EPFO offers online facility to withdraw PF balance

EPFO offers online facility to withdraw PF balance

NEW DELHI: The Employees’ Provident Fund Organisation (EPFO) is offering an online service to withdraw your provident fund (PF) account balance. To make the withdrawal process quicker and easier, the provident fund body has introduced a one-page composite form for those EPF subscribers who have linked their Universal Account Number (UAN) with Aadhaar.

The single page composite claim form replaces multiple other claim forms like Form 19, Form 10C, Form 31, etc that were in use earlier.

These claim forms are accepted and processed on self-attestation basis without the need for attestation by the employer.

The EPFO earlier had three withdrawal forms – Form 19 for final PF settlement, Form 10C for pension withdrawal and Form 31 for non-refundable PF advance.

Now the composite form asks you the nature of the withdrawal. You can withdraw your PF balance for buying a house, land or even for setting off home loan. Other reasons under which withdrawal is allowed include medical expenditure or marriage in the family, child’s higher education, etc. You are also allowed to withdraw your PF balance a year before retirement.

In most withdrawal cases, only your Aadhaar, bank account details and PAN card number is required, and no other document is needed to make the claim.

According to PF rules, if an amount is withdrawn before five years of continuous employment, it will be taxable as “income from salary”.

 

Source:- livemint

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