EMPLOYEES PROVIDENT FUND (EPF) WITHDRAWAL MADE EASY NO EMPLOYER SIGNATURE REQUIRED.
EMPLOYEES PROVIDENT FUND (EPF) WITHDRAWAL MADE EASY
NO EMPLOYER SIGNATURE REQUIRED.
At this point is great news for all
EPF account holders. EPFO has come up with new and revised forms using which
EPF withdrawal process is now Very easy and will happen without employer
signature or any participation. Now you can directly submit the EPF withdrawal
forms and the settlement will happen directly into our bank account.
Previously, the EPF forms were
first sent to employer for their verification and signatures, which used to
take a lot of time and many a times employers used to annoy employees because
they had the power to block the EPF withdrawal. However with these new changes,
withdrawing from your EPF account is going to be very easy and fast and now it
makes a lot sense, because EPF should not be linked to employer anyways. Few
months back, With the concept of "UAN" (Universal Account Number), the EPFO had anyways delinked the EPFO from the
employer to some extent, and this move looks like an extension to that.
COMPARISON BETWEEN
OLD vs NEW EPF
WITHDRAWAL PROCESS.
New
Forms:
- 19 UAN (Universal Account Number)
- l0 C UAN (Universal Account Number)
- 31 UAN (Universal Account Number)
EPFO has issued 3
new forms which will be used for as follows
·
Form 19 UAN: You can fill
this form to withdraw from your EPF at the time of retirement or leaving the
job. Taking our money from the EPF is allowed only if you are unemployed for 2
months. So in case you just change a job and join a new company within 60 days,
you cannot officially withdraw from EPF, You need to apply for EPF transfer in
that case
·
Form 10-C UAN: You
can fill up this form in order to withdraw from your EPS amount. EPS account is
a “separate” account linked
to your EPF which is for the purpose of pension. Note that one is allowed to
withdraw from EPS only if your EPF is not more than 10 yrs old.
· Form 31 – UAN: This form can be
submitted if you want to partially withdraw from Employees provident fund (EPF)
account for the purpose like marriage, house buying or medical emergency.
Note that there exist forms 19, 10C
and 31 already (without the word UAN), but now the new forms end with the word “UAN”
to differentiate between old and new forms.
Who can fill up & use these
new EPF forms?
The
new EPF forms can be used by only those employees who fulfil following two
conditions
- UAN (Universal Account Number) must be active and should be linked with Aadhaar number
- Your KYC details (especially bank account number) must be verified by employer using digital signature
If the
above two points are true for you, only then you can use these new EPF
withdrawal forms
NEW WITHDRAWAL FORMS
ISSUED BY EPFO LINKED TO UAN.
Step
by Step process of withdrawing money from EPF account
Let me
help you with the steps of EPF withdrawal now. For the sake of explanation, we
will consider the case of Form 19 UAN, which is used to withdraw the EPF money
once you leave the job or are retired. The same process is used for the other
forms as well.
Step 1:
Make sure your UAN is active and
KYC details are verified
These
new forms can be used only by employee whose UAN is active and all the KYC
details are verified by employee as explained above.
Hence, the first step is to verify your eligibility. For that, you can go to http://uanmembers.epfoservices.in/ and
login with your login and password and then go to Profile->Update KYC Information, where you can either
update the details or check them. It looks something like the below example
In case, you have more than two UAN allotted to you, then you
should discard one of them and should be using the latest one provided to you
by the current employer.
Step 2
Fill up the EPF Withdrawal form
and send along with cancelled cheque
Once
you have verified that all the details are fine. You can then fill up the form.
Below you can see form 19 UAN as an example. One has to provide the Mobile
number, UAN number, date of leaving, the reason for leaving the service (make
sure you choose it properly, because “TDS will be applied
depending” on that reason), PAN & full postal address.
Note
that apart from this form, you also have to attach the cancelled cheque of the
bank account which is mentioned in the UAN KYC details.
Step 3:
Send the form to the EPF
jurisdiction office
Finally,
the last step is to submit this form, along with the cancelled cheque to the
EPF office which comes under your jurisdiction. The simple way to find the
exact address of the regional EPF Office is to go to
http://search.epfoservices.org:81/locate_office/office_location.php
and enter your state and district
of the office where you work/worked. You will get the full address. You can
then courier the documents to that address.
The
above 3 steps will help you to withdraw from EPF money easily. If you want to
withdraw your complete EPF amount, then you need to fill up Form 19 UAN and
form 10-C and send both of them.
BONUS:
Fill up Form 31 UAN to withdraw from EPF for purpose of buying house
Let me
also share one very important thing related to buying house or repayment of
house loan through EPF amount. Form 31 UAN can be filled for partial withdrawal
for the purpose like buying house, repaying home loan or things like medical
emergency or marriage at home.
You
can see the snapshot of form 31 UAN below. If you look at 4th and 5th point,
you can clearly see that you can take the money directly in the name of the
“agency”, which can be the builder or the company which is helping in
construction of house. The cheque can be taken for that.
“EPF
Withdrawal process to be online very soon”
I hope
you are now clear about these EPF withdrawal forms and how to fill them up.
Note that very soon these facilities will become online; it’s just a matter of
time. Once that happens, the process will be much smoother and fast, because
things will become online.
Let me
know if you have any doubts or any questions on this topic. Do you think these
forms will help in EPF withdrawal a bit faster?
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