PF Withdrawal Procedure

PF withdrawal procedure is very easy, if you follow all the steps properly. If you are a salaried employee in India, there are very high chances that you have a provident fund set up by your employer. Every month, a part of your salary goes to this PF account and it gets accumulated over time. When you change company or when you get returned, you can go for PF withdrawal. However, we do not suggest withdrawing your PF when you change company, you can just ask for a transfer of your PF account and your accumulated sum would be intact.

Types of PFs in India

There are basically 3 different types of them, and they are listed as under.

1.      Public provident fund. This type of PF is for the public.

2.      Employees’ provident fund. This type of PF is for the employees of the private sector and this is also the most popular type of PF in the country.

3.      General provident fund. This type of PF is generally for the employees that work under state or central government in the country.

When can you opt for PF Withdrawal?

You should know that you cannot withdraw your PF as and when it suits you. There are some rules to it and you need to follow them. Below we are giving some cases when you can go for PF withdrawal. These come under valid reasons for the same.

1.      For buying a House or Housing Site

If the PF account holder is going to buy a house or a piece of land (where they are going to construct a house) for himself or for his/her family, he/she can opt for PF withdrawal. They can also buy a flat or construct a house over a site already bought from state government or any housing finance corporation.

2.      For Repaying your Pending Loans

In case you want to repay your pending loans, you can opt for PF withdrawal. However, there are some constraint to this. Your total loan amount should be less than or equal to your basic pay of 36 months. Further, if you go for this option, the money from your PF account would directly go to lender. And it would not come to the account holder first.

3.      For Medical Reasons

If the employee does not receive any insurance scheme benefits and is in urgent need of funds for medical reasons. He/she can go for PF withdrawal to pay medical bills. However, in this case, doctor’s certificate is a mandatory document.

Apart from these major reasons, employees can go for PF withdrawal in case of marriage or educations purposes. For some of the other abnormal reasons such as natural disasters or for urgent needs of disabled people, PF withdrawal is possible.

Procedure for PF Withdrawal

1.      First of all, you need to download 2 forms – Form 19 and Form 10C.

2.      Fill up the forms with correct details. Attach a blank cheque with them.

3.      Submit the forms to the employer. If you don’t want to proceed through employer, you can go to the bank and get the forms attested.

4.      After that, you can send the forms to regional PF office.

They would then process your application and inform you about the status of your application. Once processed, you would get your amount in your bank account.

Aashish Srivastava

Aashish Srivastava is passionate about writing and is the editor-in-chief of various websites. A nerd and sentimental pulse, he enjoys music and travelling. A big fan of Sachin Tendulkar . He is a great listener who loves observing people.