Here it is given as many options to easily withdraw the PF money, the first step to getting the PF amount is to get the PF withdrawal application from processing through the previous employer. By not considering the above options, the PF amount can also be withdrawn through the previous employer and it is mostly witnessed that most of the Companies will always ask for the duty filled withdrawal form along with the blank cheque. This will get the respective PF amount request that will be processed through the EPF office. This is stated as the best way to get the PF amount by approaching the previous HR manager of the company. This PF is the amount that will gradually increase throughout the working time and will give enough money at the retirement time to ensure the safety of remaining life.
How to Withdraw PF Amount
This PF is a great financial support to the employee after the retirement of the job and it will give the assurance for safety and for living throughout the remaining life. This PF amount will be collected by saving a certain amount of money every month to build the huge amount which will be given at a time for the last time off work. This PF amount will get the good interest rate of 8.75%p.a and all the interest that is earned under PF amount is tax-free only if the amount is withdrawn after the five years of opening the account. In general, 12% of the actual monthly salary will be added into the PF account and the same account will be contributed to the employer at the time of retirement. Withdrawing the PF amount at the time of employed is against the rules and it will be after the employee period is over.
Ways to Withdraw PF Amount
However, the withdrawal of PF amount is not allowed at the time when the employee is still working, but there are some ways to get the amount in case of bad situations. This PF amount can also be withdrawn if the employee switches his job and don’t want to transfer the PF account. The Form 19 which will be available to the employees or in EPFI website should be filled and submitted to the regional EPF office to withdraw the PF money. After the submission, the PF amount along with the interest will be received by the employee within three months from the date of application. Here are different ways, in which the PF amount can be easily withdrawn,
- Applying for PF amount through UAN (Universal Account Number)
There will be a UAN that will help to directly withdraw the PF amount; this won’t require the previous employer’s approval. With the absence of UAN, this process cannot be completed.
- Submitting the PF withdrawal application to regional PF office
Submit the PF with drawl from directly in the regional provident fund office by filling the complete details. But, this process needs the identity attestation to ensure if you are the right person to apply for PF amount withdrawal. Attestation can be done from the following officers,
- Any Bank Manager
- A Gazetted Officer
- Magistrate/Post Master/Notary Public/Sub Post Master