One Page Form For EPF Withdrawal
Documents Required
You only need to sign the form and submit it along with a cancelled cheque to get your withdrawal. This is applicable to both complete and partial withdrawals. If you are making a partial withdrawal for medical purposes, you will need to support your withdrawal with a medical certificate and a certificate from your employer stating that the ESI (Employees' State Insurance) is not available for the employee.
Earlier, you needed to give supporting documentation for partial withdrawals such as a wedding invitation, proof of home purchase, and so on. This has been eliminated. A signature will suffice, but there is a disclaimer at the bottom of the form informing subscribers that if the money is used for other purposes, then the subscriber will have to return the money with a penalty.
Online Withdrawals
Online facility for withdrawals will be launched soon by the EPFO. The EPFO has been taking steps in the digital direction. However, in order to be able to make withdrawals online, the subscriber will have to link their Aadhaar number and bank account to their UAN. Presently, the EPFO receives about 1 crore applications for withdrawals, pension fixations of group insurance benefits.
The current stipulated time for settlements is 20 days. Through the online facility, subscribers might be able to get their settlement within 3 hours of the EPFO's receipt of the application form. A pilot scheme was carried out by the EPFO wherein more than 50 field offices were connected to a central server. The connections for another 123 offices are in the pipeline.
Read more on EPF Related Pages
- EPF
- PF Withdrawal
- EPF Claim Status
- SBI PPF
- EPFO
- PPF
- UAN Registration
- Jan Dhan Account
- NPS Calculator
- SBI Sukanya Samriddhi Account
- PF Balance
- PPF Withdrawal Rules
- EPFO Member Portal
- Senior Citizen Savings Scheme
- Samajwadi Pension Yojana
- Pradhan Mantri Jan Dhan Yojana
- Pran Card
- NSDL
- Sukanya Samriddhi Calculator
- NSC Calculator
- NREGA
- Sukanya Samriddhi Yojana
- Digi Dhan Vyapar Yojana
- Pradhan Mantri Garib Kalyan Yojana
- Stand up India Loan Scheme
- EPF Balance
- UAN
- PF Transfer
- PF
- EPFO Member Portal
- NPS
- UAN Login
- EPF Passbook
- National Pension Scheme
- ICICI Sukanya Samriddhi Account
- PPF Withdrawal
- PF Withdrawal
- Jan Dhan Account
- NPS Tax Benefit
- Atal Pension Yojana
- VPF
- PF Balance Check
- Kisan Vikas Patra
- NSC
- 7th Pay Commission
- PF Transfer
- Digilocker
- How To Calculate NSC Interest
- Pregnancy Aid Yojana
FAQs
- Is it mandatory to furnish Aadhaar details for EPF?
It was made mandatory by the EPFO to furnish Aadhaar details, but this has been withdrawn. If a subscriber wishes to avail the online facilities, only then is it compulsory to furnish Aadhaar details.
- How much must I contribute to EPF?
The minimum monthly contribution is 12% of your basic salary. The employer will also match this contribution. Out of this, 8.33% is deposited into the Employees' Pension Scheme.
- Will I be taxed on PF withdrawal?
- If PF withdrawal is made before completing five years of continuous service, the amount withdrawn will be taxable.
- If PAN is registered, then 10% tax will be applicable on the taxable withdrawal amount.
- If PAN is not registered, 34% tax will be levied on the taxable withdrawal amount.
- I want to travel, can I use my PF money?
The Employees' Provident Fund was set up to encourage savings towards retirement. Withdrawing money from the retirement corpus is not advisable unless it is absolutely unavoidable. Withdrawals are allowed only for specific purposes such as marriage, education, home purchase, medical emergencies and so on.
- I am a senior citizen, are there any tax exemptions on PF withdrawals for me?
For amounts of up to Rs.3 lakhs, Form 15H can be submitted if your income is below the taxable amount. You will not be taxed on the withdrawal.
- What are the tax exemptions available on PF withdrawal?
- If the withdrawal amount is below Rs.30,000, no tax will be applicable.
- If a salaried employee makes a PF withdrawal after continuous service of five years, then there will be no TDS deduction on the amount.
- If a PF transfer is made, there will be no tax applicable.
- If an individual's income is below the basic exemption limit (taking into account the PF withdrawal amount), then they can submit Form 15G and avoid tax.
- If the employee is terminated on account of bad health (of the employee), dissolution of the business or other reasons not in the domain of the employee, withdrawals may be exempt from tax.
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