expense of post-matric education. This means that, if you accept your daughter or son to any university or college you will be able to get money from an EPF account. You must complete seven years of work before you can receive this benefit.

6. Renovation or Repairs to your home

After a few years of living in a house, you may think that it needs some adjustment. Another change would be the option that would make things better for you. But this is an expensive issue and it can burn a hole in your pocket. You can earn money from EPF for this purpose. But first you need to know some rules.

You can withdraw and enjoy a maximum of 12 times your monthly salary

From the date of construction, the house you wish to renovate must be at least five years old

You should have completed ten years of your working life

This facility can only be accessed once in a lifetime

The house you wish to renovate should be under your own name, your spouse's name or jointly under both of your names

Other reasons for withdrawing money from EPF    

  •  Once the member has reached retirement age.

  •  If they do not work for more than 60 days or two months.

  •  If they wish to relocate permanently.

  •  When a woman resigns due to reasons such as pregnancy, childbirth, marriage, etc.



Sign in to leave a comment

Total Views : 276