Procedure for Provident Fund Withdrawal/Transfer

Procedure for Provident Fund Withdrawal/Transfer

Introduction

Online EPF Transfer and withdrawal facility helps the employees more than the expected. This small initiative can increase the retirement saving considerably. The hassle of EPF transfer forces people to withdraw it or just leave the amount in the account. These inactive accounts don’t earn any interest. Online EPF Transfer and Withdrawal reduces this hassle.

Required Documents:

A. Company :

  1. Name of the company
  2. Incorporation Certificate of Company in case of private limited company
  3. MOA & AOA in case of Private Limited Company
  4. Postal address , telephone number and Email Address of the company
  5. Detail of directors / managing director –address, Phone No, Email Id .
  6. Rental Agreement/ Lease Agreement of Company
  7. Pan card of company
  8. Address proof of directors.
  9. Id proof of Directors/ Partners- Pan Card / Election card / Passport/ Driving License.
  10. List of Directors
  11. Detail of authorized signatory (in case who is signing in the place of director)
  12. True copy of Board resolution empowering company representatives as Authorized signatories

B. Partnership Firm

  1. Certificate of Registration of Firm in case of Partnership Firms.
  2. Partnership deed of Partnership Firm.
  3. Pan card of partnership firm
  4. Lease/ rental agreement of partnership firms
  5. Address proof of Partners.
  6. Id proof of partners- Pan Card / Election Card / Passport/ Driving license
  7. List of partners.

C. Proprietor

  1. Certificate of incorporation of the proprietor
  2. Rental agreement / lease agreement of proprietor
  3. Pan card of applicant
  4. Address proof of proprietor
  5. Id proof of proprietor- Pan Card / Election Card / Passport/ Driving license

D. Common requirements

  1. Nature and Date of Commencement of Business
  2. Date of Joining of Employees, Father Name, DOB
  3. Salary, PF Statement and Bank Account Details of the Company/Partnership firms/ Proprietor

Procedure

A. With drawal of Provident Fund

  1. A member is eligible to apply for withdrawing his Provident Fund only after 2 month from the date of resignation. Provided that he/she is not employed during the said two month
  2. The member should submit Form 19 to withdraw his provident fund dues on leaving service/retirement/termination
  3. The member need to fill in form 19 and get it signed from the previous employer and submit it to the provident fund office (in many cases, the employer will themselves help by submitting the forms).
  4. Normally it takes about 40 days to have the money credited to the bank account of the member after submission of the relevant forms.

B. Transfer of Provident Fund from previous employer to current employer

A resigned employee who joins another company is left with an option of transferring the PF monies from his previous PF account to the current PF account, by filling the Form 13.

  1. When an employee joins new company and he wishes to transfer his previous company provident fund amount, he should inform the HR department or Accounts department of the new company.
  2. The employer will issue Form 13, in which the member has to fill the details of previous company like – name, address, provident fund account number and address of the provident fund office where the account was held.
  3. On form 13, the signature of the previous employer is not required.
  4. Once he fills the required details and submit it to the current employer, the current employer will forward it to the provident fund office for transferring process.
  5. The time taken for transferring the fund from one account to other account normally takes about 40 days from date of submission