What is Provident Fund?
A Provident fund is just like a savings scheme for employees where a small portion of the salary amount will be contributed to the account and a lump sum of the amount will be given at the time of exit from the current working company. PF accounts are managed by the Employees' Provident Fund Organisation which is shortly called EPFO which manages Provident Fund Scheme, a Pension Scheme, and an Insurance Scheme, etc., EPFO website is available for your PF services and withdrawal and another requirement. https://unifiedportal-mem.epfindia.gov.in/ where one has to register with UAN (Universal Account Number). On the successful registration of the EPFO portal, the activation verification process takes up to 6 hours.
Why should you consult PF Agents?
- Save your precious time
- No need to go nearest EPFO office
- PF consultants can guide you about Provident fund withdrawal rules and regulations
- Apply for PF money without any stress and no big waiting time
- PF withdrawal might be partial and full Settlement
- They will itself Claim Form 19
- If you don't have a UAN number, PF experts will claim with Claim Form 19
- Canceled cheque/attested copy of the bank passbook will be sent to EPFO
TDS on Provident Fund:
- TDS deduction will be done with 10% if the employees work more than 5 years
- If your PF balance is Rs. 50,000/-, TDS will not be deducted
Reasons to apply for PF partial withdrawal:
- Home loan
- Health sick/illness of a family member
- Buying a flat or land