Find the PF withdrawal rules, how to withdraw EPF amount online, and which form can be used for EPF withdrawal. Can members withdraw EPF without a UAN number and draw the PF amount from the previous company online?
EPFO department takes 12% of all salaried employees throughout their work-life with new EPF calculation. It gives it back during their retirement as a significant corpus of money. The formula is simple the government and your employer help you save small chunks of money, which in turn becomes a surplus of funds that can function as your retirement fund.
While you provide 12% of your basic salary, your employer will also give a small percentage every month from their side, which directly adds to your retirement fund. This does not mean that you will only be able to withdraw money at retirement. Still, you can withdraw the PF money during various circumstances and reasons.
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EPF Withdrawal Online
So even before you think about applying for withdrawal of your money from the EPFO portal, you have to activate your UAN number. You will find your own UAN number from your salary slip, which we have to activate first, and then complete the KYC process.
EPF Withdrawal Circumstances and Eligibility
If you want to withdraw your money from your PF account, no one will oppose that, but as per the government rules, you need to have a particular set of requirements and eligibility. Let us go over those circumstances when you can withdraw your money from the EPFO portal.
Retirement: When you have completed your term of service and have retired from your work, you will be free to withdraw all your money from the PF account. But you will not be able to withdraw any money from the pension account.
Transfer of PF from one Employer to Another: So, we forget when we change our jobs because we have to transfer the PF money from the old employer to the new one. This is required because you will only be able to withdraw from one employer at the end, and if you do not do this, it might take quite an effort to get your PF from your previous employer.
Unemployed for two months: If you are not employed for two months and more, then you are eligible to withdraw the money from your PF account in any circumstance.
Partial PF Withdrawal: There are many reasons you can partially withdraw your PF money up to 50% to 90% in total.
Some of those reasons are
- Purchase of House or Land
- Home Loan Repayment
- House Renovation
- Before Retirement
The main question that might be sizzling around your head would be how you can now withdraw the money from the PF account, and We will show you how you can start online first.
EPF Withdrawal Online Process
- Go to the EPFO UAN official website https://unifiedportal-mem.epfindia.gov.in.
- Login with your UAN ID and password.
- Enter captcha as well.
- Now you are on the UAN profile.
- Go to Online Services.
- Claim (Form-31, 19 & 10C).
- We have to enter the last four digits of the bank accounts during this step and click on verify.
- Click on the Yes.
- Click Proceed for Online Claim.
- Now the Claim Form will show up.
- Select the type of claim based on your preference, which is available under the I Want To Apply For tab.
- Select the Claim, Claim Reason.
- Most essential options to fill for the amount with your address.
- Click on Submit button to submit your claim process.
In this manner, you can apply for your PF money claim anytime without much hassle through the online EPFO portal. Previously, we used offline form filling, which was a tedious and challenging process. Still, seemingly the online advancement has helped employees all across Indian a lot by bringing in the EPF online withdrawal process.
Note: After applying for the EPF money claim, you will receive the amount in your selected bank account in 15 to 20 days, and sometimes it might take around a month, but that only occurs during rare cases such as Bank holidays or department holidays during off-seasons.
Can we withdraw PF without a PAN Number?
Yes, this is still possible to withdraw the EPF amount without using your PAN number. The employee will always be liable for a deduction for TDS at a maximum marginal rate of 34 %, and if the same amount is more than 50,000, no TDS will be applied to our amount withdrawn.
What is the Tax rate for EPF withdrawal?
If the amount is more than 50,000, there will be no tax levied on the EPF withdrawal and, in other cases, on average, and TDS of 10% will be applicable at the time of withdrawal. IF the PAN is not submitted, 34 % of tax will be levied on your EPF withdrawal.
How Many Times, EPF Withdrawal can be made?
There is no limit on the amount that can be withdrawn from your EPF account. The basic eligibility its employees share, or the employee’s six times wage, is to opt. The lowest will be chosen, and the same will be allowed to withdraw as per the EPFO regulations.