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How long does it take for Employee Provident Fund (EPF) to be credited?
Employee Provident Fund is a scheme introduced by the government to provide the employees a source of the fund once they retire or complete service in an organization. In some specific circumstances, employees can withdraw the Provident Fund from their PF account at retirement or before retirement. However, the withdrawal process can be long and cumbersome; here are some details related to the withdrawal process of an EPF.
How long does it take EPF amount to withdraw?
The withdrawal of EPF is a long process after opening the PF account. There are no specific dates for an EPF to be credited, but It usually takes 5-30 days for an EPF to be credited to your account.
When and how to withdraw an EPF amount?
One can withdraw EPF on their retirement or in special circumstances only. There are two ways you can withdraw your EPF by applying online or by applying physically for withdrawal. Following the physical withdrawal process, you must fill in certain details on the Composite form (Aadhar or non-Aadhar) and then submit the form to the EPFO office.
Following the online process has certain Prerequisites - The UAN is activated, the mobile number mentioned on UAN should be working, and the UAN should link to your KYC. Online withdrawal has made the EPF withdrawal to be much more convenient.
Rules of EPF as per the year 2022
Here are some of the rules you should keep in mind if you have a PF account -
• The employees drawing the basic wage or allowance up to Rs 15,000/- are eligible for this EPF scheme.
• An employee doesn't need to withdraw a Provident fund account when changing the job or the organization, as EPF can easily be transferred.
• All Employees are provided with an opportunity to withdraw 90% of the EPF once their age is 54 years or above.
• The interest won't be credited if the PF account does not receive any contribution for more than 3 years.
• Employer or companies with more than 20 employees are required to register for EPFO by the law. While employers can register voluntarily if you have fewer employees than 20.
