Updated on: May 9th, 2024
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8 min read
The total Employees’ Provident Fund (EPF) amount consists of the contribution made by the employer and employee and the accumulated interest on the amount. Under the Employee Provident Fund Act 1952, once you attain 58 years of age, you can claim the total PF corpus on retirement. However, in certain conditions, you can claim it before attaining the age of 58.
Typically, there is a 2-month waiting period after resignation, after which you can withdraw your entire PF amount. If you want to know the procedure to withdraw PF online after resignation, scroll down and read further.
You need to fulfil certain conditions to be eligible to withdraw your PF amount, which is as follows:
Here is the procedure for PF withdrawal after your resignation:
In today’s era of digitalisation, making a withdrawal request for a PF amount is hassle-free. Simply visit the EPFO portal and submit a withdrawal claim using your UAN. All you need to do is follow these simple steps below:
Step 1: Visit EPFO’s official portal and enter your UAN and password to sign in.
Step 2: Click on the 'Online Services' tab. In the drop-down menu, choose the 'Claim' option.
Step 3: Once redirected, enter your bank account number and click ‘Verify’.
Step 4: Click the ‘Yes’ to continue and select ‘Proceed with Online Claim’.
Step 5: Under the ‘I want to Apply for’ tab, select the type of withdrawal claim you want to apply for.
Step 6: Select the ‘PF Advance’ form. Explain the reason behind the EPF amount withdrawal and submit your application. You may be asked to submit documents for verification.
Step 7: After the approval, the PF amount will get credited to your bank account.
The Employee Provident Fund is a retirement benefit in which you and your employer contribute 12% of your salary towards EPF. The withdrawal amount consists of the principal amount and the interest earned.
PF withdrawal becomes taxable depending on the time of withdrawal. For instance, if you withdraw before five years of continuous service, the taxability differs from the PF withdrawal after five years of continuous service.
However, if the primary reason for discontinuation of service and withdrawal of the PF amount falls under any of the following reasons stated below, it shall not be taxable:
EPF is a retirement savings option that provides assured returns and tax benefits. However, withdrawing the EPF balance before completing the required five years of continuous service will reduce your retirement benefits. Additionally, your future EPF contribution will be impacted as the withdrawn amount will be taxable.
The PF amount is a part of your salary, which the employer deducts on your behalf every month. After your resignation or retirement, you can claim the PF amount accordingly. You can withdraw this PF amount by filling out the ‘Composite Claim’ form on the EPFO website. Make sure to go through all the information discussed about PF withdrawal in this article before filing a withdrawal claim.
EPF consists of employer & employee contributions with interest. To withdraw PF after resignation, fulfill certain conditions, follow the procedure, and consider taxation implications. Online withdrawal claim process: visit EPFO portal, enter UAN, select claim, verify bank account, choose withdrawal claim type, submit application, get approval. Taxability of PF withdrawal: Before five years-taxable; After five years-tax-free. Withdrawal impacts future EPF contributions. PF amount is part of earnings, claimable post-resignation.