The Employees Provident Fund Organization, known as EPFO, has its branch all over India. To claim the amount of the contingency fund (PF), a person must go to the nearby EPFO office. Using advanced technology, the whole process of claiming, submitting and transferring money to the bank account was done online. Thanks to PF’s online claim, the whole process of clearing the PF amount can only be easily handled in 10 days. Before the online system was introduced, all of the official FP processing was done through paperwork.
Let’s see the step-by-step procedure on how to claim your EPF via the online system:
1. First of all, you need to confirm three items relating to you, namely UAN, Aadhaar card, active bank account number and a valid phone number. Make sure your phone number is linked to your bank account.
2. Log in to the EPFO web portal and enter your UAN (Universal Account Number) details. If your Aadhaar card is not registered with UAN, you will need to go through the e-KYC (Know Your Customer) verification process first. After complete KYC validation, you can continue with the PF procedure. For e-KYC online verification, Aadhaar Authority will send you an OTP (One-Time Password) on your phone number to complete the identity verification process.
3. PAN card details must also be completed in order to benefit from online PF withdrawal services. The three details, namely name, age and gender, are being cross-checked to initiate the PF withdrawal process.
4. On the screen, a single page claim form is displayed and must be completely completed to submit the claim. There are three distinct types of forms, namely Forms 19, 10C and 31, which must be completed for different purposes. For the withdrawal of the pension, form 10 C must be completed. Likewise, for the complete and partial withdrawal of forms PF 19 and 31 must be completed respectively.
5. With every withdrawal service, a certain set of conditions must be met to qualify for PF. More specifically, when filling out Form 19, you must mention the date of joining and the last date of work in the organization. When submitting the form on the EPFO portal, you must not be working in the establishment you indicated in the form. Apart from this, the organization should be approved under the Employees Provident Fund Act 1952 and miscellaneous provisions.
6. To claim and settle the final amount of the PF, an interval of 2 months from the last date of employment with the organization is mandatory to follow.
7. Persons wishing to withdraw the pension must complete Form 10C posted on the EPFO website. The employee must have worked for at least 6 months with the organization to receive the benefits of the pension. The rules for the employer’s contribution to the employee pension scheme are applicable when the pension is withdrawn.
8. After completing and submitting the PF withdrawal form on the EPFO portal, you will see the PF amount credited to your bank account in a few days.
9. If, in case you want to transfer the PF money to another bank account not registered with EPFO, you should adopt the offline funds transfer process.
The offline EPF complaints process is a bit long and requires too many formalities. For offline fund transfer, you need to go to the EPFO organization, pick up the PF form and correctly fill out all the details of the form. Finally, you will need to have the form signed by the former employer. In addition to the form, you must also submit a void check from the bank account registered with EPFO.
Source by Riddhi Lodha