If an employee has an unclaimed PF balance, he or she has the option of either withdrawing or transferring the funds to the present employer. All withdrawals made before the end of the five-year period are considered taxable income. The Employees Provident Fund, or EPF, may cause a slew of issues for employees across the country. The mere notion of the difficulties of legal processes causes individuals to give up. The Government of India has made it simpler for the working class to access their PF account. However, the EPF still retains up to 27,000 crores in PF accounts that are dormant/ Unclaimed EPF Account, causing the average working man to face issues of inadequate cash for their personal costs.
The EPFO has now made it easier for consumers to access their own money and has also established a helpline. The PF earns interest and is tax-free; this helpdesk will offer information that the employee may want and will also maintain track of past accounts. Individuals frequently lose sight of their prior PF accounts, including the PF numbers, employment data, and so on. All one has to do is pick up the phone and call the helpline with all of their inquiries.
Employees may also go to the EPF website to get all the information they need, and you will be able to locate your dormant account. All you need to do is fill out some basic information on the first page, which will allow the EPFO to monitor the employer’s details of the PF account you previously maintained with them. Once the information is discovered, you will be able to withdraw the funds that are accessible in your name.
The candidate has the option of transferring their PF balance to their present employer or withdrawing the funds. Any withdrawals made during a five-year period are taxable income; thus, it is often preferable to transfer the money. In addition, if the withdrawal is made after 5 years, it is not taxed.
As a consequence of these processes becoming available to the general public, there has been a continuous increase in the number of unclaimed/inoperative accounts being examined, claimed, and paid out to the applicants during the last four years.
To withdraw EPF online, you must first ensure that your UAN is activated and linked to your KYC (Aadhaar, PAN, and bank details). If you fulfill this requirement, you can withdraw your EPF online by following the steps outlined below.
Step 1: Enter your UAN and Password into the UAN Member Portal.
Step 2: From the top menu bar, pick ‘Online Services’ and then ‘Claim (Form-31, 19 & 10C)’ from the drop-down menu.
Step 3: The screen will reveal the member’s details. Enter the last four digits of your bank account and press the ‘Verify’ button.
Step 4: Click the ‘Yes’ button to sign the certificate of the undertaking and continue.
Step 5: Next, select the ‘Proceed for Online Claim’ option.
Step 6: To withdraw your cash electronically, select ‘PF Advance (Form 31).’
Step 7: A new part of the form will appear, in which you must choose the ‘Purpose for which advance is requested,’ the amount required, and the employee’s address.
Step 8: Check the box next to the certification and submit your application.
Step 9: Depending on the purpose for which you filled out the form, you may be required to provide scanned documents.
Step 10: Your employer must accept your withdrawal request before the funds are taken from your EPF account and put into the bank account specified on the withdrawal form.
SMS notification will be issued to your EPFO-registered cell phone number. The funds will be sent to your bank account after the claim has been processed. Although no official time restriction has been set by the EPFO, funds are generally credited within 15-20 days.
Q1. How do I check for my claim status?
EPF withdrawals are possible via the UAN member site. The member must first activate his UAN before logging into the site to make an online withdrawal. The portal may also be utilized to transfer money from his old PF account to his new one. This site may also be used to execute other online services such as eKYC, contact data updating, and so on.
The EPF member site allows you to monitor the status of your EPF withdrawals online. You must log in to the portal online and go to the ‘Online Services’ area and choose ‘Track Claim Status.’ It’s worth noting that you won’t need to input a reference number to verify the status; it’ll be displayed on the screen immediately.
Q2. Can I withdraw my EPF for a home loan repayment?
The basic criterion for a member to withdraw EPF for house loan repayment is three years of continuous service. Furthermore, the maximum amount that can be taken for this reason is 90% of the EPF corpus.
Q3. What do I do if my PF is inactive?
Log on to the EPFO website and navigate to the Inoperative Helpdesk. There, he must enter all of the data of the inactive EPF account and provide KYC information such as his Aadhaar number, PAN number, bank account number, and IFSC code. The application will then be reviewed and handled by EPFO employees.
Q4. What happens if I do not withdraw my EPF money?
According to the new EPFO regulations, the EPF contribution in the unclaimed EPF account will continue to accrue EPF interest three years after the EPF account holder reaches the age of 58, but the PF income will become taxable.
Q5. How do I find my old UAN number?
Go to the UAN Member Portal and select the Know Your UAN page. After you have verified your phone number with an OTP, you will be prompted to provide any data from your PAN, Aadhaar, and Member ID. Simply provide the relevant information to obtain your UAN number.