PF Withdrawal Rules After Resignation – As per our readers’ demand and comments, we are publishing this article. If you want to know about PF Withdrawal Rules After Resignation, continue reading and learn more.
PF Withdrawal Rules After Resignation
If you’ve recently resigned from your job, understanding the rules and procedures for withdrawing funds from your Employee Provident Fund (EPF) is essential. The Employee Provident Fund Organization (EPFO) has laid down specific guidelines to ensure a smooth and hassle-free withdrawal process for employees who have left their jobs.
In this article, we will guide you through the PF withdrawal rules after resignation, helping you navigate this process effectively.
The PF withdrawal rules after resignation in India are as follows:
- The employee must have completed two months of continuous service.
- The employee must have served a notice period of one month or has paid the equivalent amount to the employer.
- The employee’s personal details must be updated on the EPFO portal.
- Tax implications:
- If the employee has completed less than five years of service, the entire PF balance can be withdrawn without any tax deductions.
- If the employee has completed more than five years of service, the PF balance will be taxed as per the income tax slab applicable to the employee.
- Documents required:
- Form 19 (PF withdrawal form)
- Two revenue stamps
- Bank account statement
- Identity proof
- Address proof
- One blank and cancelled cheque with clearly visible IFSC code and account number
The process of withdrawing PF after resignation is as follows:
- Fill Form 19 and attach all the required documents.
- Submit the form to the EPFO office.
- The EPFO office will process the request and send an approval letter.
- Once the approval letter is received, the PF amount can be withdrawn from the EPFO office or through the online portal.
Here are some additional things to keep in mind about PF withdrawal after resignation:
- The PF withdrawal amount will be credited to the bank account mentioned in Form 19.
- The PF withdrawal amount will be processed within 15 days of the approval letter.
- If the PF withdrawal amount is more than Rs. 50,000, the employee will have to pay TDS (tax deducted at source).