Become a financial buddy with AntworksMoney and earn sitting at home or in office just by referring your friends and relatives for loans, credit cards or other investment options.

Copyrights © 2017 - 2018 All Rights Reserved.

Feb 10
0

Employee Provident Fund Withdrawals Simplified

Were you thinking of withdrawing your Employee Provident Fund? There’s good news for you. The Representative Provident Fund Organization (EPFO) has as of late reported a disentangled procedure for the withdraw pf amount. Presently you require not stress over getting the structures bore witness to by your manager. The new procedure is more straightforward, quicker and more secure. Read on to take in about it. We’ll take you through the procedure, slowly and carefully.

What’s New?

The EPFO has introduced a revised set of forms to facilitate smooth, hassle-free withdraw pf amount.

Did you locate the old procedure that required the business’ confirmation and validation exceptionally unwieldy? Not any longer. Because of the new changes, the withdrawal procedure will be substantially quicker on the grounds that now you don’t have to get the withdrawal shapes bore witness to by your boss.

The EPFO has introduced three new forms.

  • Form 19 UAN – At the time of retirement, or when you leave a job, you can use this form to withdraw your Employee Provident Fund. Remember, withdrawing money from the Employee Provident Fund is permitted only if you are unemployed for a period of 2 months.
  • Form 10-C UAN – This form can be used to withdraw money from your EPS account. The EPS account is a separate account that is linked to your Employee Provident Fund. This EPS account covers your pension. You are allowed to make a withdrawal from the EPS account only if your EPF account is less than 10 years old.
  • Form 31 UAN – You can submit this form if you wish to make a partial withdrawal from your EPF account. A partial withdrawal can be made for marriage, medical emergencies or if you plan to buy a house.

Who Can Use the New EPF Forms?

Did you think everyone can use the new EPF forms? The new EPF forms can be used only by those employees who fulfil the following two conditions.

  • Your Universal Account Number (UAN) must be linked with your Aadhar number.
  • Your KYC details and bank account number should be verified by your employer using a digital signature.

Got a New Job?

If you just got a new job and want to withdraw your Employee Provident Fund, you cannot make a withdrawal. What do you do then, you ask? Apply for a transfer of your EPF.

A Guide to Withdrawing Money from your Employee Provident Fund Account

We’ll walk you through the process of withdrawing money from your EPF account.

  1. Ensure your UAN is Active & KYC Information is verified. You must first make sure your UAN is active and all your KYC information is verified by your employer. Login to verify that you are eligible to use the new forms. Review your KYC details under Profile > Update KYC Information. 

If you have more than one UAN assigned to you, use the one given to you by your present employer. 

  1. Fill the EPF Withdrawal Form. On verification of your UAN status and KYC information, complete the EPF Withdrawal forms.

You will need to provide the following information:

  • Your mobile number
  • UAN number
  • Date of leaving
  • Reason for leaving service
  • PAN number & complete postal address

Remember to attach a cancelled cheque of the bank account mentioned in your KYC information.

  1. Send the form to the EPF Jurisdiction Office. Now all you need to do is submit the completed form by courier to the EPF office that falls under your jurisdiction. Locate the address of the regional EPF office.

Want to withdraw your entire EPF amount?

If you want to withdraw your entire EPF amount, you need to complete Form 19 UAN & Form 10-C UAN and send them both to the EPF office.

Get in Touch with an Expert