After contributing to your EPF account on a monthly basis for several years, you may have accumulated a sizeable corpus. You can withdraw your maturity sum to fund your retirement or other purposes like repaying a home loan, meeting medical expenses relating to you or your spouse and other EPFO-approved purposes.
Gone are the days when you had to stand in long queues, file paperwork, and visit the government office several times before you finally received the pension. These days, you can withdraw PF online easily without any complications in just a few clicks. Following are two ways by which you can file for PF withdrawal.
Submit Form 19
To withdraw your PF amount, you need to submit Form 19 either online or physically at the regional EPFO branch. You can either request this form from your employer or download it from the EPFO website. You will receive the PF amount 3 months from the date of submission of the form.
If you wish to submit your form physically, get your PF withdrawal form attested by one of the following authorities:
- Bank manager
- Gazetted officer
- Notary public
Request withdrawal via UAN
Alternatively, you can also withdraw your PF amount via your Universal Account Number (UAN). Follow these steps:
- Visit the EPFO website and log in using your UAN and password
- Click the ‘Manage’ tab to verify your ‘Know Your Customer’ details
- Click on the ‘Our Services’ tab and select the ‘Claim’ option
- Go to ‘I Want to Apply For’ section
- Choose from full withdrawal, partial withdrawal or pension withdrawal
After this, your claim is forwarded to your employer for their approval. You will then receive your PF proceeds in your account within 10 days of approval.
Also, Read: Premature Withdrawal of Fixed Deposit
Once you apply for PF withdrawal, start planning to invest it further so as to build more wealth. This will surely prove to be of assistance to fund your retirement. Consider investing the PF proceeds in fixed deposits by which you can safeguard your nest egg and also earn high returns on the same.
Consider investing in Bajaj Finance Fixed Deposits to enjoy high-interest rates and other useful features to make the most of your PF proceeds. Enjoy an interest rate as high as 8.75% as a regular investor and 9.10% as a senior citizen on a 36-month FD that offers interest at maturity. On renewal of this FD, you can benefit from the additional 0.25% interest. To plan your finances better, use the FD Calculator Monthly Interest to invest in multiple FDs of varied tenors. Align these to your financial goals and enjoy liquidity as and when needed!