Here is a great news for all EPF account
holders. EPFO has come up with new and revised forms using which EPF withdrawal
process is now super easy and can happen without employer signature or any
involvement. Now you can directly submit the EPF withdrawal forms and the
settlement will happen directly into your bank account.
Earlier, 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 harass 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 theconcept of UAN, the EPFO
had anyways delinked the EPFO from the employer to some extent, and this move
looks like an extension to that.
New Forms – 19 UAN,
l0-C UAN and 31 UAN
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 can not offically 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
seperate 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.Check more details
on this here.
·
Form
31 – UAN – This form can
be submitted if you want to partially withdraw from Employee providend fund
(EPF) account for the purpose like marriage, house buying or medical emergency.
There are different rules for different situations. You can check more details
on this in this article
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?
Here is the catch!. The new EPF forms can be
used by only those employees who fulfil following two conditions
·
UAN 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
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 those
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 (thanks to my close friend who has passed his details to me for creating this snapshot)
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 (thanks to my close friend who has passed his details to me for creating this snapshot)
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 tohttp://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.
this article is good.
ReplyDeletebut, missing details about time lines.