PF Withdrawal Rules: The PF Composite Claim Form can be used for partial or full PF withdrawal and even for withdrawing the money lying in your EPS account.
PF Composite Claim Form: Whether you wish to withdraw some money from your provident fund (PF) account for purchasing a home or you wish to make a PF withdrawal on leaving a job, EPFO wants you to fill only one form. The Composite Claim Form (CCF) can be used for partial or full withdrawal of PF money and even for withdrawing the money lying in your EPS account. Depending on whether you have the Aadhaar number or not, there are two forms – Composite Claim Form ( Aadhaar) and Composite Claim Form (Non- Aadhaar).
Composite Claim Form (Aadhaar)
If you have submitted Form-11 (New) to your employer and your Aadhaar number and bank account details are available on the UAN Portal and UAN has been activated, then you are eligible to fill the Composite Claim Form (Aadhaar) form. Thereafter, as per the PF withdrawal rules, the form can be submitted to the concerned EPFO office without attestation of the claim form from the employer. You will also be required to attach a cancelled cheque that carries your name. The payment from EPFO will get directly credited to your bank account.
The PF Composite Claim Form can be used for any of the three needs:
- To make part withdrawals or advances such as for home purchase etc
- To make a full and final withdrawal of PF funds
- To withdraw pension money lying in the Employees’ Pension Scheme (EPS) account.
How To Withdraw PF Online
To make part withdrawals or advances
If you are looking to withdraw a portion of your PF funds for purchasing a home etc, you will need to fill the Composite Claim Form. Such partial withdrawals are referred to as Advances from PF account and are non-refundable. It means after withdrawing there is no provision to put it back into the PF account as it is not considered a loan. Amongst others, the part-withdrawal can be for any of the following reasons:
- In case of a housing Loan or purchase of a house or for construction or alteration in an existing house or for repayment of home loan.
- In case of a lockout or closure of the factory.
- In the case of Illness of self or a family member.
- In the case of marriage of self, son, daughter, brother or sister
- In the case of post matriculation education of children.
To make full and final withdrawal of PF funds
For withdrawing PF funds, after a gap of two months of leaving a job, you can make full withdrawal using the EPF withdrawal composite claim form. You need to enter the date of leaving service, your PAN number etc while submitting the new PF withdrawal form. One will also be required to fill the reason to leave service which could be – On the account of the health of the individual, discontinuation of employer’s business or any other cause.
There could be an incidence of tax deducted at source (TDS) on your PF money. The TDS will be deducted by EPFO if the service period is less than 5 years i.e 60 months. In case the PAN is submitted, TDS of 10 per cent will be deducted else 34.608 per cent of the PF funds will be taxed, provided Form 15G/H is not submitted.
Withdrawal of pension money from EPS
If you have less than ten years of continuous service, you can withdraw the EPS money while making a full withdrawal of PF funds. As an employee, 12 per cent of your basic pay goes into PF while an equal share is made by the employer. However, out of employer share, 8.33 per cent ( of a maximum Rs 15,000) goes into EPS each month. This EPS money can be withdrawn using the Composite Claim Form.
Whichever form you choose and whatever is your need, make sure to read the instructions properly before submitting the filled up forms. The process to withdraw PF money has also become online, however, if you still want to go through the offline mode, you need to fill up the CCF form.