There is a lot for you to do while leaving a job, and withdrawing the provident fund is among the most important things to do. Withdrawing the PF online is one of the simplest and fastest ways in which you can do the task.
Here we have discussed how one can withdraw their EPF and PF online in a few simple steps. Go through the article to find the best way to do so.
What is a provident fund?
All of us hope to achieve financial security and stability after retirement. For this, we get involved in different schemes and financial investments. A provident fund is one of the best financial schemes that can easily help you and your family attain a better life after you retire.
According to the Employee Provident Fund scheme, it will deduct a certain part of an employee’s income every month, and the employee can withdraw this amount at the end of their job or retirement. One must remember that the provident fund is a part of one’s income and not something extra given by a specific company or organisation. However, the Employees’ Provident Fund Organization (EPFO) regulates it.
How to Withdraw Provident Funds
There are two ways in which a person can withdraw his provident fund.
- Physical Withdrawal
- Online Withdrawal
To claim the amount by physical method, one must visit the EPFO office and go through the entire process required for the withdrawal.
Regarding online withdrawal, one needs to follow the steps mentioned below:
The EPFO now provides most of its services online, which has made claiming the PF online possible. The process’s main benefit is that it has made it very short and less time-consuming. On the other hand, the comfort of the one who is withdrawing the PF online has also increased due to online facilities.
Requirements for withdrawing PF online
To withdraw the amount through the online EPF portal, numerous conditions must be met.
- The Universal Account Number (UAN) must be active when you apply to withdraw the PF online. There is a mobile number to which the activated UAN is linked. To claim the PF, one needs to have that mobile number with them.
- The UAN must also be linked to Know Your Customer. That means it should be linked with your Aadhar card, PAN card, bank details, and, most importantly, the IFSC code.
If you have fulfilled all the requirements, you can directly proceed to the next steps. Before going any further, make sure you have all the proper login details that will be needed.
Steps to apply for withdrawal of PF online
- Visit the main page of the UAN portal.
- On the screen, one can appreciate the log-in option. Click on that for the entry bar to open.
- You will be required to enter your UAN and password. Enter the Ctachpa and directly click the “sign in” option.
- You can always go to the Manage section to check where your KYC is linked.
You can get the status of all your linked documents and cards on the Manage tab.
- Once you finish the initial checking of the KYC, go to the Claim (Form-31, 19-10C, and 10D) section on the tab showing online services.
- Once you have entered the main website after logging in, all the customer’s details will be shown on the screen.
- There will be a special section showing “Verify your Account Number.” This step is crucial as the money transaction will be linked to the account. Enter the bank account number and verify it.
- Next in the process, all you need to do is agree to the terms and conditions, sign the main certificate with your bank account details and more.
All of the fundamental steps have been completed, and this section will explain how to access the EPF via the internet.
- Select “Proceed with Online Claim.”
- You will be required to choose from the options of full EPF settlement, EPF part or partial withdrawal, or pension and its related withdrawal. You will find these under the “I want to apply” tab. There might be a case where the option is not available on the page. This can mean you have a plan that doesn’t cover such facilities.
- Next, you must find the “PF Advance” (Form 31). In this section, one needs to explain why the fund is being withdrawn. You should mention the main reason for taking the fund in advance here in the form. If you are claiming the fund after retirement, you will have to choose a different form.
- In the next step, you will be required to upload different certificates. Most of them are going to the ones related to the provident fund form. The certificates are enough to prove your authenticity.
- The application will be checked and approved by the higher authorities. Normally, the money will take more than 15 working days to reach your account.
Forms Used in Withdrawing PF Online
We have mentioned above some of the most commonly used forms to claim EPF online.
- EPF Form 19
This is a basic two-page form that is needed to make the final settlement in cases of PF withdrawal. The first page of the form has all the basic information about the person who is going to withdraw. It will display the person’s name, the mother’s name, the father’s name, the spouse’s name, the contact number, and more of this kind of information.
The dates of joining and leaving are also mentioned. The first part lists all the details regarding the account number, UAN, and PAN.
On the second page, one can find a special advance receipt with a stamp that can be used by people looking for a PF check.
- EPF Form 31
The EPF Form 31 is a rarely used form, and it is used in cases of partial claims or even if one wants an advance provident fund.
Benefits of Withdrawing Your PF Online
- Less time-consuming
The entire process is very easy and very fast. You don’t need to run through the EPF office just to get your papers approved. Even the form filing is very quick, and no extra certifications are needed to go through the process to get the provident fund.
All you need is your laptop and a good chair to complete the form and claim the money. It increases the comfort of the one who is withdrawing.
Withdrawing PF online has become very easy these days. All you need to do is follow the steps mentioned above. Filling up the forms and checking the criteria are the main facts that need to be taken care of. To know more, you can connect with Piramal Finance and open your PF account easily.