Introduction
The Employees’ Provident Fund (EPF) is a vital savings plan for employees in India. Both employers and employees contribute to this fund, creating a large savings pool for use during retirement or in emergencies. To access these funds, you need to know about various forms and rules. This guide explains the purpose of these forms, the types available, and the withdrawal process to help you manage your EPF funds easily.
Why PF Claim Forms Are Important
PF withdrawal forms let you access the money in your EPF account. These forms are used for different reasons, like full or partial withdrawals, based on your needs. The EPF scheme helps you save a substantial amount of money for your financial security after retirement or for specific needs during your working life.
Types of PF Withdrawal Forms:
- Form 10C: For withdrawing money from the Employees’ Pension Scheme (EPS). Use this if you leave your job before completing 10 years of service or reach the age of 58.
- Form 10D: For applying for monthly pension benefits after retirement if you have completed 10 years of service.
- Form 19: For the final settlement of your EPF account when you retire or leave your job, provided you have been unemployed for at least 2 months.
- Form 31: For partial withdrawals in specific cases like medical emergencies, buying a house, or higher education.
- Form 15G: To avoid tax deduction on EPF withdrawals if you withdraw before completing 5 years of service and your total income is below the taxable limit.
- Form 11: For automatic transfer of your EPF balance when you change jobs.
- Form 20: For the settlement of EPF in case of an employee’s death, used by nominees or legal heirs.
- Form 5(IF): For claiming insurance benefits under the Employees’ Deposit Linked Insurance (EDLI) scheme if an employee dies during service.
How to Withdraw PF:
You can withdraw PF either online or by submitting a physical form.
Physical Application:
- Download the composite claim form.
- Fill out the form with your details.
- Submit the form at the nearest EPFO office.
Online Application:
- Log in to the EPF portal using your UAN and password.
- Verify your KYC details.
- Select the type of claim (full withdrawal, partial withdrawal, or pension withdrawal).
- Submit the application with necessary documents.
- Track your withdrawal status through the UAN member portal.
Eligibility for Withdrawal
Eligibility for EPF withdrawal depends on several factors:
- Retirement Age: You can withdraw the full amount when you retire.
- Unemployment: You can withdraw up to 75% of your EPF funds after one month of unemployment and the remaining amount after two months.
- Partial Withdrawals: Allowed for specific needs like medical emergencies, buying a house, higher education, or marriage.
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.
New EPF Withdrawal Rules for 2024
The updated 2024 EPF rules include:
- Flexibility: You can withdraw up to 90% of your savings after reaching 54 years or one year before retirement.
- TDS Exemptions: No tax deduction on withdrawals after five years of service.
- Grievance Handling: A better portal for tracking and resolving issues related to EPF services.
Conclusion
Knowing about the different PF withdrawal forms and rules is crucial for managing your EPF funds effectively. By using the correct forms and following the procedures, you can access your EPF savings quickly and smoothly. Stay informed and use your EPF wisely to secure your financial future.
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.