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How to withdraw PF from mobile, know easy methods

how to withdraw PF

Provident Fund (PF) managed by the government Retirement Saving Scheme (retirement savings scheme). According to EPF rules, employees have to contribute 12% of their basic salary to this fund every month, while employers also contribute an equal amount to the employee's PF account. Interest is paid on the amount deposited in EPF accounts on an annual basis. Let us tell you that employees can withdraw the entire amount deposited in their EPF after retirement. However, after fulfilling certain conditions, any employee can withdraw prematurely from the EPF account. Let us know in this article how to withdraw pf pension money from mobile,

In this article:

When can I withdraw money from PF?

To withdraw money from PF, the employee can apply on his Employee Provident Fund (EPF) You can choose to make full or partial withdrawal.

Full Withdrawal

Full withdrawal from EPF is allowed under two conditions:

Retirement: When an employee retires, he can make full withdrawal from EPF.
Unemployment : If someone remains unemployed for more than a month, they are allowed to withdraw 75% of their total EPF balance. If the period of unemployment extends beyond two months, the remaining 25% can also be withdrawn.

The important point to note here is that individuals cannot withdraw their entire EPF while transferring between employers unless they have been unemployed for at least two months.

Partial Withdrawal

EPF allows partial withdrawal under certain circumstances, which are as follows:

Medical requirements: For medical needs, the employee can withdraw six times the monthly basic salary or the entire amount along with interest on his share. The account holder can withdraw money for the medical treatment of spouse, children or parents.
Marriage: Up to 50% of the employee's contribution can be withdrawn after completion of 7 years of service for the marriage of the account holder, his son or daughter and his brother or sister.
Education: The account holder can withdraw up to 50% of the employee's contribution for their child's post-matric education after 7 years of service.
Land or House Purchase/Construction: You can also withdraw PF for purchasing land or house. The limit for purchasing land is up to 24 times the monthly basic salary and dearness allowance and for house construction it is up to 36 times. A service period of 5 years is required for this. This withdrawal is allowed only once.
Home Loan Repayment: For repayment of home loan, you can withdraw at least 36 times the monthly basic salary and dearness allowance.
Home Renovation: Employees can withdraw 12 times the monthly salary and interest on dearness allowance. 5 years of service is required for this. This benefit can be availed twice, 5 and 10 years after the completion of the house.
Before retirement: Up to 90% of the total balance including interest can be withdrawn when the employee turns 58, provided the withdrawal is within one year of retirement.

How to withdraw PF using UAN number

You can withdraw PF online through the EPFO ​​website. For this, you have to follow the steps given below:

step 1: For this you have to first visit the official website of EPFO. https://www.epfindia.gov.in/site_en/index.php Will have to visit.

how to withdraw PFhow to withdraw PF

Step-2:
After the site opens, to log in to the portal, click on your UAN (Universal Account Number) and use password. Then after entering captcha 'Sign in' Click on the button.
Step-3: After logging in 'Manage' Select the tab and select from the list 'KYC' Select. Here you have to complete the KYC. For this, KYC details including Aadhaar, PAN and bank information will have to be updated.

how to withdraw PFhow to withdraw PF
Step-4: After KYC verification 'Online Services' Go to the tab. Here you will see 'Claim (Form-31, 19, 10C and 10D)' You will get the option of . Select it to start the claim process.

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Step-5: On the next screen you will see member details, KYC information and other service-related details. Enter your bank account number and verify the accuracy of the details provided 'Verify' Select.

how to withdraw PFhow to withdraw PF

Step-6:
Here in the Certificate of Undertaking 'Yes' Click on . This is a mandatory step to proceed further.

how to withdraw PFhow to withdraw PF

Step-7:
'Proceed for Online Claim' Select on the option of.
Step-8: Within the claim form you will 'I want to apply for' Select . The options include full EPF settlement, EPF partial withdrawal (loan or advance) or pension withdrawal. Note that the availability of these options is dependent on your eligibility based on service criteria.

how to withdraw PFhow to withdraw PF
Step-9: After this, mention the PF Advance (Form 31), purpose of advance, desired amount and your current address.Step-10: Then finalize your application by clicking on the Certificate button. You may be asked to upload documents depending on the claim.

Documents required for PF withdrawal?

The following documents are required to withdraw PF amount:

  • Universal Account Number (UAN)
  • EPF subscriber's bank account details
  • Proof of identity and address
  • Cancelled cheque with IFSC code and account number

How much tax will be levied on withdrawing PF

EPF withdrawal is tax-free when an employee has contributed to the EPF account for five consecutive years. If there is a break in the five-year contribution, the EPF withdrawal amount becomes taxable for that financial year. If an employee withdraws EPF amount before five years and the amount exceeds Rs 50,000, TDS is deducted. TDS is deducted as follows:

  • 10% TDS will be deducted on EPF withdrawals above Rs 50,000 before completing five years. Also, PAN card is also a must.
  • When such employees do not show their PAN card, TDS of 30% will be deducted from the withdrawn amount. No TDS will be deducted if the employee submits Form 15G/15H. You can download Form 15G from the EPFO ​​portal or the website of major banks.
  • When an employee withdraws EPF amount after completion of 5 years of continuous service, no TDS is deducted, irrespective of the withdrawal amount.

FAQs

Is it mandatory for employees to provide PAN for EPF withdrawal?

No, it is not mandatory. However, it can significantly reduce the TDS charged on the withdrawn amount.

Are EPF contributions eligible for tax deduction?

Yes, EPF contributions are tax-deductible under section 80C of the Income Tax Act, 1961.

Can I increase my EPF contribution?

Yes, you can increase your EPF contribution and contribute up to 100% of your basic salary. Such contribution goes into the Voluntary Provident Fund (VPF) account.

Will the employer also contribute more when I do this?

No, even if you have opted for VPF, the employer's contribution will remain minimal.

How many days will it take to withdraw PF online?

After withdrawing PF online, it takes around 15-20 working days for the amount to get credited into the employee's account.

Do I need employer's permission to withdraw money from EPF?

As per the new amendment in EPF norms, you can make withdrawal from EPF account without the permission of the employer.

Can I make a premature withdrawal?

Yes, subject to fulfilling certain conditions, you can make premature withdrawal by submitting documentary evidence.

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