You will have to fill the PF withdrawal form and submit it at the Regional Provident Fund Office. Moreover, you can easily check the jurisdiction of your PF office through the alpha-numeric Provident Fund Account Number which shows your state and location from your salary slip.
You will have to follow the old process of PF withdrawal where you submit your identity attestation from a bank manager or magistrate or gazette officer.
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PF WITHDRAWAL - ONLINE EPF WITHDRAWAL PROCESS 2023
PF Withdrawal - Online EPF Withdrawal Process 2023
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CONTENTS[Show]
Employees’ Provident Fund (EPF), also referred to as PF (Provident Fund), is a mandatory savings cum retirement scheme for employees of an eligible organisation. The employees can fall back on the corpus of this fund post-retirement.
As per the EPF rules, the employees must contribute 12% of their basic pay every month to this fund. The employer contributes a matching amount to the employee’s PF account. The amount deposited in EPF accounts earns interest on an annual basis.
Employees can withdraw the entire sum accumulated in their EPF once they retire. However, this article explains how one can make premature withdrawals from the EPF account after meeting certain conditions.
PF Updates
The EPFO gives an interest rate of 8.1% to subscribers of the Employee Provident Fund (EPF) for 2022-23. It was the lowest interest rate since 1977-78, when the EPF interest rate was 8%.
Starting FY 21-22, interest on employee’s contribution to an EPF account above Rs 2.5 lakh during the financial year is taxable in the hands of the employee. This interest is also subject to TDS under section 194A.
When Can You Withdraw EPF?
One may choose to withdraw EPF entirely or partially.
Complete Withdrawal
EPF can be withdrawn entirely only under the following two circumstances:
When an individual retires
When an individual is unemployed for more than one month, he/she can withdraw 75% of the total accumulated amount and can withdraw the rest 25% if the unemployment period stretches beyond two months.
Individuals cannot make a complete withdrawal of EPF balance while switching employers if they don’t remain unemployed for two months or more (i.e. the interim period between changing jobs).
Partial Withdrawal
Partial withdrawal of EPF balance can be made only under certain circumstances. They are explained in the table below.
Sl. No. Particulars of reasons for withdrawal Limit for withdrawal No. of years of service required Other conditions
1 Medical purposes Lower of below:
i. Six times the monthly basic salary, or
ii. The total employee’s share plus interest,
No criteria Medical treatment of self, spouse, children, or parents
2 Marriage Up to 50% of employee’s share of contribution to EPF 7 years For the marriage of self, son/daughter, and brother/sister
3 Education Up to 50% of employee’s share of contribution to EPF 7 years Either for account holder’s education or child’s education (post matriculation)
4 Purchase of land or purchase/construction of a house For land – Up to 24 times of monthly basic salary plus dearness allowance.
For house – Up to 36 times of monthly basic salary plus dearness allowance,
The above limits are restricted to the total cost. 5 years i. The asset, i.e. land or the house, should be in the employee’s name or jointly with the spouse.
ii. It can be withdrawn just once for this purpose during the entire service.
iii. The construction should begin within 6 months and must be completed within 12 months from the last withdrawn instalment.
5 Home loan repayment Least of below:
i. Up to 36 times of monthly basic salary plus dearness allowance, or
ii. Total corpus consisting of employer and employee’s contribution with interest, or
iii. Total outstanding principal and interest on housing loan 10 years i. The property should be registered in the name of the employee or spouse or jointly with the spouse.
ii. Withdrawal permitted subject to furnishing of requisite documents as stated by the EPFO relating to the housing loan availed.
iii. The accumulation in the member’s PF account (or together with the spouse), including the interest, has to be more than Rs 20,000.
6 House renovation Least of the below:
i. Up to 12 times the monthly wages and dearness allowance, or
ii. Employees contribution with interest, or Total cost. 5 years i. The property should be registered in the name of the employee or spouse or jointly held with the spouse
ii. The facility can be availed twice:
a. After 5 years of the completion of the house,
b. After the 10 years of the completion of the house
7 Partial withdrawal before retirement Up to 90% of accumulated balance with interest Once the employee reaches 58 years and withdrawal should be before one year of retirement/superannuation (retirement fund for employees by the company)
Here, it would be relevant to mention that the Employees’ Provident Fund Organisation has allocated UAN, i.e. the Universal Account Number compulsory for all the employees covered under the PF Act. The UAN would be linked to the employee’s EPF account. The UAN remains portable throughout an employee’s lifetime, and there is no need to apply for EPF transfer at the time of changing jobs.
Procedure for EPF Withdrawal
Broadly, the withdrawal of EPF can be made either by submitting:
Physical application
Online application
Physical Application
Download the new Composite Claim Form (Aadhaar)/Composite Claim Form (non-Aadhaar) to withdraw the EPF balance.
Composite Claim Form (Aadhaar)
Use the Composite Claim Form (Aadhaar) if you have seeded your
Aadhaar and bank details on the UAN portal and if your UAN is activated.
Fill and submit the form to the respective jurisdictional EPFO office without the attestation of the employer.
Composite Claim Form (Non-Aadhaar)
You can use the Composite Claim Form (Non-Aadhaar) if the Aadhaar and bank details are not seeded on the UAN portal.
Fill and submit the form with the employer’s attestation to the respective jurisdictional EPFO office.