PF Withdrawal Rules After Resignation: How To Withdraw PF Online After Leaving Job?

প্ৰতিদিন অসম/JD October 22, 2024

A PF final settlement is the process of withdrawing an employee's Provident Fund (EPF) account balance after leaving their job or retiring. The PF final settlement includes the employee's accumulated savings, interest, and the employer's contribution.

To initiate the PF final settlement process, employees can use EPF Form 19. This form can be filled out online or offline. It must be filed at least two months after leaving the job.

To fill out the form, employees will need to provide the following details:

Member's name

Date of birth

Name and address of the establishment

PF account number

Universal Account Number (UAN)

Permanent Account Number (PAN)

Full postal address

Mode of payment

Member's signature and employer's signature

The PF amount is usually credited directly to the claimant's bank account. If the bank account is in a computerized branch, the payment may be made faster through electronic mode.

Employees can check the status of their PF claim by giving a missed call to 011-22901406 using their registered mobile number.

Eligibility For PF Withdrawal After Resignation

You need to fulfil certain conditions to be eligible to withdraw your PF amount after Resignation, which is as follows:

You must serve a notice period of one month or pay the corresponding amount to the employer.
You must complete two months of continuous service with your current employer.
Your personal details must be updated on the EPFO portal.
You can withdraw 75% after one month of resignation and the entire amount after two months of resignation.

After withdrawal request approval, your accumulated PF amount will be automatically credited to your bank account after 30 days from the date of approval.

How To Withdraw From EPF Account Online?

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.

Taxation Of PF Withdrawal After Resignation

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.

Before Five Years- If the PF amount is withdrawn before five years of continuous services, both the principal and interest accrued are taxable.
After Five Years- If you withdraw the PF amount after completion of five years of continuous service, then the principal and the interest accrued will be tax-free.

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: