EPFO Rules, Pf Withdrawal Process and Forms, Pf Transfer
Recently employee provident fund organization of India has changed some rules regarding contribution rates and withdrawal process. With new rules, EPFO India has taken many steps to ease the process of Provident fund withdrawal, You can take the amount two months after resigning the job, but it is not good to use this amount before retirement. This article mainly concentrates on new employee provident fund rules, forms to be filled for withdrawal claims and online process through EPFO portal. These details will be helpful for working as well as retired employees.
New EPF RULES:
- To transfer provident fund to a new account or other already existing account, provident fund account holders need to fill form number 13.
- PF amount in one account cannot be transferred to another provident fund account holder.
- It is highly impossible to transfer partial funds to another account, only the total amount available on old provident fund accounts can be shifted to a new account.
- Both employer and employee provident fund organization approval is necessary to use EPF FUNDS.
- In order to merge or shift funds from one account to the other, details like name, father name, date of birth must be same in both the profiles. Or else you will not be able to shift funds.
- Along with provident fund balance, new rules also states that you can transfer employee pension fund amount using UAN number.
How to transfer EPF online
If you have made a final decision to utilize EPF funds, the first thing you need to do is to download form number 13 from EPFO India website, completely fil the form and submit it to the employer. The employer verifies your details and forwards your application to the retirement fund organization i.e. EPFO, then this organization will send your documents to your previous employer.If your application is approved there, PF account gets transferred with in 24 to 48 working hours, the amount will reflect in your new account.
PF withdrawal chain goes in the following way:-
Download PF withdraws form – send it to present employer –documents will be forwarded to EPFO – later to the previous employer- then he may accept or reject it.
I\How to transfer provident fund balance without the approval of your employer:-
Are you the type of person who Don’t want to roam around your employer until he accepts your request , the new employee provident fund rules are for people like you.Noe you don’t need to wait until the employers keep a signature or forwards your request to EPFO , apply for withdrawal without his approval. But you should have UAN number in your hand , along with this number your, Aaadhar card , pan card bank account details must be updated in UNIVERSAL account number website.Actually, you have 4 methods with which you can move employee provident fund balance to another account or to completely withdraw the funds, they are
- EPF offline transfer, you have to go for this way if your details in old provident fund account didn’t match with new account.
- Online transfer at OTCP portal but employer must have digital signature of the employee.
- Transfer using UAN portal, if you have taken universal account number from your previous employer, then the old amount can be automatically transferred to the present employer.
- EPF transfer via SMS .
The Provident fund transfer status can be checked at any time through online claims transfer portal and it is possible to verify all claims at employee provident fund organization claims portal using PF number.
New provident fund withdraws rules 2017
- Right now, Provident fund withdrawal is not possible without the universal account number.
- You have to wait at least six months for EPF withdrawal.
- Tax deduction scheme is only applicable for early withdrawal, I,e if it is done before 5 years from the date of staring your provident fund account. If pan card is linked to your account, the deduction rate is 20% or else only 10% tax will be deducted.
- For the withdraw of a mount whose value is less than Rs.50,000, TDS is not applicable.
- The provident fund amount is completely tax-free after 5 years.
Employee provident fund withdrawal forms
These forms are available at EPFO portal, download them IN PDF format and obtain a copy in the form of printouts or the forms are also available at regional PF offices.
- Use Form 31 to use some part of your provident fund amount, the form file size is very low. Download it from employee provident fund organization portal.
- If you want to pay for life insurance corporation bills from provident fund balance , get the form number 14.
- Employees who crossed 58 years are eligible for pensions, the should download or get form 10 D and submit it to the organization.
- Form C should be compulsorily filled by employees whose age is less than 58 years.
Submit form 19 to withdraw the benefit that is added to your provident fund account after 10 years from the start of contribution.
- The amount in PF account should be either transferred to bank amount or you should with draw it right before 3 years after maturity, you wont get any interest after this period.
- In case if the PF account hold has passed away suddenly, use form number 20.
- Now a days people are not depending on these forms, instead, they are using UAN services as the online services are quicker.
Offline employee provident fund withdrawal process
For online withdrawal, you have to submit the request via EPFO website but for an offline process, download PF withdrawal form or ask for it as provident fund office. Fill it completely, furnish bank account number, attach PAN and aadhar card and submit it to a regional office. It will take around 3-4 weeks to process your application and credit amount into your account.