Learn how to claim Provident Fund (PF) with this comprehensive guide. Understand PF meaning, eligibility, required documents, and steps for withdrawal online or offline.
HOW TO CLAIM PROVIDENT FUND (PF) AND WHAT IS THE MEANING OF PF.
Provident Fund (PF) is a retirement savings scheme that is available to employees in India. The scheme is managed by the Employees Provident Fund Organisation (EPFO), which is a statutory body under the Ministry of Labour and Employment. The scheme is mandatory for most employees in India, and employers are required to contribute a certain percentage of the employee’s salary to the PF account every month.
Claiming your Provident Fund (PF) can be a bit of a hassle, but it is an important step towards securing your financial future. In this article, we will take a detailed look at the process of claiming your PF and the various options available to you.
Eligibility for PF Withdrawal:
Before you can withdraw your PF, you need to ensure that you are eligible to do so. There are three main categories of eligibility:
1. Superannuation: You can withdraw your PF balance once you have retired from your job. Superannuation refers to the age at which an employee is deemed to have retired, which is usually around 58-60 years of age.
2. Early retirement: You can withdraw your PF balance if you retire from your job before reaching the age of superannuation. However, you need to have completed a minimum of 10 years of service to be eligible for early retirement.
3. Other reasons: You can also withdraw your PF balance in case of other specific reasons such as illness, disability, marriage, education, or buying a home. However, you need to have completed a minimum of 5 years of service to be eligible for withdrawal under these circumstances.
Documents Required for PF Withdrawal:
The following documents are required for PF withdrawal:
1. PF withdrawal form: This is the primary document that needs to be filled out and submitted to the EPFO. The form can be downloaded from the EPFO website or obtained from the nearest EPFO office.
2. Identity proof: You will need to submit a copy of your PAN card, Aadhaar card, or any other government-issued ID proof.
3. Address proof: You will need to submit a copy of your passport, voter ID card, or any other government-issued address proof.
4. Bank account details: You will need to provide your bank account details, including the account number, IFSC code, and the name of the bank.
5. Cancelled cheque: You will need to submit a cancelled cheque to verify your bank account details.
6. Form 15G/15H: If you are eligible for TDS exemption, you will need to submit Form 15G/15H along with your PF withdrawal form.
Steps to Withdraw Your PF:
The process of withdrawing your PF can be done both online and offline. Here are the steps involved in both methods:
1. Visit the EPFO website: The first step is to visit the EPFO website (https://www.epfindia.gov.in/).
2. Login to your account: If you are a registered member, you can log in to your account using your Universal Account Number (UAN) and password.
3. Click on the ‘Claim’ tab: Once you have logged in, click on the ‘Claim’ tab to initiate the withdrawal process.
4. Select the type of claim: You will be prompted to select the type of claim you wish to make, such as full withdrawal, partial withdrawal, or pension withdrawal.
5. Fill out the online form: Fill out the online form with all the required details, including your bank account details and the reason for withdrawal.
6. Upload the necessary documents: Upload all the necessary documents, including your identity proof, address proof, and cancelled cheque.
7. Submit the claim: Once you have filled out the form and uploaded the documents, click on ‘Submit’