Employee Provident Fund, also known as EPF, is the share of your income that you invest as your PF throughout the employment tenor to accumulate a corpus. The contribution towards your PF is made by your employer (10% to 12% of your salary), you (10% to 12% of your salary) and the Government (3.67%).
You are eligible to withdraw your PF under three circumstances –
- Completing your service period.
- Age of 54 years
- 2 months of continuous unemployment.
Furthermore, you can also transfer your PF account from your previous employer to your current employer in case you change your job. Your PF account holds a Universal Account Number or UAN that remains unique to you throughout the employment tenor. You can use your UAN to access your online PF account, transfer or withdraw your PF balance online, view your PF passbook, etc.
In case you wonder how to withdraw PF online with UAN, you can follow the steps as mentioned below.
- Visit the official EPFO portal and login with your password and UAN.
- After you have logged in the PF account click on ‘One Member – One EPF Account’ present under the ‘Online Services’ menu.
- Verify your PF account details for current employment and your personal information.
- Click on ‘Get Details’ to view the required information on your previous employment.
- Choose between ‘present employer’ and ‘previous employer’ and provide your UAN or member ID.
- Click on ‘Get OTP’ to receive an OTP on your registered mobile number.
- Share the OTP you receive and click on submit.
After you have clicked on ‘Submit,’ your employer will have to approve your EPF transfer request on the portal digitally. Following the approval, you will have to fill form 13 with PF details of both your previous and current employer. As and when you submit the form, you will be provided with a tracking ID which you can use to track status of your claim. Download the claim form in a PDF format and submit the hard copy of the claim form with your signature to the specified employer within 10 days.
Now that you are aware of how to transfer PF online using UAN, you can also withdraw the accumulated PF corpus.
This amount can further be invested in various savings or investment schemes to plan your finances for early retirement. Before you withdraw, you can check your PF balance on the portal following the steps given below.
- Visit the official portal of EPFO.
- Share your UAN, password and enter the correct captcha to login to your EPF account.
- Click on ‘manage’ to verify your KYC details.
- Click on ‘online services’ tab and select ‘claim (form 31, 19 and 10C.)’
- Click on the ‘claim’ option to be able to view your KYC details, service details and member details. Enter the last four digits of your account and click on ‘verify’ option.
- You will receive a certificate to withdraw PF online. Click on ‘yes’ to proceed.
- After you click ‘yes’, you will be redirected to another page where you will have to click on ‘proceed for online claim.’
- You will receive a claim form, where you have to enter the claim that you require.
- Click on PF advance to withdraw your funds.
- You will be provided with a certificate that you have to accept and submit your application.
As and when your application is approved, the amount will be credited in your account within 15 to 20 days.
This amount can be invested in several investments schemes such as Fixed Deposits from NBFCs like Bajaj Finance that offer attractive interest rates for substantial guaranteed returns.
This NBFC also offers calculators to help you estimate your returns before your investment. As the returns are secured and do not depend on the fluctuating market, you can estimate your returns using the specific fixed deposit calculator conveniently.
Additionally, in case you withdraw any amount before 5 years the amount will attract TDS. Besides, you also get to earn interest to increase your retirement savings that helps in yielding higher amount while you withdraw.
Transferring your PF account from one employer to another in case you have a change in your job to avoid legal issues. Follow the steps mentioned above to ensure a hassle-free transfer.