New Delhi8 hours ago
- Copy link
The process of withdrawing money from PF funds has become easier. The employees will no longer need to upload a cancel check or bank passbook image to get the name verified while withdrawing money. In such a situation, if you are planning to withdraw money from PF funds these days, then here we are telling you its process.
PF can be removed through these easy steps
- To extract PF, the employee will first have to login to EPFO’s official website https://unifiedportal-mm.epfindia.gov.in/memberinterface/.
- As soon as the website opens, you have to enter the UAN and password and captcha on the right side. After which you will have OTP, fill it and submit it.
- On the next page, click on the tab of online services and select Form -31,19 and 10C from the drop -down list.
- Here you have to fill your bank account number and verify it and submit it further.
- Select Form No. 31 on the next page. After this, how much money is to be withdrawn on the next page, why to withdraw and fill your address -like details.
- After this, after verifying these details, your claim will be submitted as soon as you click on Get Aadhaar OTP. Here you will no longer have to upload a cancel check or bank passbook image.
Here you will no longer have to upload a cancel check or bank passbook image.
PF money will be withdrawn from UPI and ATM from June EPFO members will soon be able to withdraw PF money from UPI and ATM. Its limit will be up to one lakh rupees. This facility is expected to begin by the last or early June this year. For this, employees will be given EPFO withdrawal card like debit cards.
With this, they will be able to withdraw money immediately from ATM. Users will also be able to check their PF balance through UPI. Currently, EPFO members take up to 2 weeks in online claim process.
How to withdraw PF money from ATM and UPI? In this new process, EPFO will issue a special ATM card to its subscribers, which will be linked to their PF account. By using this card, subscribers will be able to withdraw their PF money directly from ATM machines.
At the same time, to withdraw money from UPI, you have to link your PF account to UPI. After this, subscribers will be able to transfer PF money to their bank account.
75% money of PF will be withdrawn after one month after going to the job Under the PF withdrawal rule, if a member’s job goes away, then after 1 month he can withdraw 75% money from PF account. With this, he can meet his needs during unemployment. The remaining 25% stake in PF can be extracted two months after leaving the job.
PF withdrawal income tax rules If the employee is completed 5 years offering services in a company and he removes PF, then there is no liability of income tax on him. A duration of 5 years can also occur with one or more companies. It is not necessary to complete 5 years in the same company.
If the employee withdraws more than 50 thousand rupees from the PF account before completing 5 years in the job, then he will have to pay 10% TDS. On the other hand, if you do not have a PAN card, then you have to give 30% TDS. However, if the employee makes the form 15G/15h submit, then no TDS is deducted.