October 1, 2012

How to withdraw provident fund (PF) amount in India

We all know about EPF (Employee provident fund), a deduction in your salary slip. There are certain rules  in case of EPF withdrawal. Generally when an employee gets retired or ends his job with the current organisation, he/she can claim the PF amount accumulated till date. Also you can transfer your EPF balance to your next organisation as well.

This post will help you with the steps, in case you have decided to withdraw the accumulated money with  your previous organisation.

1) Generally you can claim you previous company PF balance after 45-60 days (Depends company to company)  of your resignation. So better collect all the information about company's internal procedure to apply PF withdrawal after resignation. Because you have to submit the forms (PF withdrawal) to company itself and they will process your request and communicate further to govt body.

2) Next download or collect form 19 & form 10c. You can also get them in your company portal. Otherwise  visit EPFO website to download them. 

3) Next you need a bank account number (Nationalized Bank). In the form you will find SB account and address. Fill the form with all details of bank and your contact number properly. You will receive money in this account and also any alert in the mobile number mentioned. So be careful while updating these details. This is very important section, if any information is found wrong or missing your application will be returned and again it will take 45 days to process your request.

4) There will be another form among them where you will authorize them to deposit the amount on behalf of  you in your bank account. As the money will be sanctioned as a cheque. So be careful while filling that form as well.

5) Next step is, take Xerox copy of the filled forms set, to keep with you for future proof. Then send the forms to previous employer office or PF office as instructed by previous company. Every company has its own procedure to deal with it. Some company have their own PF trust offices where you can send them directly, otherwise companies will collect all these documents from you and then verify from their end and finally submit them to PF India office on behalf of you.

6) After submission of these forms you have done your part. You can always communicate with the PF body of previous company, where you have send the filled up forms. Check with them every after 2-3 months, if it takes time to get the money. 

I have already experienced with both PF withdrawal & PF transfer, both scenarios. 

First was PF withdrawal, where I got the money in my account after 1 year (almost) of application. In that time I have communicated with my earlier company couple of times. They helped me till they had authority. In between for some reason my  
form got rejected and I have to reapply. After final submission to govt office, they can’t provide any  information further. Finally 1 fine day I received 2 sms from EPFO India regarding the payment, after 1 year. That was a superb feeling. 

Now again I have applied for PF transfer to my current organisation. Again more than 1 year, but no good news yet.

Recently services have been improved a lot and many can be done online itself. You can visit the EPFO India  website for more info regarding balance check, challan submission and many things. Visit official website for accurate and latest updates: http://www.epfindia.com/

Share this article :

Get Widget


Get Ahead India - How To Do Things in Daily Life Copyright © 2013 Minima Template
Designed by BTDesigner Published..Blogger Templates · Powered by Blogger