Provident Fund is a retirement savings scheme that is meant to benefit employees after their retirement. It is an essential form of savings that is managed by the Employees' Provident Fund Organization (EPFO) in India. If you are an employee, then you can claim a lump sum amount from your Provident Fund account after your retirement. In this article, we will guide you on how to successfully claim your Provident Fund.
Eligibility criteria for Provident Fund withdrawal
Before you go ahead and claim your Provident Fund, you need to check if you are eligible for the withdrawal. Here are the following criteria you need to fulfil to claim your Provident Fund:
Employment Status
You must not be employed anymore when you are claiming your Provident Fund. There should be a gap of two months between the date of leaving the organization and the date when you are filing the claim.
Minimum Service Period
You are eligible for withdrawal if you have completed a minimum service period of five years. If the period is less than five years, then you cannot withdraw the entire amount.
Steps to claim Provident Fund
The process of claiming your Provident Fund can vary depending upon your circumstances. However, the basic steps to claim Provident Fund are as follows:
Step 1 – Activate your UAN
The Universal Account Number (UAN) is a unique number that is given to all employees who contribute to their Provident Fund account. You need to activate your UAN by visiting the EPFO website and following the instructions.
Step 2 - Check Eligibility and Apply for withdrawal
Visit the EPFO website and check your eligibility for withdrawal. If you are eligible, then apply for withdrawal by filling out the online form. Ensure that all the details are correct and complete.
Step 3 - Attach Necessary Documents
You need to attach documents to support your withdrawal claim. These include your PAN card, Aadhar card, cancelled cheque, and Form 15G/15H for TDS exemption.
Step 4 - Submit the Form
After filling out the form and attaching the necessary documents, submit the form through the online portal. You will receive an acknowledgement receipt that you need to keep for future reference.
Time taken for Provident Fund withdrawal
It takes approximately 15-20 working days to process the Provident Fund withdrawal claim. The amount will be credited directly to your bank account that you have provided in the claim form.
Conclusion
Claiming your Provident Fund is easy and straightforward. Just make sure you fulfil the eligibility criteria and check your details before submitting the form. With these easy steps, you can successfully claim your Provident Fund and enjoy a secure future.
