Provident Fund withdrawal Online Process Step-by-Step Guide

Provident Fund (PF) is a long-term savings scheme in India that is primarily meant for the welfare of employees. It is a retirement benefit scheme that is managed by the Employees’ Provident Fund Organization (EPFO), which is an organization set up by the government of India.

Under the Provident Fund scheme, both the employee and the employer contribute a certain percentage of the employee’s salary towards the fund. The employee’s contribution is usually a fixed percentage of their salary, while the employer’s contribution is usually equal to the employee’s contribution. These contributions are made on a monthly basis and are deducted from the employee’s salary before it is paid out.

The contributions are deposited in a provident fund account, which is maintained by the EPFO. Consolidated EPF account, which is identified by your Universal Account Number (UAN),UAN stands for Universal Account Number. It is a unique 12-digit number that is issued by the Employees’ Provident Fund Organization (EPFO) to all employees who are covered under the Provident Fund (PF) scheme in India. The UAN is linked to the employee’s PF account and is used to track their contributions and manage their benefits under the PF scheme.

Also Read: What is Demat Account: Know Types, Features and Benefits

The Provident Fund scheme is meant to provide financial security to employees after they retire or in case of unforeseen circumstances such as disability or death. The money in the provident fund account can be used by the employee to meet various financial needs, including the cost of education, medical treatment, and housing.

The Provident Fund scheme is mandatory for all establishments that employ more than 20 employees, and it is applicable to both private sector and public sector organizations. The employee’s contribution towards the Provident Fund is tax-free up to a certain limit, and the employer’s contribution is tax-deductible.

Read More: PF withdrawal online from UMANG App.

Benefits of PF withdrawal online

There are several benefits of withdrawing your Provident Fund (PF) online:

1. Convenience: Withdrawing your PF online from UMANG App is convenient, as it can be done from the comfort of your home or office, without the need to visit the EPFO office or submit any physical documents.
2. Time-saving: Withdrawing your PF online saves time, as you do not have to wait in long queues or spend time traveling to the EPFO office.
3. Accuracy: Withdrawing your PF online is more accurate, as you do not have to worry about filling out physical forms incorrectly or making mistakes in your application.
4. Speed: Withdrawing your PF online is faster, as the process is completed electronically and does not require any manual processing. within 15-20 days of the application
5. Ease of access: Withdrawing your PF online is easy, as you can access your PF account and request for a withdrawal through the EPFO’s website or through the UMANG (Unified Mobile APP for New Governance) app, which is available on both Android and iOS platforms.

In summary, withdrawing your PF online is convenient, time-saving, accurate, fast, and easy to access.

Documents Required for PF withdrawal

The documents required for withdrawing your Provident Fund (PF) depend on the circumstances under which you are withdrawing your PF and the amount of money you are withdrawing. In general, the following documents may be required:

1. UAN (Universal Account Number): You will need to provide your UAN, which is a unique 12-digit number issued by the Employees’ Provident Fund Organization (EPFO).
2. Bank account details: You will need to provide your bank account details, including the account number and IFSC code, in order to receive the PF withdrawal amount.
3. A canceled check with IFSC code and account number
4. Identity proof: You will need to provide a valid identity proof, such as a PAN card, voter ID, or aadhaar card.
5. Address proof: You will need to provide a valid address proof, such as a driving license, utility bill, or rent agreement.
6. Form 19: You will need to fill out Form 19, which is a declaration form that states that you are no longer in employment and are eligible to withdraw your PF.
7. Personal information such as father’s name and date of birth should match exactly with the identity proof.
8. Form 10C: If you are withdrawing your PF before completing five years of service, you will need to fill out Form 10C, which is a form that allows you to withdraw your PF on account of unemployment or disability.
9. If an employee withdraws his PF amount before 5 years of continuous service, he will have to fill Income Tax Return (ITR) Form 2 and 3 each year to show the detailed breakdown of the total amount deposited in the PF account.

In summary, the documents required for withdrawing your Provident Fund may include your UAN, bank account details, identity proof, address proof, Form 19, and Form 10C (if applicable).

Steps process of PF withdrawal online

Here is a step-by-step process for withdrawing your Provident Fund (PF) online:

1. Go to the EPFO’s website (https://www.epfindia.gov.in/) or download the UMANG app on your smartphone (UMANG App for PF Withdrwal).
2. Log in to your account using your UAN (Universal Account Number) and password.
3. Click on the “Manage” tab and then select the “Claim (Form 31, 19 & 10C or 10D )” option.
4. Select the type of claim you want to make (i.e., withdrawal of PF balance).
5. Fill out the required details, including your bank account details and the reason for withdrawing your PF.
6. Upload the required documents, such as your identity proof, address proof, and Form 19 (if applicable).
7. Review the details of your claim and submit the request.
8. Wait for the EPFO to process your claim and transfer the PF withdrawal amount to your bank account.

In summary, the process for withdrawing your Provident Fund online involves logging in to your account, selecting the type of claim you want to make, filling out the required details, uploading the required documents, and submitting the request. The EPFO will then process your claim and transfer the withdrawal amount to your bank account.

Step-by-Step Guide to Check EPF Withdrawal Status

1. Go to the EPFO’s website (https://www.epfindia.gov.in/) or download the UMANG (Unified Mobile APP for New Governance) app on your smartphone.
2. Log in to your account using your UAN (Universal Account Number) and password.
3. Click on the “Manage” tab and then select the “Claim (Form 31, 19 & 10C)” option.
4. Select the type of claim you want to make (i.e., withdrawal of PF balance).
5. Fill out the required details, including your bank account details and the reason for withdrawing your PF.
6. Upload the required documents, such as your identity proof, address proof, and Form 19 (if applicable).
7. Review the details of your claim and submit the request.
8. Wait for the EPFO to process your claim and transfer the PF withdrawal amount to your bank account.

In summary, the process for withdrawing your Provident Fund online involves logging in to your account, selecting the type of claim you want to make, filling out the required details, uploading the required documents, and submitting the request. The EPFO will then process your claim and transfer the withdrawal amount to your bank account.

Provident Fund Jargon: You Must Know To Operate Demat

Here are some key terms related to the Employees’ Provident Fund (EPF) in India:

1. Provident Fund (PF): A long-term savings scheme in India that is primarily meant for the welfare of employees. It is a retirement benefit scheme that is managed by the EPFO, which is an organization set up by the government of India.
2. Employees’ Provident Fund Organization (EPFO): An organization set up by the government of India to manage the Provident Fund (PF) scheme in India. It is responsible for collecting contributions from employees and employers, maintaining PF accounts, and disbursing benefits to employees.
3. Universal Account Number (UAN): A unique 12-digit number that is issued by the EPFO to all employees who are covered under the Provident Fund (PF) scheme in India. The UAN is linked to the employee’s PF account and is used to track their contributions and manage their benefits under the PF scheme.
4. Contribution: The amount of money that is deposited into an employee’s Provident Fund (PF) account on a monthly basis, as a percentage of their salary. The employee’s contribution is usually a fixed percentage of their salary, while the employer’s contribution is usually equal to the employee’s contribution.
5. Passbook: A document that shows the details of an employee’s Provident Fund (PF) account, including the contributions made, the interest earned, and the balance in the account. The employee can access their passbook online or through the UMANG (Unified Mobile APP for New Governance) app.
6. Form 19: A declaration form that states that an employee is no longer in employment and is eligible to withdraw their Provident Fund (PF).
7. Form 10C: A form that allows an employee to withdraw their Provident Fund (PF) on account of unemployment or disability, before completing five years of service.

In summary, these are some key terms related to the Employees’ Provident Fund (EPF) in India, including Provident Fund, Employees’ Provident Fund Organization, Universal Account Number, contribution, passbook, Form 19, and Form 10C.

Frequently asked questions (FAQs

In summary, these are some questions that may arise regarding Provident Fund (PF) withdrawal, including the process for withdrawing your PF, the documents required, the eligibility for withdrawing your entire PF balance, the processing time, and the tax on PF withdrawal.