PF Withdrawal Rules

Provident Fund (PF) or the Employees’ Provident Fund (EPF) as it is officially known, is a type of long-term investment plan in which funds are contributed by an employee or employer and in special cases, by the government. EPF is almost similar to a pension, as it is a government-regulated social security program aimed at protecting the life of workers after retirement. The invested amount, inclusive of the interest accumulated is paid out when an employee retires from service. Withdrawal of this EPF is not just a simple process; there are rules to be adhered to for the process to be possible.

Withdrawing EPF is easier these days, more so with the advent of new technologies introducing a faster and secure way to do so. EPF withdrawal process can be carried out online, which is the easiest and fastest way to submit PF withdrawal forms. This earlier used to be a cumbersome and excruciating process.

Online Application for Provident Fund Withdrawal

The EPFO introduced a single-page Composite Claim Form to replace the traditional, cumbersome multiple claim forms i.e., Form 19, Form 10C, and Form 31. Before making an online claim for PF withdrawal, there are key points to consider:

• You must have an active UAN number.
• You must register your mobile number with the UAN.
• You must seed your bank details into the UAN.
• You should have also already seeded your PAN and Aadhaar into the EPFO database.

This process provides relief to the employee, as they are not required to seek attestation from their employers, but only if you have met the aforementioned conditions. Since the withdrawal process is a direct submission, without being routed to the employer, the processing time is thus quicker in comparison to the physical method.

Physical Submission of Forms for Provident Fund Withdrawal

You can also submit your PF withdrawal forms physically. The EPFO updated EPF withdrawal rules indicate the following steps:

• Visit your HR department, and request the EPF Withdrawal Form. Fortunately, with the update, this form can be downloaded from the EPFO website.
• Fill the document as requested and include all the necessary details.
• For reference purposes, you may be required to submit your bank account via a cancelled cheque leaf.
• Submit this form to your employer.
• Your employer then confirms the form submitted and sends it to the regional PF office for Withdrawal Processing.

The PF amount successfully withdrawn will then be credited to your bank account. This process is quite long and tedious, and cannot be tracked as compared to the online procedure.

Under the stipulated EPFO guidelines on eligibility, the following are acceptable terms for PF withdrawal:

Employee Under Employment

If the employee, still under service, wishes to withdraw an advance, Form 31 (if offline) or the Composite claim (if online) has to be duly filled and submitted accordingly. Within 10 years of eligible service, a composite claim form can be submitted. If 10 years have passed, the member can request for monthly pension deductions by filling the Form 10D.

If the employee has crossed 58 years of age, while still under service, and desires to claim the Pension Fund, he/she should fill Form 10C accordingly and submit it.

Employee Job Switch

When an employee switches jobs and wishes to transfer PF funds to a new account, they ought to fill Form 13. When they leave an establishment and don’t join another, i.e., become unemployed, a PF withdrawal claim can be made by filling a composite claim form. If a person is above the age of 58, and has completed 10 years of eligible service, they can make a PF withdrawal claim by filling a composite claim and a Pension withdrawal claim using Form 10C or Form 10D (in case of monthly pension payments).

Physical Disability

If an employee leaves an establishment as a result of physical disability, a PF claim can be made by filling a composite claim form. Moreover, with a Form 10C/10D, they can make a pension claim.

If they have not completed 10 years of service, but are over 58 years of age, he/she is eligible to make a PF and Pension claim by filling a composite claim form.

Deceased While in Employment

If an employee is deceased while still in service, or after the age of 58 plus 10 years of eligible service, their beneficiary can fill Form 20, to apply for the PF settlement and a monthly pension by filling the Form 10C/10D form. In addition, they can also fill the Form 51F for the EDLI (Employees’ Deposit Linked Insurance).

If the deceased employee had achieved the age of 58, but had not completed the 10 years of eligible service, their beneficiary can make a settlement with Form 20, and additionally, withdraw the pension with a composite claim form and EDLI with Form 51F.

Deceased after Employment

If the deceased was over 58 years of age and had fulfilled 10 years of eligible service, the beneficiary may claim PF with Form 20 and pension with Form 10C/10D. If the deceased had not completed the 10 years eligible service, his/her beneficiary can apply for a PF settlement with Form 20 and pension fund with a composite claim form.

Online PF withdrawal is only made possible if you have adhered to the aforementioned rules. To initiate a PF withdrawal claim online, follow these guidelines:

• Login to the EPFO portal using the UAN and password.
• Click on the ‘Manage’ Tab to verify KYC details.
• On the top menu bar, click the ‘Online Services’ tab and select ‘Claim’. You then select the form you wish to make a PF claim with.
• ‘Member Details’ will be displayed on the screen. To verify, key in the last 4 digits of your bank account.
• Click on ‘Yes’ when prompted.
• Submit the claim form by clicking on the ‘proceed for online claim’ tab.