Withdrawing Your EPF Online: A Simplified Guide
Personal Finance
09-08-2024
Withdrawing Your EPF Online: A Simplified Guide
The Employees' Provident Fund (EPF) is a retirement savings scheme offered by the Government of India. It allows employees and employers to contribute a portion of their salary towards a retirement corpus. Fortunately, withdrawing your EPF funds can now be done conveniently online.
Benefits of Online EPF Withdrawal
- Convenience: You can complete the entire process conveniently from home, eliminating the necessity to visit government offices.
- Faster Processing: Online applications are generally processed quicker than paper-based claims.
- Transparency: You can track the status of your claim application online.
- Reduced Paperwork: The online process minimizes the need for physical documents.
Eligibility for Online EPF Withdrawal
- Activated UAN: Your Universal Account Number (UAN) should be active.
- KYC Verification: Your KYC (Know Your Customer) details, including Aadhaar, PAN, and bank account information, must be linked to your UAN.
- Minimum Service Period: The eligibility for withdrawal depends on the reason for withdrawal and your service period.
Online EPF Withdrawal Process
- Visit the EPFO website: Go to the official EPFO website (https://www.epfindia.gov.in/).
- Login: Use your UAN and password to log in to your EPF account. Enter the captcha code displayed for verification.
- Verify KYC: Navigate to the 'Manage' tab and select 'KYC' to ensure your KYC details are verified and up-to-date.
- Access Online Services: Go to the 'Online Services' tab and choose 'Claim (Form 19, 31 & 10C)'.
- Review Details: The following screen will display your KYC information and other service details. Verify their accuracy.
- Verify Bank Account: Enter the last four digits of your registered bank account and click on 'Verify'.
- Online Certificate of Undertaking: A pop-up window will appear requesting confirmation that the EPF claim amount will be credited to the mentioned bank account. Select 'Yes' to proceed.
- Choose Claim Type: Click on 'Proceed for Online Claim'. Under the 'I Want to Apply For' option, select the appropriate type of withdrawal:
- Full EPF Settlement
- EPF Part Withdrawal
- Pension Withdrawal
- Reason for Withdrawal: For partial withdrawal, choose the reason from the 'Purpose for which advance is required' option.
- Enter Withdrawal Amount: If applicable, enter the amount you wish to withdraw.
- Upload Documents: Upload scanned copies of any required documents for approval. (Employer approval might be necessary for certain withdrawals.)
- Submit Application: Review your application details carefully. Once confirmed, submit the online application.
EPF Withdrawal Forms
The EPF withdrawal amount is typically credited to your bank account within 15-20 working days from the date of application.
- EPF Form 19: Used for final settlement of EPF upon retirement or unemployment exceeding two months.
- EPF Form 31: For partial withdrawal of EPF, applicable only after retirement or unemployment exceeding two months.
- EPF Form 10C: For withdrawal of Employee Pension Scheme (EPS) funds while remaining a member of the pension fund.
Documents for Online EPF Withdrawal
- Aadhaar Card
- PAN Card
- Cancelled cheque with bank account number and IFSC code
Tax Implications on EPF Withdrawal
The tax liability on your EPF withdrawal depends on your service tenure with your employer at the time of withdrawal:
- Under 5 years: If you haven't completed five years of service, a 10% TDS applies if your PAN is furnished. Without PAN, the TDS is 34.6%.
- Beyond 5 years: No TDS is deducted if you've served for more than five years continuously with the same employer.
- Exemption: Individuals with less than Rs. 50,000 in their EPF account during the withdrawal time are exempt from TDS irrespective of their service period. However, they must mention the withdrawn amount while filing ITR.