Having a comprehensive knowledge of how to withdraw PF online after leaving job will enable you to spot the best time to make such a request. Also, without a clear understanding of the eligibility requirements, you might continue to experience a decline in your withdrawal requests.
In this guide, you will learn about PF, the eligibility criteria, and the steps to withdraw the PF successfully.
How To Withdraw PF Online After Leaving Job
Before taking you through the eligibility requirements and the procedures, let’s dive in real quick into what a PF is.
What is Provident Fund (PF)
It is a joint saving or contribution made by an employer and employees to enhance their financial responsibilities after retirement or exiting a job. The percentage contributions are between 2- 15 % of salary deduction and employment welfare contributions. It also includes the accumulated interest earned on the savings up to the withdrawal time.
In addition, you are entitled to make a withdrawal request for your PF once you are fifty-eight years. However, it is possible to withdraw or transfer PF before you attain this age if you meet the eligibility criteria.
Eligibility criteria for withdrawing PF online after leaving job
You must fulfill These eligibility requirements to withdraw your PF seamlessly after resignation or retirement.
- You must be a member of EPF with your profile fully updated on the portal
- You must have tendered a notice period in the job of at least one month to your employer or pay the equivalent deduction.
- Two months of continuous service with your current employer must be completed.
Steps to for withdrawing PF online after leaving job
These are the steps to follow to withdraw your PF online after leaving job
You should visit the EPFO’s official portal to access your profile using your universal account number (UAN) and password to log in. You will also need to complete the captcha.
After logging into the site, please navigate to the online service option, click on it, and select Claim from the drop-down menu.
Proceed to fill in your bank details and click on verify. This will authenticate your profile details on the site.
Ensure all the details that popped up are accurate, then select the yes button and click on Proceed with Online Claim.
If step four is successful, you will see the “I want to Apply for” button; click on it and select the type of claim you are applying for. Here you should select the PF Advance form.
After selecting it, you should complete the form with the required details and justify the amount you want to withdraw with genuine reasons. Then submit your application and attach relevant documents as requested.
At this step, your account will be credited if all the information and documents provided scale through verification and PF approval.
Frequently Asked Questions (FAQs)
Is withdrawal of PF online after leaving job taxable?
It is taxable if your service is not up to five years, but if it is five years and above, you can withdraw the whole amount and the interest without any tax.
How long does it take to withdraw money from the PF account?
You will receive a bank alert of your PF funds immediately after verifying and approving your application. And these procedures could take up to twenty days due to bulky applications, verification challenges, and others.
Can I withdraw my PF without transferring?
Yes, you can make a withdrawal request if you don’t want to transfer the PF to your new job savings or contribution.