Provident Fund (PF) – Meaning and Law
Public Provident Fund (PPF) is the scheme of the central government formulated under the Public Provident Fund Act, 1968. It is a long-term small savings scheme which facilitates people to attain a security for retirement while saving tax by investing in the scheme. Interests are provided on such deposits.
How to withdraw PF
- Fill up Form 19 which is available with the employer or on the EPFI website.
- Submit it to the regional EPF office.
- Apply for PF withdrawal if you have the Universal Account Number (UAN) which the employer will know. You have to get the number from him.
- If you don’t have UAN, submit your application directly to the regional EPF office. But you have to get it attested by a Bank Manager or a gazetted officer or magistrate/Post Master/Sub Post Master/Notary Public.
Withdrawal without attestation from the employer
- With Aadhar Card
- Link your Aadhar Card on EPFO web portal. (Your aadhar card should have already been verified by your employer and your bank account)
- Download and fill up Form 10, 31 and 10C.
- Attach a cancelled cheque and submit the form to the nearest EPF office.
- Without Aadhar Card
- Download and fill up Form 19, 31 and 10C.
- Get it attested from the authorities mentioned above (on every page of the Form).
- For reason of direct withdrawal of PF, mention the reason “Non-cooperation from ex-employer).
- Attach an indemnity bond on 100 Rs stamp paper.
- Attach copies of appointment letter, payslips, Form 19, your company ID card and KYC document and submit them to the nearest EPF office.
How to transfer the PF account from one company to another
- With the UAN number, visit the website http://www.members.epfoservices.in/home.php and create a UAN based login ID.
- Fill out the required spaces like UAN, details of current employer such as establishment number, account number, mobile number, etc.
- Check your transfer eligibility. Locate the state and then the employer from the list.
- Submit a photo ID proof such as driving license, aadhar card, etc.
- You will receive a PIN on your mobile number and you have to verify it.
- Then you will be redirected to the claims portal. Provide your document ID and mobile number for log-in.
- Request for transfer of account and fill-in the required details such as bank account details, details of old PF account and current PF account, etc.
- After filling in the information, check the preview and go with it. The transfer process would be initiated.
Important Things to Remember
- PF withdrawal is not a good idea unless you have emergency financial constraints;
- When switching job, don’t withdraw the PF but transfer it to new employer;
- Attach your employment letter with the application under Form 19;
- Get attestation from that Bank Manager in whose bank you have maintain an account;
- Form 19 is for making PF withdrawals while Form 10C is for pension benefits withdrawal;
- Bank account in which you want the PF should match the bank account details under UAN;
- For more details, visit http://www.epfbng.kar.nic.in/ or epfindia.gov.in