Contribution to Employees Provident Fund or EPF can be withdrawn when an employee retired or ends his job in the current organization. Employee can claim accumulate balance from his or her employee provident fund or EPF account till the date of his retirement or end of their job.
If you are joining some other company then the present EPF balance can be transferred to your new EPF account maintained by your new employer. This transfer has to be initiated after joining the new compay.
Steps an employee should follow for withdrawing money in EPF Account
- After your resignation, you need to collect all the information that are related to company’s internal process of withdrawing your EPF balance amount from employee provident fund account.
- Ask your employer to send you Form 19 and Form 10C required for withdrawing money from your EPF account. For withdrawal, you need to send the application form to your previous employer and they in turn will process it to provident fund department for withdrawal. You can also download the form from EPFO website.
- Before sending the form you need to make sure that all the required fields are correctly filled.
- The amount in your employee provident fund account will be directly get credited to your saving bank account. For this, you need to have a bank account in a nationalized bank. You need to mention the bank account number, address of the branch where you have account and other details correctly as money will be deposited to this account.
- Attach a cancelled cheque with the application form to confirm that you hold the account in your name. Your name should be printed in the cheques leaf at the place of your signature to confirm that the account is in your name.
- Send the forms to your previous employer for further process to EPF office after verifying your application form. If your company has a provident fund trust then they may instruct you to send the form directly to the trust office for processing. Please confirm it with your employer before sending the form.
- Get confirmation from your previous employer provident fund staff to know whether your application has been processed to EPFO office or not.
- After getting confirmation, you need to check online to know the status of your provident fund application.
- After making payment you will get SMS from EPFO office about the payment.
Now the payment process of your balance in employee provident fund account is very easy. For more information, like balance in your EPF account or the status of your withdrawal application can be checked online. For more information you can check this link.