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written by Khatabook | January 13, 2022

How to Withdraw Your EPF Online After Retirement

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Table of Content


Employee Provident Fund (EPF) is a fund to which both the employee and the company must contribute an equal amount of money that can be leveraged by the employee afterwards in times of need. The Employee Provident Fund Organisation of India (EPFO) manages the fund. Employees' Provident Fund (EPF) is a savings and retirement scheme for qualifying employees. Employees can rely on the fund's corpus when they retire. The money that goes into the EPF account of the workers and the money contributed by both the employee and the employer can be taken out at the time of retirement, together with interest. Both online and offline withdrawals of EPF funds are possible. So, let's dive deeper into understanding how to withdraw PF after retirement.

Did you know? According to the government rules, an employee contributes 12% of the basic pay plus Dearness Allowance, and the employer contributes 10-12% of your basic salary to the EPF account.

Applicability of the EPF (Employees' Provident Fund)

Let's look into the circumstances in which EPF is relevant:

Employees eligibility for EPF (Employees' Provident Fund):

1. Every salaried employee with a monthly income of less than ₹15,000 can have an EPF.

2. If the Assistant PF Commissioner and the employer agree, an employee with a monthly income greater than ₹15,000 (the current specified maximum) is entitled to join the EPF.

3. If an employee's salary is greater than ₹15,000 and they have never contributed to EPF, they might choose to opt out. This can be done by completing Form 11, an EPFO self-declaration form.

4. Even businesses with fewer than 20 employees may be eligible under specific circumstances.

5. EPF deductions are required by law for companies with 20 or more employees.

Documents needed to withdraw your PF

The following are the documents you'll need to withdraw money from your PF account:

  • Two revenue stamps
  • Form 19
  • A blank and cancelled cheque with IFSC code and account number. Also, you should ensure that the cheque provided by you is a single account holder cheque.
  • Identity proof
  • Form 10 C and Form 10D
  • Form 31
  • Bank account statement
  • Address proof

How can EPF be withdrawn?

EPF can be withdrawn entirely or partially. 

Entire Withdrawal:

EPF can be completely withdrawn in any of the following situations:

• When a person retires; 

• When someone has been out of work for longer than two months. To make a withdrawal, individuals must get an attestation from a gazetted officer.

Partial Withdrawal:

It is possible to withdraw a portion of your EPF balance only under limited situations. 

  1. Reasons for withdrawal in detail: For medical reasons 

Withdrawal limit:

  1. 6 times the monthly basic salary, or
  2. The total employee share plus interest

Also Read: PF Calculator - Calculate EPF, Employee's Provident Funds Online 2021-22

EPF Withdrawal Procedure

In general, you can do  your EPF withdrawal  by submitting one of the following forms:

1. Physical application

2. Online application

Physical Application:

For EPF withdrawal, download the new Composite Claim Form (Aadhaar or non-Aadhaar).

Form for a Composite Claim (Aadhaar)

1. If you have seeded your Aadhaar number and bank account details on the Universal Account Number (UAN) portal and your UAN is operational, use the Composite Claim Form (Aadhaar).

2. Fill out the form and submit it to the EPFO office in your jurisdiction without the employer's signature.

Composite Claim Form (Non-Aadhaar)

1. If your Aadhaar number isn't seeded on the UAN portal, you can utilise the Composite Claim Form (Non-Aadhaar).

2. Fill out the form and submit it to the EPFO office in your area, together with the employer's attestation.

How to Withdraw Money after retirement from an EPF Account Online?

Step 1: Navigate to the UAN Member e-Sewa portal- https://unifiedportal-mem.epfindia.gov.in/

Step 2: Enter your UAN, password, and the CAPTCHA. Now, select the Sign-in option.

Step 3: Next, from the top menu, select Online Services.

Step 4: Finally, select the CLAIM option.

Step 5: You must double-check the information on the Online Claim form.

Step 6: After verification, submit your bank account number.

Step 7: Press the Verify button.

Step 8: On the certificate of the undertaking, click the yes button.

Step 9: The following step will ask you to proceed with the claim by clicking on the Proceed for Online Claim button.

Step 10: You must now indicate whether you request an advanced PF withdrawal on the claim form.

Step 11: Select the reason for withdrawal from the 'Purpose for which advance is requested' drop-down box.

Step 12: In the Employee Address column, enter the needed amount and your mailing address.

Step 13: Select the certificate and complete the form.

Step 14: You will then be asked to submit scanned documents for the purpose for which the claim form was filled out.

Every employee withdrawing EPF funds should know that their employer must accept their request before the withdrawal can be completed. 

Also Read: EPF Withdrawal Procedure - How to Withdraw PF Online? Application, Status

Conclusion

Employees' Provident Fund is a saving and retirement fund for employees who meet certain criteria. When employees retire, they will be able to rely on this fund. Various documents are required to withdraw PF online which have been highlighted in this article. A proper procedure which is to be followed to withdraw PF after retirement has also been mentioned in a step-by-step process.

For the latest updates, news blogs, and articles related to micro, small and medium businesses (MSMEs), business tips, income tax, GST, salary, and accounting, follow Khatabook.

FAQs

Q: Is it possible to nominate more than one individual for PF?

Ans:

You may nominate more than one employee, but each nominee's share must be clearly stated.

Q: What is the maximum number of times I can update my nomination?

Ans:

You have the option of changing your nomination as frequently as you like. Each nomination takes precedence over the one before it.

Q: What is the maximum amount of interest earned on PF contributions?

Ans:

Interest on PF contributions is currently authorised at a rate of 9.5% per annum.

Q: What are the Employees’ Provident Fund & Miscellaneous Provisions Act, 1952?

Ans:

It is a social security legislation designed to protect employees and their dependents in unforeseen events in the future.

Q: Is it possible to make an early EPF withdrawal from a bank account?

Ans:

Yes, if certain conditions are met, you can make early EPF withdrawal by producing documentation evidence.

Disclaimer :
The information, product and services provided on this website are provided on an “as is” and “as available” basis without any warranty or representation, express or implied. Khatabook Blogs are meant purely for educational discussion of financial products and services. Khatabook does not make a guarantee that the service will meet your requirements, or that it will be uninterrupted, timely and secure, and that errors, if any, will be corrected. The material and information contained herein is for general information purposes only. Consult a professional before relying on the information to make any legal, financial or business decisions. Use this information strictly at your own risk. Khatabook will not be liable for any false, inaccurate or incomplete information present on the website. Although every effort is made to ensure that the information contained in this website is updated, relevant and accurate, Khatabook makes no guarantees about the completeness, reliability, accuracy, suitability or availability with respect to the website or the information, product, services or related graphics contained on the website for any purpose. Khatabook will not be liable for the website being temporarily unavailable, due to any technical issues or otherwise, beyond its control and for any loss or damage suffered as a result of the use of or access to, or inability to use or access to this website whatsoever.
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Disclaimer :
The information, product and services provided on this website are provided on an “as is” and “as available” basis without any warranty or representation, express or implied. Khatabook Blogs are meant purely for educational discussion of financial products and services. Khatabook does not make a guarantee that the service will meet your requirements, or that it will be uninterrupted, timely and secure, and that errors, if any, will be corrected. The material and information contained herein is for general information purposes only. Consult a professional before relying on the information to make any legal, financial or business decisions. Use this information strictly at your own risk. Khatabook will not be liable for any false, inaccurate or incomplete information present on the website. Although every effort is made to ensure that the information contained in this website is updated, relevant and accurate, Khatabook makes no guarantees about the completeness, reliability, accuracy, suitability or availability with respect to the website or the information, product, services or related graphics contained on the website for any purpose. Khatabook will not be liable for the website being temporarily unavailable, due to any technical issues or otherwise, beyond its control and for any loss or damage suffered as a result of the use of or access to, or inability to use or access to this website whatsoever.