How to Withdraw PF Online – Complete Guideline

PF (Provident Fund) is the amount contributed by an employee and his company. If you are working in an organization whether in corporate or government sector, you always need to deposit a certain amount of money as your pf amount. 12 percent of your basic salary is submitted as your pf amount. However, you must avoid withdrawing this retirement amount, but there could be situations when you badly need the same. You also need to understand the fact that if you withdraw PF before 5 years, you may not be entitled to enjoy tax-free earning. Do you still want to withdraw your provident fund? If yes, then you should check out stated below complete guidelines on how to withdraw PF online. So, keep reading the same.

Why Should You Avoid Withdrawing PF?

However, it is true that you may need some amount of money badly to cater your specific requirements, but still withdrawing PF isn’t a right practice to continue. PF is gradually generated to help an employee financially when he or she retires from the job. The best part of this savings is that you can grab 8.75% of interest per year on the same. Moreover, you don’t need to pay tax for the same provided that your PF account should be 6 years of old. If you are going to switch your job, you should avoid withdrawing the PF amount. Instead, you need to transfer your PF amount from one account to another one.

There are various reasons that motivate you to avoid withdrawing your PF amount.

  • This amount is meant as a help for your retirement. Moreover, it also helps you cultivating the habit of saving money.

  • If you decide to withdraw this amount within five years of your PF account opening, you need to pay certain tax on the interest you earned.

  • If you decide to withdraw your PF amount after five years of account opening, you may enjoy tax-free interest on PF under Income Tax Act, under section 80C.

  • You are always capable of transferring your PF account to a new organization if you are going to switch your existing job.

Situations When an Employee Find PF Withdrawal a Hard Nut to Crack

There are various situations when you may find withdrawing PF amount a hard nut to crack. Do you still have several doubts? If so, then you should check out stated below examples.

David Martin left his job five years ago, but he didn’t submit the form for PF account transfer. Now, when he decides to withdraw his PF amount, he has to cope with negativity as his previous company is not working at the moment. Since the firm has been shut down, David Martin is not capable of providing certain documents.

Another example is of Lisa Ann. She was working for a financial firm, but due to grab a new job, she decided to leave the existing firm. She officially did everything to withdraw PF amount or transfer the PF account, but her employer hasn’t worked on the same. Now, two months have completed since she visited to submit all the essential documents to withdraw her PF amount. So, these could be reasons that insist individuals to withdraw their PF amount as soon as possible.

Methods on How to Withdraw PF Online or Offline

However, you can't withdraw your PF amount officially if you are working with a company, but you can still withdraw the amount. There could be situations when you badly need your saved money. You may withdraw money if you are going to switch your job, or not willing to transfer the PF amount. Let’s check out the complete procedure of withdrawing PF online.

  • First you need FORM 19. You may grab it from your employer or download it from EPFI portal.

  • Fill the application form.

  • Submit the PF application form to your regional EPFO.

  • You will receive the PF amount with certain interest earned on the same in 90 days.

How to Withdraw PF Online Through UAN

Yes, you can easily withdraw your PF amount through UAN (Universal Account Number). If you have UAN number, you can directly apply for withdrawing PF money. You even don’t need to seek approval from your previous employer. However, it is a safe and secure option, but most of the employers or companies don’t share UAN with their employees. So, if you don’t have UAN number, you may not be able to withdraw your PF money using this method.

How to Withdraw PF Online Directly Through the Regional EPFO

If you don’t want to go through aforesaid process of withdrawing PF money online, you can submit a pf withdrawal application form directly to the regional EPFO or PF office. For this, you need to follow stated below instructions.

  • Fill a PF withdrawal application form with required details.

  • Submit the form to your PF office.

  • You also need to provide your employment details, ID proof, bank details, etc.

  • You also need to mention the reasons of choosing direct PF amount withdrawal from the EPFO.

  • Renenverm submitting a PF withdrawal application form directly to EPFO needs attestation.

Who Can Attest the Documents?

  • Notary public

  • President of Panchayat/village

  • Magistrate, post or Sub Post Master

  • An authorized government officer

  • Bank Manager

It is the complete procedure of how to withdraw pf online. by going through this process, you can easily withdraw your PF online.