Curious to know how to get PF Claim in 5 Days? – Get all details on how you can get your claim in almost 5 days, Just follow our given complete process with the step by step ways here at EPFOSCHEME.IN
Withdrawing the money from Employees Provident Fund Organisation (EPFO) had been itself contains too much trouble. So, it turns into a tough task for many employees.
On the other side the claim settlement process is also a huge task because of the process that was taken months in many employees cases, sometimes they even ask for the attestation from the employer.
But after seeing so many trouble, The EPFO took a huge step to make this work easier so it will take less time in EPF Claims that employees make. Earlier they introduced the “Composite claim form (Aadhaar)”, and so is the need for employer attestation was done away with.
As the times goes the EPFO has launched other new ways for their subscribers, so the time that was taken during the claim settlement will be less. The result, one can now claim the settlement within 5 days.
TERMS & CONDITIONS UNDER EARLY CLAIMS
☑ The official source of EPFO is the only place where an employee can apply for the early claim settlement.
☑ The employer (present) must verify their e-KYC.
☑ All the KYC Documents with Bank details as well as Aadhaar should be attached with their UAN.
☑ The employee who is going to apply for this must have their Universal Account Number (UAN).
HOW YOU CAN CLAIM?
☑ Firstly the member has to log into the official EPFO website where they can do the whole process of claiming.
☑ After successfully logged in, The second step is to click on the “MANAGE”
☑ Now select the “KYC” then input the personal details like bank details and the Aadhaar details into the given sections.
☑ The Online Claim Facility given by the EPFO can be used to receive the PF Funds directly into the bank account (after 2 months of leaving the job)
☑ To verify the whole process, the EPFO will then send a one-time password to the registered mobile number.
☑ After the OTP is successfully entered, Click on to the submit button.
WHAT IS COMPOSITE CLAIM FORM?
The Composite Claim Form is used to avail the benefits that EPFO is giving under their FORM 10C, FORM 19 and FORM 31. So, select any form under these and then submit claims for the PF final settlement, The partial claim for any reason under education, medical needs, housing or marriage.
ROLE OF PF PASSBOOK
If someone wants to view their PF Passbook that can do it by click here: PF PASSBOOK (To view your PF Passbook make sure you have your UAN and Password)
In some cases, the PF Funds is all managed by the trust. So, in this case, the member has to contact their current employer for the passbook.
EARLY WITHDRAWAL – TAX?
Under the Employees Provident Fund Organisation, all the PF withdrawals are non-taxable if the member has completed his/her 5 years of continuous service.
What if you switch jobs before 5 years?
There is a process that you can do to make yourself safe. It will be marked as a continue 5 years of service if you transferred your EPF to the new employer in case you switched your job before completing five years into a single organisation.
For Example: If a member shifted his job to the new organisation after completing just 3 years, But on the other side he transferred his EPF to his new employer where he continues to work for the next 2 more years. By joining together it will be marked as a continue 5 years of servicing for a member.
What if you don’t complete your continues 5 years of service?
In this case, the PF withdrawing will get taxable. The total amount of contribution made by the employer along with the interest rate will get taxable.
What Government did on the PF Withdrawals?
Tax Deduction at Source (TDS) is the point that government has introduced on the PF Withdrawals. To decrease premature withdrawals and increase the long-term savings. The TDS will not be marked if the PF transferred from one account to another.
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