Provident Fund is a government-managed retirement savings plan for employees who contribute a portion of their salary towards their pension fund on a monthly basis. These monthly savings accumulate and are easily accessible as a lump sum amount upon retirement or termination of employment. A certain amount of the salary of employed persons is deposited in Provident Fund (PF) every month and is considered the retirement capital of the employees. After the employee leaves the job or retires, he can withdraw the amount from the PF account.
After how long can you withdraw PF once you have left the job:
After leaving the job you can withdraw the amount from the PF account by fulfilling the relevant conditions. For that, you have to fill out form 19/10C. You can fill out this form two months after leaving the job or retirement.
How to withdraw from PF account
- Visit the website www.epfindia.gov.in.
- Fill out the claim (Form-31,19,10C and 10D).
- Complete the verification process by entering the last four digits of your bank account in this section
- Click on Proceed for the Online Claim option. After that, a dropdown menu will appear. From the dropdown select Advance (Form 31).
- While filling out Form 31 you have to mention the reason for withdrawal. And also mention the amount you want. Also, scan a copy of your bank cheque and address and mention it in the form as well.
- You will get an OTP on your mobile. After entering this OTP your claim will be filed.
Avoid these mistakes while withdrawing PF money
- Check whether your Provident Fund Account (PF Account) UAN number and bank account are linked. If the number and bank account are not linked, you will face difficulties in getting the money.
- The appropriate IFSC Code of the bank should be mentioned in the EPFO's records.
- Often the PF account holder does not fulfil KYC. Therefore your application may be rejected. Your KYC details must be correct.
- EPFO has made it mandatory to link the UAN number with Aadhaar Card. Otherwise, you will not be able to withdraw money from the PF account.
- If you have entered the wrong bank account number while filling out the form, it can lead to difficulties while withdrawing the money.
- Fill out the form carefully. Otherwise, your form may get cancelled.
Following these easy steps will help you withdraw your well earned money without unnecessary hassles.