Employees Provident Fund Scheme is one of the savings plan in India from the portion of employees salary i.e. 12% PF on monthly basic salary and the same amount is contributed by the employer.
Employees can withdrawal their EPF when resigning or quit from employment and also they will withdrawal their EPF earlier itself, it means that during the employment with an organisation.
Employees Provident Fund has made allotment of Universal Account Number (UAN) mandatory for all the employees who are eligible under the Provident Fund Act.
When can EPF be withdrawn
Provident fund can be withdrawn full or partial amount in any one of the subsequent cases.
When an employee retires from his job
If an employee unemployed since two months
For medical expenses purpose
Wedding or educational expenses purpose
House construction or home loan purpose
EPF amount can withdraw by using the below forms
Form 19: You can use this form to withdraw PF amount that is 12% and 3.67% (Account No.1)
Form 10C: You can use this form to withdraw Pension Fund 8.33% Account No.10
The above two forms are available with your employer or you can download from EPF website.
Should have the below information to fill the above said PF forms
Date of Joining
Date of Leaving
PF account number
Bank account number of applicant and need to enclose cancelled cheque
Process to apply PF
Your current company of HR department will give you PF withdrawal forms (form 19 & 10c) and they can guide you to fill the forms.
While filling of PF forms, employees need to mention joining and exit dates, employees can find joining and exit dates in their reliving letter or they can reach out to the HR department of the organisation for required information.
Need to submit blank cancelled cheque to the HR department along with the above said forms
HR can sign on those forms and they will process EPF for withdrawals
PF department will take 15 days to 1 month to process your PF application
Total PF withdrawal amount directly credited to the applicant bank account
The applicant will receive provident fund along with interest on cumulative PF.