Provident Fund withdrawal Process Step-by-Step Guide

Employee Provident Fund is a government-mandated scheme established by the Employee Provident Fund Act of 1952, in which you and your employer contribute a set amount each month. Because money is invested on a monthly basis, you can build a corpus for your post-retirement life. While your PF account will change whenever you start working for a new company, your consolidated EPF account, which is identified by your Universal Account Number (UAN), will not. This 12-digit UAN is extremely useful and contains all of the information you need to check your PF details. Employees' Provident Fund (EPF) employees may withdraw their Provident Fund (PF) balance online. This can be done through EPFO's member e-SEWA portal. Employees can withdraw their entire PF savings after retirement, or they can withdraw a portion of their savings if they meet certain criteria during a financial emergency.

Benefits of PF withdrawal online

• The online process eliminates the inconvenience of visiting the PF office in person and waiting in lines to complete the paperwork.
• The amount for online claims will be processed and credited to your bank account within 15-20 days of the application.
• There is no need to go to the former employer for verification work because online claims are easily and automatically verified.

Documents Required for PF withdrawal

• Composite Claim Form
• Two revenue stamps
• Bank statement
• Proof of identity
• Proof of address
• One cancelled cheque with the IFSC code and account number
• Personal information such as father's name and date of birth should match the identity proof exactly.
• If an employee withdraws his or her PF amount before 5 years of continuous service, he or she must complete Income Tax Returns (ITR) Forms 2 and 3 to show a detailed breakdown of the total amount deposited in the PF account each year.

Step-by-step process of PF withdrawal online

1) Go to the Universal Account Number (UAN) portal.

Sign in with your UAN and password.
3) Enter the captcha to verify.
4) Select 'Claim (Form 19, 31, 10C or 10D)' from the drop-down menu under the 'Online Services' tab.
5) On the following screen, enter your bank account number and press the 'Verify' button.
6) Now, click 'Yes' to continue.
7) Select 'Proceed with Online Claim'.
8) In the claim form, select the claim you want to apply for under the 'I want to apply for' tab.
9) To withdraw your money, select PF Advance (Form 31). Then explain why the advance is needed, how much money is needed, and the employee's address.
10) Click on the certificate to submit your application.
11) The employee may be asked to submit scanned documents for the purpose stated on the form.
12) Once your employer approves the withdrawal request, you will receive funds in your bank account.

Step-by-step guide to check EPF withdrawal status

• Go to the EPFO website.
• Select 'For Employees' under the 'Our Services' option,
• The "Know Your Claim Status" option should be selected.
• In this field, enter your UAN.
• Enter the Captcha code.
• Provide details such as the location of the PF office, its name, the establishment code, and the Provident Fund number.
• To check the status of your EPF withdrawal, click the 'Submit' button.