Applying for a withdrawal from your PF account is simple and easy. Here’s a step-by-step guide on how to do it: 1. Log in to your Universal Account Number (UAN) member portal. 2. Go to the ‘Online Services’ tab and select ‘PF withdrawal’. 3. Enter the amount you wish to withdraw and select the account from which you want to make the withdrawal. 4. Submit the request and wait for approval from your employer. 5. Once approved, the money will be transferred to your account within 10 working days.
What is PF Withdrawal?
When you retire or leave your job, you are usually entitled to withdraw your accumulated PF balance. The EPFO ​​requires you to submit a claim form and other documents to process your request.You can choose to receive your PF withdrawal as a lump sum or in the form of a monthly pension.
If you are below the age of 58, you must withdraw your entire PF balance. If you are 58 years old or older, you can choose to either withdraw your entire balance or keep it invested with the EPFO ​​to receive a monthly pension.
The Employees’ Provident Fund Organisation (EPFO) allows its members to make partial withdrawals from their provident fund (PF) account under certain circumstances. These include situations such as marriage, children’s education, medical emergencies etc.
To make a partial withdrawal from your PF account, you will need to submit a claim form along with supporting documents to the EPFO. Once your claim is approved, the EPFO will credit the amount into your bank account within 10 days.
The maximum amount that you can withdrawn depends on the reason for which you are making the withdrawal. For example, if you are making a withdrawal for medical reasons, then you can withdrawn up to 60% of your accumulated PF balance.
However, if you are making a withdrawal for purposes such as buying a house or plot of land, then the maximum amount that you can withdrawn is 36 times your basic monthly salary.
How to Apply for PF Withdrawal
When you retire, you have the option to withdraw your PF balance. You can either withdraw the entire amount or keep it invested and receive a monthly pension.
To apply for withdrawal of your PF balance, you will need to submit a few documents to the EPFO office. These include:
– Application form 10C
– A cancelled cheque
– Your KYC documents (Aadhar card, PAN card, etc.)
– Passport size photographs
Once you have submitted these documents, the EPFO will process your request and release your PF balance within a few weeks.
What are the Requirements for PF Withdrawal?
In order to withdraw your PF balance, you must:
1. be a member of the Employees’ Provident Fund (EPF) scheme;
2. have completed at least 5 years of continuous service with your current employer; and
3. have reached the age of 54 years old.
If you meet all of the above requirements, you can proceed to submit an application for withdrawal to your company’s HR department or EPFO office. The process is simple and straightforward, and should not take more than a few weeks to complete.
How to Check the Status of Your PF Withdrawal Application
If you have applied for PF withdrawal and are wondering about the status of your application, there are a few things that you can do in order to check on its progress. The first thing that you should do is contact your employer. They will be able to tell you whether or not your application has been received and processed. If they have not received it, they may be able to give you some advice on how to proceed.
Another option is to check online through the EPFO website. You will need to create an account if you do not already have one, but once you login you will be able to view the status of your application. If it has been processed, you should see a confirmation number and the date that the withdrawal was made. If it is still pending, the website will provide information on what steps need to be taken next in order for your application to be processed.
If neither of these options are available to you, or if you would simply prefer to speak with someone directly, you can also call the EPFO customer care number at 1800118005.
FAQs about PF Withdrawal
How do I apply for PF withdrawal?
You can apply for PF withdrawal online through the EPFO portal or through the Unified Portal. To apply online, you will need your UAN and password. If you have not registered for an account, you can do so by providing your basic details on the EPFO website.
What are the documents required for PF withdrawal?
To apply for PF withdrawal, you will need to submit a duly filled application form along with KYC documents such as your identity proof and address proof. You will also need to submit your bank account details and a cancelled cheque.
How long does it take to receive the PF withdrawal amount?
The processing of your application may take up to 10 days from the date of receipt of your application. The amount will be credited to your bank account within 7 working days from the date of approval of your application.
Also Read: Section 54 of the Income Tax Act