EPF (Employee Provident Fund) is an account in which employees and some parts of the employer are added every month. Withdrawing this EPF amount can be done by an employee only if he is retiring or before he has left his job. 75% of this EPF balance can be withdrawn after 1 month of unemployment and 25% of the remaining amount can be withdrawn after two months. In this article, we will provide you complete information about EPFO Withdraw Money Online so read this article carefully.
EPFO Withdraw Money Online
If you have left your job due to any reason or you need money, then you can apply online for EPF Fund. Now you can easily withdraw your PF Amount from the UAN portal without any hassle. But the applicant will have to fill the EPF Withdrawal Form Online to withdraw the EPF Balance. Apart from this, applicants can avail of this facility only if their Aadhaar card is linked to the UAN number. If an applicant’s Aadhaar number is not linked to UAN, he can update it by visiting the official portal.
PF Withdrawal Claim Forms – Composite Claim Forms
Anyone who wants to withdraw funds from their provident fund must fill an online application form which varies depending on age, the reason for taking out PF, and whether or not he is working or not. Previously, the beneficiary had to fill 3 forms to withdraw his EPF balance Form 19 (For Final PF Settlement), Form 10C (For Pension Withdrawal), and Form 31 (For Part-withdrawal of PF amount). But now the beneficiary can withdraw his balance only by submitting a Composite Claim form. Apart from this, the beneficiary needs to keep in mind that his Aadhaar card is linked to UAN only then he can apply for his EPF Withdraw Money Online.
Reasons for Provident Fund Amount Withdrawal
- If a person is retiring.
- If a person needs money to build his house or buy a house or to repay a home loan.
- For wedding expenses, for medical expenses, or for education expenses, EPF Withdrawal can be applied online.
- If a person is unemployed more than 60 days from his job.
- Apart from this, if a woman leaves her office for reasons of pregnancy, childbirth, getting married, etc.
Qualification for Employees Provident Fund
- The entire amount can be withdrawn from an EPF account only when it is retiring.
- An employee can withdraw 90% of the amount from his provident fund before 1 year of retirement.
- Apart from this, partial withdrawal can be done only from the provident fund if the employee has a medical emergency, has to buy a house, is getting higher education, or is running housework.
- According to the new rule, 75% of the provident fund can be withdrawn after 1 month of the employee leaving the job and the remaining amount will be transferred after 60 days.
- To withdraw money from the provident fund, it is mandatory for the beneficiary to have PAN number, Aadhaar number and bank details linked to UAN number.
Employee Provident Fund Withdrawal Online Procedure
If you want to withdraw money from your provident fund, then you have to keep in mind the steps given below:-
- First of all, you have to visit the official site of EPFO epfindia.gov.in
- After this, the applicant has to click on the option of “For Employees” from the “Services” menu.
- After going a little below on the home page, the applicant has to click on the “Member UAN / Online Service (OCS / OTCP)” option.
- After this, the applicant will have to enter their UAN number, password, and captcha and click on Sign in option.
- After this, the applicant has to go to the “Online Service” tab and click on the option “Claim (Form-31, 19 & 10C)”.
- All the information of the member will come before the applicant, from which he can check bank account details, IFSC Code, service details, etc.
- On this page, the applicant has to enter the last 4 digit numbers of the bank account and click on the Verify option.
- After verification, the applicant has to click on the “Yes” option for A certificate of the undertaking.
- After this, the member has to click on the “Proceed for Online Claim” option button.
- Now a new page will open in front of the applicant, that applicant will have to select the Purpose, Amount, and Employee address.
- After filling all the information by the applicant, certification and submit option will have to be selected.
- Now the applicant has to scan and upload all the documents.
- Finally, after the employer approves this PF Amount, the money will be transferred to the Applicant’s Bank Account.
Required Documents for EPF Online Withdrawl Money
- Passport Size Photograph
- Aadhar Card
- Bank Account Statement
- Identity Proof
- Composite Claim Form
- One Blank or Cancelled Cheque of the Member (Clearly mentioned name, IFSC Code, Bank Name)
- ITR Forms 2 and 3 (In case if the employee left the office before 5 years of continuous services).
Steps to check the EPF Claim Status Online
If the applicant wants to check the claim status of the EPF account then they can follow the given below steps:-
- Visit the official site epfindia.gov.in
- Go to the “Services” Menu and Click on the “For Employees” option.
- Login the account by using the UAN number and Password.
- Then the applicant needs to go to the “Online Services” option.
- Click on the “Track Claim Status” option.
- Now the applicant can check the application status of the EPF Balance.
Taxation on Employee Provident Fund Withdrawal Amount
- If the employee withdraws money from the provident fund before 5 years of his job, then it will be considered taxable under income tax.
- If the amount withdrawn by the applicant is more than 50000 rupees and he withdraws this amount before the end of 5 years, then TDS will also be imposed on this amount by the government.
- If the PAN card is attached by the employee with his application form, then TDS will be levied 10%, otherwise, the amount of TDS will be increased to 30%.
- If a member transfers his provident fund from one account to another, no tax will be levied by the government on it.
Click here to Apply Online for the EPFO Withdraw Money Online.