If you have been working in India, you will definitely be familiar with the Employee Provident Fund, popularly called EPF. The EPF forces you to save for your retirement. You and other citizens grumble....Why should the Government force you to save for retirement through a compulsory investment in EPF? Don't you know what to do with your money?
So what is EPF? An amount of 12% of your basic salary, is compulsorily deducted by your employer. This amount is deposited in an account in your name, called the employee provident fund. Your employer makes an equal contribution (contributes the same amount as you have contributed), to this account. This account is maintained by the EPFO.
Just consider this. What interest rate does your beloved fixed deposit offer? About 6.5-7% a year? The EPF could offer you an interest of 8.65% a year for the Financial Year 2018, just like the previous year. Isn't this much more than an FD? Should you complain?
In this article you will learn something very important. How to submit the EPF claim online? Want to know more on investment planning? We at IndianMoney.com will make it easy for you. Just give us a missed call on 022 6181 6111 to explore our unique Free Advisory Service. IndianMoney.com is not a seller of any financial products. We only provide FREE financial advice / education to ensure that you are not mis-guided while buying any kind of financial products.
Quit your job and want to claim your EPF money? Just go through the procedure which will help you submit your EPF claim and make this a hassle free procedure.
The EPF just got more user friendly. The EPFO had introduced a single composite form in February. This form replaces Form 19 (Used for final settlement), Form 10C (Pension withdrawal benefit) and Form 31 (Partial withdrawal).
You must first activate your UAN (Universal Account Number). This is a 12 digit number allotted by the EPFO to you and every active member of the EPF. This number remains same throughout your service life. It doesn't change when you change your job.
You get the UAN from your employer and it is mentioned in your pay slip.
What happens if your KYC is not seeded into EPFO? You will have to provide Aadhaar Number, Bank Account, IFSC and PAN details to make an online claim. If your Aadhaar information has been verified and your name, gender and date of birth match, you can use the online claim service.
Log into the EPF member portal and submit your claim online by using Aadhaar-based form. You will find the form pre-filled with your basic information. You have to select the type of withdrawal.
You want to make your claim? Simply provide your date of joining and date of exit from your job. You get these dates from the EPFO database.
Remember: You should not be working at the time you make the claim, at any workplace covered under the Employee Provident Fund and Miscellaneous Provisions Act, 1952. To make this claim, 2 months should have elapsed from the last date of your employment. Your total period of service should be more than 6 months. Make the submission and receive your OTP code to confirm KYC. Your claim has now been submitted.
Gone are the days when making an EPF claim was full of hassles. Today, you can submit your EPF claim real fast. You don't even need your employer's approval to make your EPF withdrawal. If your Aadhaar and bank account number are linked to the UAN and the KYC (Know Your Customer) verification has been done by your employer, you can easily approach the EPFO directly for withdrawal using UAN. Be Wise, Get Rich.
The research team at IndianMoney.com comprises of certified and experienced professionals who share the company's vision to make every Indian financially literate by equipping every Indian with right and unbiased advice. IndianMoney.com research team provides newsletters, articles, videos and FAQs on various financial products and concepts only to help you make wise financial decisions.
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