June 24, 2024

Probably the most well-liked authorities packages for accumulating retirement financial savings is the Worker Provident Fund (EPF) plan, which is run by the Workers’ Provident Fund Group (EPFO) in India. 

Every month, corporations and employees pay to this fund, which grows over time and yields aggressive curiosity. The flexibleness to take cash out of your PF account at any time when you might want to, even while you change employment, is one in all its many benefits. 

Step-by-Step Process for Withdrawing the Total PF Quantity 

1. Log in to the EPFO Portal

  • Go to EPFO Member Interface, the official EPFO web site.
  • Enter the captcha code, your password, and your Common Account Quantity (UAN) to log in.

2. Affirm Your KYC Info

  • After logging in, choose the “Handle” space.
  • Make certain your KYC (Know Your Buyer) data is appropriate and updated.

3. Begin the Technique of Withdrawal

  • Navigate to the “On-line Companies” space.
  • Select “FORM-31, 19 & 10C” as the choice.
  • Three choices will seem: “EPF Half Withdrawal” (for loans and advances), “Full EPF Settlement” (to withdraw the entire quantity), and a pension withdrawal choice.

4. Select Full EPF Disbursement

  • To take out the entire quantity, choose “Full EPF Settlement”.
  • Fill out the shape for a declare that surfaces.

5. Obtain Funds

  • After submitting the shape, give it just a few days.
  • Your registered checking account will get a credit score for the complete PF quantity.

Merging PF Accounts When Altering Jobs

It’s doable that you’ll not be allowed to take direct withdrawals out of your former employer’s PF account in case your UAN is related to an lively PF account. Slightly, you’ll have to mix your earlier and present PF accounts. Right here’s do it:

1. Go to the web site of EPFO

  • Go to the EPFO web site, which is official.

2. Go to Worker Companies

  • Select “For Workers” after clicking on “Companies”.

3. Go for a single worker’s EPF account

  • Choose “One Worker-One EPF Account” from the brand new web page.
  • Enter your UAN, password, and captcha code to log in.

4. Incorporate the Accounts

  • Enter your earlier PF account data.
  • Ship within the request.
  • Your request must be authorized by your current employer.
  • EPFO will mix your new and previous PF accounts as soon as they’re licensed.

Whether or not you might be withdrawing cash or combining accounts while you shift jobs, you possibly can successfully handle your Provident Fund (PF) account by following these procedures. Via this methodology, it’s possible you’ll be assured that your retirement funds are secure and obtainable throughout any adjustments in your job.

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