The main purpose of the introducing the EPF was to allow the employee to make a voluntary contribution to their retirement fund and use the accumulated fund post-retirement. It allows the employee to have a regular source of income after retirement and be financially independent. Since the PF is a retirement scheme, the funds must ideally be withdrawn at that time. However, the EPFO allows the employees to withdraw PF amount before retirement.
If you want to withdraw pf, you must adhere to certain withdraw pf process. Typically, most people opt out of the PF when they switch jobs and do not want their PF account to be transferred to the new employer. Let us look at the ways by which you can withdraw pf online
Form 19If you want to withdraw funds from your PF account before retirement, you must submit a Form 19. You can get this form from your employer or you can also download it from the EPFI website. Once you have submitted the withdrawal application to the EPF office, the PF amount along with the interest earned over the years, you can expect to receive the funds within 90 days of submitting the application.
Universal Account Number or UANIf you have your UAN, you can apply for the PF withdrawal without getting and approval from your employer; the EPF office will process your application directly. However, you must know that most employers do not share the UAN number with the employees until their actively employed with them and in the absence of UAN, you can avail this option.
Submit PF withdrawal application to the regional PF officeIf you are unsure how to withdraw pf with having the UAN, you can get the PF withdrawal from the EPFI website and submit the directly to the regional PFO (Provident Fund Office). You must know this procedure requires attestation of identify proof as the PFO would want to ensure that the right person is applying for the withdrawal.
Hence you get the proof of identity documents attested by any of the following mandated authorities only:
- A bank manager
- A gazetted officer
- President of village panchayat
- Sub Post Master
Click here to visit our personalised online advisor that gives you the financial expertise you need.
The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.
Disadvantages of Early Retirement - What Happens When You're Not Working?
Early retirement seems to be good, many people enjoy life without working especially with extra earnings. But they are not aware about the cons. Lets explore the disadvantages of retiring early to save your retirement life.
5 Benefits of Health Insurance that Makes it a Must Have Cover
Here are the 5 benefits of health insurance that makes it a must to cover
When Should You Withdraw Money from a Mutual Fund?
In case of a sudden change in fund strategy or an underperformance scheme for more than 3-4 years, it makes sense to withdraw money.
How To Apply For Personal Loan
Applying for a personal loan has become extremely easy these days. With the increase in applicants, banks and other financial institutions have made the process very simple.