The Employee Provident Fund (EPF) is the backbone of many workers’ retirement schemes. It offers a retirement fund in addition to other financial protections. When individuals want to access or transfer the funds accumulated in their EPF account, they must present documentation. Here, we will discuss the various EPF claim forms, how to withdraw or transfer funds from them, the necessary documentation, the maximum amount that may be withdrawn, the amount that is taxed, and much more about EPF withdrawals.
Types of EPF Claim Forms
Each EPF claim form is given a particular role based on its categorisation. A few samples of the many claim forms available are:
- Form 19: An EPF member is required to use EPF claim form 19 to finalize the PF account settlement.
- Form 10C: To get a Scheme Certificate or a Withdrawal Benefit, one must fill out Form 10C in accordance with the Employees Pension Scheme of 1995.
- Form 10D: Use Form 10D to file your pension claim.
- Form 20: Use EPFO claim form 20 to claim the money for the member’s lawful heir or nominee.
- Form 51F: Form 51F must be filled out for an heir or nominee to be eligible to receive assurance benefits under the Employees Deposit Linked Insurance.
- Form 31: To make an advance withdrawal from the Employee’s Provident Scheme, you must utilise EPF claim form 31.
- Form 13: Fill out EPFO claim form 13 to transfer PF funds across accounts.
- Form 14: An EPF account may be connected to a life insurance policy using Form 14.
Prerequisites for Transferring PF Online
A rundown of everything you need to know to make an online transfer to your EPF account is below:
- The e-SEWA portal requires members to have a current UAN on file.
- Kindly examine and update, if required, the following information on the e-SEWA member site: Personal information, including- name, phone number, bank account data, account number, Adhaar information.
- The bank account and Aadhaar data must undergo digital verification and approval by both UIDAI and the employer.
- It is necessary to complete the e-KYC process.
Offline EPF Transfer
To transfer your EPF money offline, you must submit a paper application to the local EPFO office via your employer. Here is a detailed explanation of the process:
- The employee has two options for obtaining EPFO claim form 13, also known as the Transfer Claim Form: visiting the employer’s office or going online to the EPFO website.
- Accurate information on the employee’s present and previous employment, EPF account numbers, UAN, personal details, and more must be provided by the employee on Form 13.
- The employee’s obligation is to send the completed documentation to one’s current employer. The employer will then review the details and provide their approval.
- The EPFO office that oversaw the previous EPF account receives EPFO claim form 13 once the employer verifies its contents.
- The EPFO handles the transfer request after they receive the verified Form 13 from the employer. The transfer may not be finished for a few weeks.
- Once the employee’s EPF funds have been moved to their new account, they will get confirmation from the EPFO.
Online EPF Transfer
Online EPF account transfers may be done in the following ways:
- Head over to https://unifiedportal-mem.EPFindia.gov.in/memberinterface/ as a first step.
- Make sure you input the right UAN and password.
- Select “One Member—One EPF account” (Transfer Request) from the Online Services menu.
- Next, wait for a page to appear that requests certain personal details. Verify the person’s personal and PF account details and current employer records.
- Choose “Get details” for a previous employer’s PF account specifics.
- Select the EPF account from which funds should be transferred to the current EPF account.
- Choose the Attestation option that applies to you: “Present Employer” or “Previous Employer”.
- Select “Get OTP” from the menu. Here, the one-time password (OTP) will be sent to the cellphone number registered with the UAN.
- To submit your OTP, click the “Submit” button.
- You will get a tracking ID when you successfully complete the EPF transfer form.
Online PF Withdrawal
After activating your UAN and linking it with your KYC (Aadhaar and PAN Card info), you may withdraw EPF. After this is verified, you may access your EPF money online:
- Put your login details into the UAN member portal.
- On the main menu, you should see “Online services”; click on it.
- Select “Claim” from the drop-down option to submit a Form-31, Form-19, or Form 10C claim.
- When you click the link, a new screen will load with all of your member information.
- Just type in your bank account number’s last four digits and click the “Verify” button to continue.
- Click “Yes” to proceed with signing the Certificate of Undertaking.
- Withdrawal funds may be requested electronically using the “PF Advance (Form 31)” option.
- Your EPFO composite claim form will be updated to include a new field called “Purpose for which withdrawal advance is required” when you complete this.
- The portion of the EPF composite claim form that requests the employee’s postal address also requests the amount to be withheld.
- Tick the certification box to finish your EPF withdrawal application after supplying the data.
- Its intended usage will determine if you need to provide certain scanned documents to complete your withdrawal.
- You need to have everything in order and then contact your employer to get the green light to withdraw monies from your EPF.
Kindly note that EPFO will contact you at the phone number you provided regarding your withdrawal request. After processing your claim, the desired amount will be sent to your bank account. It typically takes fifteen to twenty business days for the money to appear in the employee’s account.
EPF Withdrawal Offline Procedure
If you feel uneasy about using online portals or the internet, you may always withdraw your EPF offline. It is sufficient to visit the relevant EPFO and submit a filled-out Composite Claim Form.
Please note that there is a difference between the Aadhaar and Non-Aadhaar EPFO composite claim form. Before submission to the jurisdictional EPFO office, your employer’s attestation is required in the second circumstance but not in the first.
Eligibility Conditions for EPF Withdrawal
Eligibility criteria include:
- When you retire, you will only be able to access the funds that have accumulated in your EPF account. (By the way, 55 is the cutoff for early retirement.)
- Employees can take 90% of their EPF up to one year before retirement.
- A person may request to withdraw their EPF from EPFO if they lose their work before retirement due to a COVID-19 pandemic-related lockdown or layoffs.
- Moreover, under the present EPFO rules, after one month of unemployment, only 75% of the total EPF corpus may be accessed; the remaining amount will be transferred to the new EPF once employment is secured.
- To access their EPF funds, employees may obtain online authorisation from their employers when they connect their UAN and Aadhaar to their EPF account.
Documents Required for EPF Withdrawal
You need to provide the following documentation when you request an EPF withdrawal:
- Withdrawal Request Form
- Verification of Personal Data
- Legal Proof of Residence
- Two tax receipts
- Please make sure the IFSC and account number is clearly visible on one blank and cancelled check.
- Disclosure from the bank account of the EPF holder (during the bearer’s lifetime)
Withdrawals from your EPF before five consecutive years of employment require you to complete Forms 2 and 3 of the Income Tax Return.
EPF Withdrawal Rules – When can you Withdraw using EPF Withdrawal Form
You may only take money out of your EPF in the following limited situations:
Home construction or purchase
Employees are needed to have a minimum of five years of continuous service.
An employee may take out a loan up to 36 times their pay when purchasing and constructing a new house or up to 24 times their monthly earnings if they purchase and build, whichever is larger. In this case, only the account holder or their spouse may seek a withdrawal from the EPF.
Medical care
The duration of employment is not limited when an EPF withdrawal is made for medical treatment. The maximum amount employees may withdraw each month is six times their salary or their part plus interest, whichever is lower.
Withdrawals may be requested by anybody having an EPF account, including the account holder’s parents, spouse, or children.
Mortgage payments
Three years of continuous work would be great for this person. The maximum amount that may be taken from the EPF is 90%. In this case, only the account holder or their spouse may seek a withdrawal from the EPF.
Home construction
The worker’s uninterrupted service must have been in place for at least five years since the house was constructed. It is possible to withhold up to twelve times the employee’s monthly pay.
Only the owner or their spouse may seek a withdrawal from an EPF account.
Wedding
Employees are needed to have a minimum of seven years of continuous service. Half of the employee’s contribution plus interest is available for withdrawal. Everyone in the family, including the account holder’s siblings and offspring, is eligible to seek a withdrawal from the EPF.
Benefits of Withdrawing EPF Using EPF Withdrawal Form Online
Withdrawing EPF money online has several advantages over the more traditional offline method. Here are a few benefits:
- Workers may save time and energy by withdrawing funds online rather than visiting EPFO offices or filling out paperwork.
- You may get to your money quicker when you need it when you request a withdrawal online since it takes much less time than traditional offline methods.
- In all candour, the online platform makes it possible to track your withdrawal status instantly.
- When forms are filled out and processed automatically, there is less room for human error, which speeds up the whole operation.
- Given that the online gateway is accessible around the clock, employees are allowed to request withdrawals at their convenience.
Taxation on EPF Withdrawal
There is a 10% TDS penalty when you withdraw monies from your EPF account since your PAN card information is required. If the PAN card is not provided, it will be applied at 30% of the withdrawal rate. However, no tax would be withheld if the withdrawal from your EPF does not exceed ₹50,000. Withdrawals from the EPF account are tax-free after five years of continuous service. Consequently, the government would tax the interest the employee earns on the EPF amount when they withdraw it after retirement, as it is seen as income from other sources.
FAQ’s:-
With or without a PAN, you may still access your EPF funds. If you want to deduct 30% of your income tax, the total amount of your claim will be 30% lower.
Employees may be able to access their PF funds if the claim is resolved. They will handle the EPF claim in about twenty days. The Employees’ Provident Fund Organisation (EPFO) manages the Employees’ Provident Fund (EPF) to guarantee that private sector workers have financial security in retirement.