PF Withdrawal 2018 – Complete Guide | Latest Updates

PF Withdrawal Application | Documents Required | Form 19 and 10c | June 2018 – www.epfoscheme.in provides you all the latest updates, step by step ways from which you can able to know all about PF Withdrawal & avails the other benefits under Employees Provident Fund Organisation (EPFO) through the official website.

 USEFUL INFORMATION
Native Name
Employees Provident Fund Organisation
Known As
EPFO
Description
PF Withdrawal – Complete Guide
Founded
INDIA (4 March 1952)
Headquarters
Bhavishya Nidhi Bhawan, 14, Bhikaiji Cama Place,
New Delhi, India
Key people
Dr. V P Joy, Central Provident Fund Commissioner,
M. Narayanappa Additional Central Provident Fund Commissioner, Rajesh Bansal Additional Central Provident Fund Commissioner
Services
Provident Fund, Pension and Insurance schemes, Implementing agency for Bilateral Social Security Agreements
Website

 

The Provident Fund is a financial security for all types of salaried employees right after the retirement.

Every month of the year some of the amount from the salary of the employee will be deducted and added to the provident fund on the other side the employer would also invest the same amount of money to the employee’s PF account.

In case the employee left the company they can withdraw their PF savings. For the employees who are working in the govt. sector get a lump sum after they get retired from their working days.

There are total three types of provident funds are there in India :

PUBLIC PROVIDENT FUND (PPF): This provident fund is launched for the people that are in public sector.

EMPLOYEES PROVIDENT FUND (EPF): For the employees who are working in private sector, This provident fund is launched.

GENERAL PROVIDENT FUND (GPF): The Government employees can avail this provident fund benefits.

THINGS YOU NEED TO KNOW ABOUT PF WITHDRAWAL!

✱ The availability of the PPF account is only for 15 years.

✱ For the first 6 years, no amount can be withdrawn by any holder.

✱ After completing 6 years only 50% of the balance is available to withdrawn. (entire amount cannot be withdrawn until the tenure is complete)

✱ The PF account can be extended by the holder for another 5 years when the 15 years of tenure is completed.

✱ GPF or EPF account holder cannot do withdrawals until the employee has quit or turned into a self-employed.

✱ The money can be withdrawn only if the PF holder does not have any job while making the withdrawal.

✱ In case the holder changes their jobs, The PF transfers are allowed.

✱ There are withdrawal name Partial Withdrawal which can be used by the holder under special circumstances. This withdrawal will be done in the form of a loan. If some want to take the loan then he/she has to give the following reasons that can be – Study, Purchasing a new house, Medical expenses, Marriage etc. These type of withdrawals can only be possible for maximum 3 times while the employee’s employment tenure is running.

(Note: Partial withdrawals can only be done after an employee completed services of 7 years & the withdrawn amount is not more than 50% of the contributed amount)

LIST OF THE FOLLOWING REASONS FOR PF WITHDRAWALS

✔ Purchasing & Construction of a house or a flat :

  1. All the withdrawals can be done is the reason behind is to purchase a new site for construction or a house/flat from any individuals.
  2. For constructing a house on vacant site owned by the account holder or spouse for completing the house construction.
  3. PF withdrawals can be done if the reason is to purchase a house/flat where the family of the account holder’s can reside.
  4. If the person wants to build a house on the purchased site from State Govt., Co-Operative Society, Housing Finance Co. etc, the withdrawals can be done.
Purpose Requirements Form Submission Required Documentation
Construction of House The Account has completed the 5 years with least balance of INR 1000 FORM – 31 Declaration from account holder about property
Flat Purchasing The Account has completed the 5 years with least balance of INR 1000 FORM – 31 Declaration from account holder about property
House Renovation Five years after the home was constructed. FORM – 31
Site for Construction The Account has completed the 5 years with least balance of INR 1000 FORM – 31 Declaration from account holder about property

 

✔ Re-payment of loans

  1. The loan that was availed should be exactly in the name of the account holder.
  2. It should not exceed the limit that is the equal to 36 months salary or the total contributions of employer and the employee.
  3. The payment will not made to the account holder, It will directly transfer to the lender.
Purpose Requirements Form Submission Required Documentation
Loan Repayment The Account has completed the 10 years. The loan that was availed are from Govt. Institution only. FORM – 31 Certificate from the lender with loan details.

 

✔ Construction of a house inclusive of a site owned by the account holder

  1. The Account has completed the 5 years with least balance of INR 20,000/-
  2. The amount will directly transfer to the Govt. agency or Housing agency.

✔ Withdrawals grant for some special cases

  1. When the person remains without any employment for more than 15 days, Contribution can be granted.
  2. The non-recoverable advance will be given to the person if they didn’t receive any wages from last 2 months.
  3. After more than 6 months of shutting down the factory, another advance should be granted for 100% of total contribution that was don by the employer (with interest)

✔ Illness & Hospitalization

  1. The advance can be given to the person if :
  • Hospitalization for more than a month
  • Major surgeries
  • Suffering from T.B
  • Suffering from Paralysis
  • Suffering from mental derangement
  • Suffering from cancer
  • Suffering from leprosy etc.
Purpose Requirements Form Submission Required Documentation
Illness & Hospitalization Hospitalization for more than a month FORM – 31 Certificate from the doctor.

 

✔ Education OR Marriage

  1. The amount that you need should not exceed the limit of 50% of the employee contribution.
  2. The second limit that no one can take advance for more than 3 times in these cases.
Purpose Requirements Form Submission Required Documentation
Education OR Marriage The Account has completed the 7 years with least balance of INR 1000 FORM – 31 Declaration has to be submitted by the account holder.

 

✔ Advances for abnormal conditions

  1. The advance can be given to the person if :
  • Floods
  • Earthquakes
  • Riots etc.
Purpose Requirements Form Submission Required Documentation
Advances for abnormal conditions Verify certificate from authorities about damage. State Govt. Declaration FORM – 31 Certificate from authorities

 

✔ Electricity cuts

✔ Advances for physically handicapped

✔ Withdrawals before 1 year of retirement

Withdrawals before 1 year of retirement can be possible if the account holder reaches the age of 54 or before one year of retirement from the company, whichever is later. The person can withdraw up to 90% of the accrued amount.

HOW TO WITHDRAW PROVIDENT FUND

✱ Firstly the person has to download the Form 19 and Form 10C

✱ Now fill in the forms and submit them with a blank cheque.

✱ If they are going by the employer, documents should be submitted to the employer.

✱ In case the application of withdrawal is not being through the employer, at last, it can be attested by the bank manager.

✱ The completed forms have to be sent to the nearest regional office for another approval.

Note: The PF office can take up to 1 or 2 months to complete the process of withdrawal.


 

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About This Information
Updated
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PF Withdrawal Application Form
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2 COMMENTS

    • Hello Jaspinder,
      We apologize for the delay in reply, As we’re getting so many queries from our visitors.
      Withdraw PF Using UMANG app is a very easy process. EPFO has made it so simple for their EPF Subscribers. In order to know the process, We’ve given you a link down below. Please click on the given link and it will lead you to a new page, where we’ve given every single step in order to guide you completely.

      Please Click Here: https://www.epfoscheme.in/umang-app-pf-withdrawal-download-view-passbook-track-status/

      You can also contact EPFO technical team by mailing at employeefeedback@epfindia.gov.in (you’ll get the reply soon)

      Hope this information will help you, If you have any other queries, please feel free to ask.
      Team- EPFOSCHEME.IN

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