Effective Ways To Make Pf Withdrawal In Simple Process
Now, most of the private companies provide a provident fund to their employees after their retirement. The provident fund gives a financial security to the employees and the amount will be deducted from every month salary and it added to the fund account of the person in monthly. The account of pf is available for fifteen years if the employee withdrawals the fund from their account it will go under strict regulation to use the account. Three types of provident funds are available such as general provident funds it is for government employees, the public provident fund for public and employee provident fund. The account holder must have a fifty percent amount in their account. The person cannot withdrawals the entire amount at the end of tenure. The account holder only withdrawal the money and the withdrawal make to change the jobs of the employees. After the completion of fifteen years, the account holder can expand for five years.
Why the account holder does not withdraw in earlier:
- The provident fund is ensuring to withdraw an enough amount from the fund account after retirement. The interest earned in the pf account is tax-free and it is a great tool to save a little amount from the salary of each month. Different reasons are given below,
- The provident fund amount is only processed on the after retirement, you should not touch it before the retirement. It gives life to be stress-free for the employer after the retirement.
- If you withdraw an amount from your account within five years of opening, you have to pay tax for the interest which you earned in your pf account.
- The account holder can transfer the account to other new company if you switch your job.
- Withdraw the pf amount will provide against the rules of the employee and employer for some limited period of employment.
Withdraw pf amount without signature:
Getting an attestation from the employer for the withdrawal is mandatory. Get the signature from the previous employer, you have to left the job and get the signature from them. Follow the pf withdrawal process are given without employer signature.
Withdrawal pf amount with an Aadhaar card:
- For withdrawal pf amount the employee chooses the member option in the official portal. One can withdraw amount by the Aadhar card.
- The salary bank account and Aadhar card are verified via employer and it is enabled in the member portal.
- Activate the Universal account number and you start the withdrawal process without the signature of employee.
- Download the new employee provident fund from the EPFO web portal. In the form enter the required detail which is given in the form.
- Find the account number of the bank and UAN should be matched on the database.
Check the Related Pages – PF transfer
Procedure to withdraw pf:
Now the account holder can withdraw the amount from online with Aadhar card. Using the online platform you can withdrawal the amount easily without any risk. If the Aadhar card number matches in the web portal then the employee can withdraw faster.
- First, visit the web portal and download the form based on the type.
- The filled forms have to be submitted by the cheque of the bank.
- Submit all the required details in the document, if you are going via as employer.
- If the application of the withdrawal is not in the employer, you can get the attestation from the manager of the bank.
- After completing the form you just submit the attested from to the provident fund office for other approvals.
Ways to withdraw provident fund:
Withdrawal is not allowed if the employee is not retired from the job. The withdrawal option is switched based on your job and now available in the web portal.
Apply for pf withdrawal through UAN:
The employee must download the form and fill, submit it to the pf office. After submitting the application form the amount can be received within three months. You can directly apply for PF withdrawal by UAN. With the help of UAN one can apply the withdrawal form in online.
Submit the application in Pf office:
After filling the form employer submit directly to the provident fund office. It requires an attestation process to applying for withdrawing. The employee gets attested from any bank manager, magistrate, gazette officer, etc for applying for withdraw process. Attaching the proof employment makes easy to withdrawal the amount from your account. So, read the above instructions to withdraw your expected amount from the provident fund account are effective.
Purpose and Needs of the Provident Fund Withdrawal
The employee provident fund organization is planning to facilitate the online facility for the provident fund withdrawal. The online facility is more useful for the employee to get the provident fund amount in an easy manner. The provident fund requires the simple process to fill out the form for getting the money in a simple manner. The company provides the partial provident withdrawal amount to the employee on resignation and the employee can continue the provident fund membership. There are many reasons that the employee gets the amount directly from the provident fund office. It is the great idea for the employee to make the provident fund easier in a simple manner. This facility to withdraw the provident fund is likely to be shortening for the provident fund money. This facility requires the tedious paperwork that represents the process very simple for the employee provident fund members. The employee can withdraw their amount if they have completed the service more than two months and it is the mandatory rule and fulfill some condition. The employee can withdraw their amount if they have not any job until two months after the resignation.
Purposes of the PF withdrawal:
There are many purposes that the employee withdraws the provident fund for their convenience.
The employee can withdraw the provident fund for their self-purpose, siblings, and others. Though, they have completed the minimum of seven years of service to withdraw the fifty percent of the fund.
The employee can also withdraw the provident fund for the purpose of the medical treatment. For the medical purpose, the employee can withdraw the provident fund up to six times of their monthly salary for the parents, spouse, children and others.
If the employee wishes to buy the property for their convenience, the property must be registered in his or her name. This one requires minimum five years of service to withdraw the provident fund for the construction purpose. It is the important one for the employee to withdraw the fund once during the service of the provident fund holder.
If the employee withdraws the provident fund for the purpose of the loan repayment option, the property must be registered in his or her name. It is the mandatory one for the employee to withdraw the provident fund quickly. This one requires the minimum of ten years of service to withdraw the provident fund about the monthly remuneration of the provident fund holder.
The employee must be fifty-four years old to withdraw the amount of the provident find in their respective account.
The employee also withdraws the provident fund for various like the physical and mental disability. The early provident fund office is expected to extend this type of facility in the form of online. The employee takes some consideration to choose the right provided fund scheme that is suitable for you and your family. The employee meets the condition of the provident fund withdrawal in the future life.
- 1 Effective Ways To Make Pf Withdrawal In Simple Process
- 2 Purposes of the PF withdrawal: