Table of Contents
Introduction
The Provident Fund (PF) is a long-term savings scheme designed to provide financial security after retirement. However, employees can withdraw funds under certain conditions like retirement, unemployment, medical emergencies, or home purchases. Understanding the PF withdrawal form and its rules ensures a hassle-free process.
Types of PF Withdrawal Forms
There are different forms for PF withdrawal, depending on the purpose:
- Form 19 – Used for final PF settlement after resignation or retirement.
- Form 10C – Required for withdrawing the pension component under the Employee Pension Scheme (EPS).
- Form 31 – For partial withdrawals due to specific reasons like medical treatment, home purchase, or higher education.
- Form 10D – To claim a monthly pension after retirement.
Eligibility Criteria for PF Withdrawal
Employees can withdraw their PF balance under these conditions:
- Retirement – Full withdrawal is allowed after reaching 58 years.
- Unemployment – After one month of unemployment, 75% of the balance can be withdrawn, and the remaining 25% after two months.
- Partial Withdrawals – Allowed for specific reasons, such as medical emergencies, home purchase, education, or marriage.
How to Submit PF Withdrawal Forms
You can withdraw PF either online or by submitting a physical form.
Online Submission (Through UAN Portal)
- Log in to the EPFO Member Portal using your Universal Account Number (UAN).
- Select ‘Online Services’ → ‘Claim (Form-31, 19 & 10C)’.
- Verify your bank details and submit your withdrawal request.
Offline Submission
- Download the required PF withdrawal form from the EPFO website.
- Fill in the details, attach necessary documents, and submit it to your employer or the EPFO office.
Tax Rules on PF Withdrawal
- Withdrawals before 5 years of continuous service attract tax deduction at source (TDS).
- No TDS is deducted if the withdrawal is below ₹50,000.
- PF withdrawals after 5 years of service are tax-free.
Common Reasons for EPF Withdrawal and Rules
- Unemployment: Withdraw up to 75% after one month and the rest after two months.
- Education: Withdraw up to 50% for higher education after 7 years of contribution.
- Marriage: Withdraw up to 50% for marriage expenses after 7 years of contribution.
- Medical Emergencies: Withdraw funds for urgent medical treatments for yourself or family.
- Home Purchase: Withdraw funds for buying or constructing a house after a specified period.
- Home Renovation: Withdraw funds for home improvements after 5 or 10 years.
- Retirement: Withdraw up to 90% after reaching 54 years or one year before retirement.
Conclusion
Understanding the PF withdrawal forms and rules is crucial for smooth claim processing. Whether applying online or offline, following the correct procedure ensures a hassle-free withdrawal. Always check eligibility, tax implications, and required documents before submitting your claim.
Disclaimer: The views expressed here are of the author and do not reflect those of Dhanvantree. Mutual funds are subject to market risks, please read the scheme documents carefully before investing.