How To Close Your PF Account Permanently?

Employee Provident Fund (EPF) is a type of fund in which an employee contributes a certain percentage of his/her salary and the employer matches the same contribution and deposits the amount in the fund. The total amount deposited in this account earns interest on an annual basis.

If you are a salaried employee, you must be aware that under Employee Provident Fund Act 1952, you can withdraw the entire amount and close the EPF account only after retirement. However, there are certain conditions where you can claim the EPS (Employee Pension Scheme) amount. For more information related to closing a PF account, scroll down and read further.

Is It Possible To Close Your EPF Account?

Closing or opening an EPF account does not involve any simple procedure like opening a bank account. The EPF account can only be closed in two scenarios. This includes:

• In case of the death of the employee, where the full amount will be paid to the nominee that was nominated during the initiation of the account.
• When an employee has left the company or retired and withdrawn the full amount.

However, after leaving your job, there are certain conditions that you must be aware of for your PF withdrawal procedure. This includes:

• You can claim both EPS and PF amounts even if you have not completed your 10 years of service. All you need to do is fill out the Composite Claim form and select ‘pension withdrawal’ and ‘final PF balance’. In case you decide to work again, you can submit Form 10C.
• If you have completed your service period of 10 years and are between the age of 50 and 58 years, you can easily claim an early pension. All you need to do is fill out the Composite Claim form as well as Form 10D for the scheme certificate.
• However, if your service period is of more than 10 years but you are less than 58 years of age, you cannot withdraw your EPS amount. You can fill out the Composite Claim form and Form 10C but you will receive your pension amount after attaining 58 years of age.
• Lastly, if you are 58 years of age and above, you are eligible to get the full amount and therefore can claim your pension. For this, you just need to submit Form 10D.

Depending on your situation, you can choose and submit the necessary forms to enjoy all benefits of EPF and PF schemes after retirement. All employees are now required to provide their UAN to their new employer while switching jobs; hence, closing an EPF account is not a viable option before retirement.

How To Withdraw PF Amount From EPF Account?

Withdrawing the entire PF amount during final settlement after retirement is extremely simple. You just have to follow these steps:

1. Visit the official website of EPFO.

Image Link: https://cms-resources.groww.in/uploads/Login_into_PF_Account_66783eb08c.jpg

2. Enter your UAN, password and captcha code. Click on ‘Sign in’. 

Image Link: https://paytmblogfinal.wpengine.com/wp-content/uploads/2022/03/row644_2_EPF-Form-19_3.png

3. Under the 'Online services' tab, click on 'Claim (Form-31, 19, 10D &10C)’. 

Image Link: https://www.indiaconsumerforum.org/wp-content/uploads/2020/05/select-form.jpg

4. After entering all the required information, click on the 'Verify' option.

Image Link: https://cms-resources.groww.in/uploads/EPF_Claim_online_certificate_5328437e96.jpg

5. Select ‘yes’ to sign the ‘Certificate of Undertaking’.
6. From the drop-down menu choose 'only PF withdrawal (Form 19)’.
7. Enter your complete address, tick off the disclaimer and click on ‘get Aadhaar OTP’.
8. You will receive an OTP on your registered mobile number.
9. Enter the OTP in the required field and submit your application.
10. After successful submission of your registration, a reference number will be generated.
11. Within 15-20 days you will receive the full amount in the bank account linked with your UAN.

However, if you are not comfortable with using online portals, you can withdraw the EPF amount offline as well. To do this, follow these steps:

Image Link: https://www.businessleague.in/wp-content/uploads/2019/07/1563443054_EPF2.jpg

1. Download the Composite Claim form (Aadhaar and non-Aadhaar) from the official website of EPFO. 
2. For the Composite Claim form (Aadhaar), you need to fill it out and submit it to the respective jurisdictional EPFO office. This document doesn’t need to be attested by your employer.
3. In case of Composite Claim form (Non-Aadhaar), you need to fill it out and submit it to the jurisdictional EPFO office along with the attestation of your employer. 

Documents Required for EPF Withdrawal

For registering an EPF claim online, you do not need to provide any documentation. However, you must upload a scanned copy of your passbook or chequebook on the EPFO portal.

It is important to note that in the passbook or chequebook, all details like bank account number, IFSC code and name should be visible enough to read for the authorities. 

Final Word

It has now become mandatory to issue UAN to all employees; this number helps in easy transfer and withdrawals of PF amount from EPF. However, for closing your PF account, you need to understand the different scenarios and conditions in which complete withdrawal is applicable. 

Frequently Asked Questions

1. Can I withdraw my EPF balance from my PF account?

You can withdraw your EPF balance either partially or wholly. You can withdraw the entire amount after retirement or before that if you have been unemployed for more than two months. However, the withdrawal would require attestation from a gazetted officer. 

2. How can I close my PF account completely?

You need to withdraw your PF amount. You can download the Composite Claim form from the official website and follow the steps to submit your request. Besides, you can visit the EPFO office and submit a duly filled Composite Claim form for this process. 

3. Is it mandatory to provide a PAN card for EPF withdrawal?

No, it is not mandatory. However, it is advisable to provide the same during EPF withdrawal as you are liable to pay a TDS at 30% if you do not provide your PAN.  

4. What are the different types of PF withdrawal claim forms?

Different forms for PF withdrawal include: 

• Form 19 for claiming final PF settlement.
• Form 31 for making partial EPF withdrawal.
• Form 10D for withdrawing monthly pension.
• Form 10C for pension withdrawal. 

However, the new EPF Composite Claim form has replaced forms such as 19, 10C, and 31. 

5. How much time will it take for processing an EPF withdrawal?

Considering the time taken for submission of the withdrawal request and employer approval, it can take around 15-20 days for your EPF withdrawal to get processed.