To withdraw your contribution, you need:
There are online & offline ways to withdraw your EPF. Aadhaar is not strictly necessary if you have PAN and UAN.
In today's digital age, the ability to manage your finances with ease and convenience is a valuable asset. If you're wondering how to withdraw PF amount online, you're in the right place. The Employee Provident Fund (EPF) is a crucial part of your financial future, and knowing the steps, EPF withdrawal forms, and eligibility criteria for online withdrawal can empower you to take control of your funds.
This comprehensive guide will walk you through the entire PF withdrawal process, emphasising the key aspects of how to withdraw PF amount online, efficiently and securely. Whether you're seeking financial flexibility, considering a significant life event, or planning for the future, understanding this PF withdrawal process is essential. So, let's explore the intricacies of online PF withdrawal and pave the way to financial independence.
Before we understand how to withdraw PF amount online or offline, lets go through the basics of EPF. Employers offer employee retirement benefit plans or pension schemes to their workforce. The scheme is designed for employees in the organised sector, where the employer is registered with the Employees' Provident Fund Organization (EPFO) and makes the necessary contributions. The Employee Provident Fund (EPF) is pivotal in securing retirement. The funds accumulated in this provident fund can be utilised to procure an annuity or withdrawn as a lump sum payment upon the employee's retirement.
To avail of the Employees' Pension Scheme (EPS) benefits, employees must work for at least 10 years. Under this scheme, the employer contributes 8.33% of the employee's salary to a maximum of Rs. 1250 towards the pension fund.
Before we dive deep into how to withdraw PF amount, let’s look at the latest update for EPS in 2023.
To withdraw PF amount, you need to first know how much balance is available in your EPF account. To check your EPS balance, follow these steps:
Here are the documents required to withdraw PF amount from your account:
Follow the below steps to withdraw your PF amount online:
Follow these steps to withdraw PF amount offline: Download the composite claim form (with or without Aadhaar) from the EPFO website and submit the form to the jurisdictional EPF Office post providing the details.
In most cases, you can withdraw from the Employees' Provident Fund (EPF) after completing 5 years of continuous service. However, there are exceptions and special circumstances where withdrawal can be allowed before completing 5 years.
Rules to withdraw your pension amount change depending on the occasion or condition of withdrawal. Given below are provisions and rules to withdraw your EPF against different conditions:
To be eligible for the EPF withdrawal Form 19 (complete withdrawal) of the Employees' Provident Fund (EPF), you typically need to meet one of the following conditions:
Please note that specific rules and conditions may vary, and checking with your EPF office for the most accurate and up-to-date information is advisable.
To be eligible for the EPF withdrawal Form 10C (withdrawal benefit for service less than 10 years) of the Employees' Provident Fund (EPF), you typically need to meet one of the following conditions:
Specific rules and conditions may vary, so checking with your EPF office for accurate and up-to-date information is advisable.
You can apply for a partial withdrawal using EPF withdrawal Form 31 (Partial Withdrawal - Loan/Advance) of the Employees' Provident Fund (EPF) under the following circumstances:
Specific rules and conditions may vary, so it's advisable to check with your EPF office for the most accurate and up-to-date information regarding partial withdrawals using Form 31.
The Employee Pension Scheme (EPS) ensures a source of pension for employees in the organised sector. The employer contributes to the EPS account, building a retirement corpus. Withdrawal of pension contributions is allowed under various scenarios, including completion of less than 10 years of service or reaching 50 years of age with 10 years of service. Upon reaching 58 years of age with 10 years of service, one is eligible for 100% monthly pension payouts. The PF amount withdrawal process involves filling out the appropriate EPF withdrawal form(s) online and verifying employment details.
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You cannot withdraw PF amount from your EPS account while actively working. However, if you have completed less than 10 years of service but more than 6 months, you can withdraw PF amount from your EPS account — provided you are unemployed for more than 2 months. But if you have completed 10 years of service, you will only be eligible for your pension benefits after you have completed 58 years of age (or 50 years, in case you are okay with receiving a reduced pension).
Before withdrawing your pension from your EPF account, ensure all your PF accounts from your employers have been merged. You can then proceed to withdraw your pension in the following two ways -
On retirement you can withdraw your pension contribution with ease. In some cases you can opt in for for an earlier withdrawal as well.
If the claimant is either a nominee or a family member, they are required to complete the EPF withdrawal Form 20, providing the necessary information about the EPF member. This application must be routed through the last employing employer of the member. Upon submission, the claimant will receive SMS notifications confirming the approval of the claim form, and the funds will be transferred to the claimant's bank account.