Notwithstanding remaining standing balances in an employee’s Provident Fund (PF) account, such amounts are accessible for withdrawal or transfer of the same to the current place of employment of the employee. This is a good opportunity for them to use the money they’ve earned, but any amounts withdrawn before the five-year time frame is up will be treated as taxable income. Workers must comprehend EPF Unclaimed Amount before deciding since this may substantially impact their financial situation.
Provident Fund (PF) is an initiative of the Indian government that seeks to ensure employees’ financial security. Despite the government’s best efforts to simplify PF account access, the EPF still maintains many dormant accounts. Many individuals can struggle to pay bills and other personal expenses if they cannot access their funds. The problem is exacerbated since some individuals may give up because the legal process of recovering these assets is frightening.
Employees must be well-versed in their PF account and its many options. To guarantee access to their funds, they must vigilantly monitor their account and take all necessary measures. In addition, clients should be aware of the potential tax implications of withdrawing funds before the end of the five years. Employees may ensure their savings will be there when needed by educating themselves and taking charge.
What is EPF?
The Employees’ Provident Fund (EPF) is a popular savings scheme in India that was set up and managed by the government. 12% of an employee’s basic salary and dearness allowance goes into the Employees’ Provident Fund (EPF). Employees may be eligible for a lump sum payment incorporating interest when they retire.
How Can Employees Access Their Old PF Money?
Old Provident Fund (PF) assets may be easily accessed via the Employees Provident Fund Organisation (EPFO). They have established customer care and made it easier for customers to access their own money. Employees may get all the information they need at this helpdesk, including a means to keep track of their past accounts; also, the PF grows interest tax-free.
Many individuals lose track of their previous PF accounts and the data linked with them, such as PF numbers, employment information, etc. Employees may simply call customer care whenever they have questions about this information.
Additionally, you may get all the necessary information, including the whereabouts of your dormant account, by visiting the EPF website. By providing the EPFO with the basic information requested on the first page, they can track the employment details linked to your previous PF account. As soon as you gather the required data, you may access the funds at your disposal.
How to Claim Old PF Amount?
Regarding any outstanding balances in their Provident Fund (PF), candidates have two options: withdraw or transfer the money to their current company. Transferring the money would be preferable to making withdrawals during the five-year term, which is taxable. Withdrawals made after five years are exempt from taxes.
To make the process of unclaimed EPF account more accessible to the general people, the government has tried to boost the number of unclaimed or inoperative accounts that have been inspected, claimed, and paid out to applicants during the previous four years. Now more than ever, individuals may easily get access to their assets and take responsibility for their own financial destinies.
How Do You Withdraw Old PF Online From an Unclaimed EPF Account?
Before you trace back to your previous PF from an unclaimed EPF account, see that your UAN is updated and attached to your KYC data (Aadhaar, PAN, bank details). Once this criterion is met, you may easily access your EPF money online by following these steps:
- Log in with your UAN credentials to avail of the UAN Member Portal.
- Choose “Claim (Form-31, 19 & 10C)” from the “Online Services” menu, which is visible.
- Once you enter your bank account number’s last four digits on the screen below, click the “Verify” button.
- To continue signing the undertaking certificate, please select “Yes”.
- Proceed with the Online Claim Option.
- To get the digital advance, go to “PF Advance (Form 31)”.
- In the new form that appears, choose “Purpose for which withdraw is requested,” then enter the amount and the employee’s address if required.
- The next step is to verify the certification before you submit your application.
- Depending on the grounds for the withdrawal, you may be asked to provide scanned documents.
- Withdrawals from your EPF account to the bank account you specified on the form cannot be processed unless your employer approves.
Once your withdrawal request is accepted, you will get an SMS notification at the number you provided to the EPFO. Payment will be sent to the specified bank account when the claim has been processed, according to the information on the withdrawal form.
Rules for Withdrawing Unclaimed EPF Money
If you want to get your hands on any unclaimed EPF monies, you have to follow all these rules and regulations:
- You can’t request a complete withdrawal until your account has been unemployed for at least two months. You may only be able to take a portion of the funds from an inactive account.
- Your UAN must be linked to your PAN, Aadhaar, and banking information to make complete withdrawals.
- If your account has been dormant for more than seven years, you will need to submit additional paperwork before you may access the money.
- The period the account has been open determines the amount of taxes imposed on withdrawals. Withdrawals made during the first five years of the account’s opening will be subject to taxation.
How To Withdraw Money From an Unclaimed EPF Account
Workers now have an easier time accessing their funds thanks to the EPFO’s streamlined process for unclaimed withdrawals. Follow the steps.
- The first step is to get the Member ID, PF Number, and other KYC details linked to the dormant account. The required information may be compiled by reviewing any pertinent papers, including records, account statements, or transfer letters.
- Please submit a claim form.
- A claim form must be submitted to access money in an unclaimed EPF account. On the other hand, you may do it face to face.
Online
- Check out EPFO’s website at EPFindia.gov.in.
- Select the “For Employees” button under “Our Services.”
- Form 19 is for final settlement, and Form 10C is for pension withdrawal; you may find both forms under “Claim Form.”
- It is necessary to provide personal details such as Aadhaar, previous PF account number, UAN, and more.
- Fill out the form electronically by entering your UAN login information.
Offline
There is a technical possibility of withdrawing from PF without UAN. To proceed, follow the following guidelines:
- Obtain Form 19/10C from EPFO’s website.
- After you’ve filled it out by hand and gathered all of the required documents, submit it to the nearest EPFO office.
- To initiate the withdrawal process, please complete the claim form. After EPFO checks your information, your claim will be filed.
Track claim status
You can track the status of your EPF withdrawal form in the processing queue once you’ve submitted it.
- Look for the ‘Online Services’ tab on EPFindia.gov.in.
- Discover the “Track Claim Status” button in the “For Employees” area and click on it
- After inputting your details such as PF account, UAN, Aadhaar, etc., hit “Search.”
- You may check the current status of your withdrawal claim here. If the request is pending, approved, rejected, or paid out, you may check its status here.
- You may also track your claim status using the UMANG app. Once you have the app, searching for “EPFO services” is a breeze.
Receive payment
Once EPFO approves your EPF withdrawal request, the money will be sent to your bank account. Linking your bank account with your UAN will allow for direct transfers.
From the date of claim approval, the availability of EPF funds usually takes roughly fifteen to twenty days. Still, sixty days is a possible duration in certain cases. Go to the authorities at the EPFO office if you’re in a hurry for the funds. Be sure to have all necessary documents, such as the claim acknowledgement form, readily available.
Withdraw Online via UAN
Individuals who have activated their UAN also have the option to withdraw unclaimed EPF funds online without the need for paper forms.
- Log in to the UAN Member Portal using your UAN credentials.
- Locate “Claim (Form-31, 19, and 10C)” under “Online Services.”
- Check the box that says “PF Advance (Form-31).”
- Use Aadhaar to submit your requests digitally.
- Employer consent is necessary before EPFO may make a payment.
How to Avoid EPF Unclaimed Amount Balances in Future?
While it is preferable to keep EPF accounts active at all times, retrieving monies that have gone into unclaimed accounts is possible. Ensure you follow these steps to avoid problems:
- Be careful to update your UAN profile and job details if your working situation changes.
- Using Form 13, you may transfer your EPF money online if you change employment within a year.
- Please review your PF statements often and promptly inform if discrepancies occur.
- Please inform EPFO of any closures at your company as soon as possible so that claims may be paid quickly.
FAQ’s:-
The employee must first approach their supervisor. If the employer does not provide it, the worker may seek help from the Regional Provident Fund Commissioner at the PF office.
No, an ex-employee can’t contribute to the EPF anymore. Money contributed by one side must be matched tenfold by the other.
Contributions to the EPF are computed using wages earned in a specific calendar month.