Did you also left the job and now you want to withdraw your PF balance. You must have heard about the long, difficult procedure of the PF withdrawal. But, Don’t worry. I will tell you the procedure of EPF withdrawal. By Following this you will get your money easily and quickly. But before that, Please answer some questions.
- Are you still on the job?
- Are you going to have a job?
- Do you really need EPF money?
If, for the above questions, your answer is YES, you should not withdraw the EPF balance. There are 4 reasons to avoid the PF withdrawal.
Why Should You Avoid PF Withdrawal
- EPF is retirement corpus. You should not touch it as far as possible. It becomes verytough to build a retirement corpus in older age.
- You can easily transfer PF balance through the online process. Build your retirement corpus by adding the PF balances.
- Your PF withdrawal amount becomes taxable, if it is withdrawn before the 5 years of the PF account opening.
- It is against the rules if you withdraw the PF account balance of an earlier job while you are still employed.
You should withdraw the PF amount only when you don’t have any job for more than 2 months and you are not going to get a job. According to the rules you can’t withdraw PF amount within 2 months of leaving the service. Although in certain condition you can get the PF amount immediately after leaving the job. Even, if situation arises you can take loan from the EPF account.
Online PF Withdrawal Facility
Online facilities have helped you tremendously. Then why should there not be online PFwithdrawal facility. Actually, It should have started years ago. Unfortunately, EPFO still could not start online PF withdrawal facility. You can only transfer EPF online. EPFO has promised online withdrawal facility with the online transfer process. But, it could not. We have to wait some more months. However universal account number (UAN) of PF is going to change the whole process of pf withdrawal and transfer. Do you know your UAN number? No, you can find out the UAN number online.
Also Read- Check UAN Allotment Status Online
Forms For EPF Withdrawal
You have to use Form 19 for EPF withdrawal. Your employer should give this form to you. Else, you can directly download form 19 from the EPFO website. With the provident fund, you may also like to withdraw the pension amount. However, you can get scheme certificate instead of pension amount, if your service is for less than 10 years. If you have served for more than 10 years, you will get pension only, that also over the age of 50. To withdraw the pension amount you have to fill the form 10 C.
Documents You Have To Collect
Relax, you have not to give any documents for PF withdrawal. But, you must have some information beforehand.
- PF account number
- Date of joining
- Date of leaving
- Bank Account number (it should be the same which was registered by your employer)
- IFSC code
Also, you have to give a copy of blank cheque for account number assurance. There may be error in writing the account number.
Above all, the most important thing is the good relation with the HR department of your employer. If he coöperate you need not to worry for anything and you will get the money quickly as well. Else, getting EPF money may be challenging for you. However, you can apply for EPF withdrawal without the approval/signature of the employer. You can seeinstruction for every column of the form 19.
Procedure For Applying
- Visit to the human resource department of the employer with a copy of the blankcheque is enough.
- The HR department will give you the form 19 and 10 C. You can have it beforehand.
- Even you can ask information about your joining and leaving date from the HR.
- Submit both the forms with HR.
- HR will attest the form and send it to the regional PF office.
- The regional PF office takes about one month to process your application.
- EPFO deposits PF amount directly to the employee’s account.
Common Problems In Withdrawal
Signature can mismatch. After a long stint your signature can change. If this is the situation, then you have to make an affidavit. This Affidavit should be also verified by the employer.
There may be errors in spelling of your or your father’s name. Again, your employer will rectify if first, then you can apply for withdrawal.
You may have closed your earlier account. An affidavit and employer attestation would work in this case as well.
The employer did not submit your recent PF contribution. If it happens, you can complain to regional EPFO. Else, you can wait for some days.
You have not served your notice period and the employer is not supporting. Don’t worry, you can withdraw EPF without the employer’s signature as well. If you have universal account number, don’t worry for this highhandedness.
Your employer doesn’t have a record of the EPF account number. To get the PFnumber search your old Pay Slip. Generally it has the PF account number. Still, you can’t get the PF number, write letter to the regional Pf commissioner with all the details (name, father’s name, DOB, Name of establishment, Location, date of joining date of leaving) and ask for PF number. Use register your grievance facility of EPFO.
The Company is no more. In this case you should follow the procedure of PF withdrawalwithout employers signature.