India PF withdraw Process & queries
Updated: Nov 2, 2024
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From October 1, 2024, significant changes will be implemented regarding the Public Provident Fund (PPF) accounts held by Non-Resident Indians (NRIs).
PPF Account Rate Change for NRIs :https://www.youtube.com/watch?v=YgVZ8rDhcxw
NRI only WhatsApp Community: https://chat.whatsapp.com/EZARhvy3JkE...
New Rules for NRIs Holding PPF Accounts:
1. Interest Rate Changes:
- NRIs who have extended their PPF accounts using *Form H* will only earn interest at the *Post Office Savings Account (POSA)* rate until September 30, 2024. After this date, these accounts will *stop earning interest* unless the NRI updates their residency status as required by the new guidelines.
2. Residency Status Requirement:
- The new regulations require NRIs to disclose their residency status. If they do not comply, their PPF accounts will not accrue any interest post-October 1, 2024. This change is aimed at those who became NRIs after opening their PPF accounts but continued to operate them without updating their status.
3. Impact on Existing Accounts:
- For NRIs who have been investing in PPF accounts without disclosing their non-resident status, the situation will change drastically. These accounts will earn zero interest from October 1 onwards if the residency status is not updated.
4. Guidelines for Multiple Accounts:
- If an NRI holds multiple PPF accounts, only the primary account will earn interest as long as it stays within the annual investment limit of ₹1.5 lakh. Any additional balances in secondary accounts will be merged into the primary account, but excess amounts will not earn interest and may be refunded at zero percent.
Telugu: https://www.facebook.com/reel/3840431402887159 - About New Rules.
Telugu: https://www.facebook.com/reel/542248494968133 - How to Withdraw.
Query:
Is it necessary to withdraw your PF in case of any delay in joining the next job? For instance, take a career break... Any stimulated time period that our PF account will be active with the previous employer? Any benefits or issues in case PF is not withdrawn for a year or two??
Answer:
It is unnecessary to withdraw PF You will keep receiving interest on the PF until three years after leaving your previous employer. Once you rejoin back any employer in India, your same UAN number can be used to continue the account.
Answer-2: Right.
Also, don't break your compounding machine.
EPF is the best; none of the other guarantee schemes (Sovereign Guarantee) offers 8+ interest +. It's completely Tax-free on withdrawal.
Query:
What about those going out for work? Like here, most people have been there for over three years in Poland. We can leave the PF account without withdrawing it for longer, right?
Answer:
Don't do that.
After 36 months of non-contribution to your epfo account, the account becomes dormant by default (not closed. Your money is safe ).
You will then need to take another step to reactivate it and withdraw. If you decide you will be here for more than 3 years, then withdraw
Withdraw before the competition of 3 years. The process takes 15 days after you submit application (personal experience ).
You need to select Form 19 for PF withdrawal, then submit Form 10C for pension withdrawal, and then submit.
Form 15 G
If you have completed five years in an Indian Company, there is no need to provide form 15G.
Only in case your continuous service is less than five years with your existing employer.
Kindly download form 15 G from Google.
Please complete forms 15 G -1 to 19. They are mandatory and need to be filled with Personal details & Estimated total income.
You need to consult with any tax consultant or C.A. Income-related details can vary from individual to individual.
Fill in the details and make a PDF of it to attach on the EPFO PORTAL along with the cancelled cheque scanned copy of the bank a/c, which you have mentioned in the KYC tab on the EPFO PORTAL.
While withdrawing PF, do we need to submit form 15G?
NRIs can't submit Form 15 G. If tax is deducted at source, we can claim it on our Income tax return.
If both options are not visible, your UAN might be linked with your current employer, so you are eligible for partial withdrawal.
Select the option form 31 PF advance that is for PF partial withdrawal.
Before it,
Your name should be as per your Aadhar card on UAN, PAN, and BANK.
EPFO PORTAL is based on the Aadhar card.
Update your KYC details (Aadhar, Bank, Pan) on the EPFO PORTAL.
As an employer, the employer/ EPFO will approve the same in the next five working days.
It will take 15 to 20 days to reflect on EPFO PORTAL.
Once completed and reflects on the portal,
You can initiate online PF withdrawal.
Form 15G
To be filled by the person responsible for paying the income referred to in column 16 of Part I]
Don't fill in Part II
Part I
16. Estimated income for which this declaration is made
17. Estimated total income of the PY in which
income mentioned in column 16 to be included
18. Details of Form No. 15G other than this form filed during the previous year, if any
19. Details of income for which the declaration is filed
All these -- Same Amount -- From our From 16 (latest). i.e Taxable amount
19. Details of income for which the declaration is filed
Nature of income --Salaried Employee
Section under which Amount of income tax is deductible -- Form 16
Fill & Sign --- Option in Acrobat Reader to fill Checklist and Application.
Open a PDF file in Acrobat Reader, Go to E-Sign, and Select "Fill in Form Fields."
Steps for initiating the online PF transfer out in the EPFO portal.
Step 01: log in to https://unifiedportal.epfindia.gov.in/ and select “ UAN member e-seva “
Step 02: Sign in using your activated UAN number and password by mentioning the unique captcha
Step: 03 Once you sign in to your UAN number, you will find the home page below
Step 04: select Online services Tab>>>Transfer request for initiating the online transfer
Step 05: After selecting Online services>>>Transfer request, you will arrive at the page below, which shows your personal details and your present employer's details. Verify the same before proceeding further.
Step 06: Select Attestation through as previous or present employer of your choice.
Step 07:
For a PF transfer from your Current employer to your present employer, you need to mention your Current employer's UAN number or EPS number as per your Current employer's pay slip and click on "get details."
After clicking on the get details, it will display the employer name accordingly,
Step 08: After verifying the employer details, tick the member name box and click on "get OTP" to generate it.
Note: OTP will be sent to your registered mobile number, which is used for UAN activation.
Step 09: Enter OTP received on your registered mobile number and click submit, to complete the online PF transfer activity.
Step 10: Post submitting the online transfer claim, you can go to online services>>>track claim status to view the submitted form.
Step 11: Download printable form 13 by clicking on the below option.
Step 12: Post downloading the printable from 13, take a print of the form and self-attest the form and send it to your current employer for PF Transfer, your EPS will be transferred from Previous PF office to present PF office on approval of Transfer claim.
Please note the below mentioned points before sending the soft copy of the claim form to the designated e-mail ID.
Your KYC Aadhar has to be seeded against your UAN number.
To Update the KYC against your UAN, enclosed is the process flow for your kind reference.
Please note that to update the KYC Aadhar, the name against the UAN should be the same as the name against the Aadhar. In case of a mismatch, please modify your details in the member portal (enclosed is the process flow for your reference for “Modification of basic member details”) once the KYC is verified by the Employer and RPFC.
Your Claim form for PF Transfer will be accepted only if your KYC is approved against your UAN Number, as per the new Amendment from the PF Office.
Kindly Submit the claim form to the below-mentioned e-mail ID only if your Aadhar is Verified on the EPFO portal; otherwise, your claim will be rejected.
Excellent 👍