PF (Provident Fund) or EPF (Employee Provident Fund), as it is known, is an investment option given to employees working in an organization of more than 20 employees. The employer and the employee equally contribute to the PF account of the employee. Once the employee retires or resigns the job, he/she can withdraw the PF fund or can choose to transfer the accrued sum to a new PF account with a new organization.
The Employees’ Provident Fund Organization (EPFO) has provided three modes in which an employee can withdraw the PF, they are:
• Full withdrawal through the final settlement.
• Partial withdrawal through loan or advance.
• Pension withdrawal through EPS (Employee Pension Scheme) withdrawal.
You need to register your bank details, mobile number, and other identification details with the unified portal as well as activate your UAN (Universal Account Number).
How to Withdraw your PF Fund?
You can submit an offline form for claiming. You can download the form from EPFO website and submit the duly filled form to the nearest EPFO office. Your current employer needs to attest the claim form before the submission. Also, you can make partial withdrawals only if your reason for the partial withdrawal is defined under the inclusion of the policy terms. Some of the conditions at which you can claim for partial withdrawals are marriage, education, purchase of house or land, construction of a house, home renovation, repayment of home loan, a set time before retirement. You can withdraw your PF online by following the steps mentioned below:
• Visit https://unifiedportal-mem.epfindia.gov.in/memberinterface/.
• Log in using the credentials like UAN number and password. You might need to enter the captcha for verification.
• You need to then click on check the KYC details and verify the same.
• You need to choose the mode of PF withdrawal as per your convenience.
• You will receive a One Time Password (OTP) on your mobile number that is registered with your Aadhar Card as well as your UAN.
• Once EPFO verifies your KYC details, your claim will be processed, and your claim amount will be deposited to your registered bank account.
The EPFO settles the claim usually within 30 days of the claim request if all the provided documents are original and correct.
What can you do with the Money once Withdrawn?
Apart from the partial withdrawal mode, you can choose to invest the money withdrawn in secure investment platforms like Fixed Deposit (FD). Bajaj Finance is known to be one of the leading Non-Banking Financial Companies (NBFCs) that offer a range of financial products with guaranteed returns for the investment. With CRISIL’s FAAA and ICRA’s MAAA stable ratings, you can assure high and assured returns from your investments. Below are the benefits of investing in FD with Bajaj Finance:
• High FD interest rates (up to 9.10%)
• A higher rate of interest for Senior Citizen FD. Under this scheme senior citizens are eligible for 0.35% higher interest rate as compared to other policies under the same. This amounts the Return on Investment (ROI) to 9.10 per annum.
• Minimum deposit is as low as Rs. 25000
• Flexible tenor varying from 12 months to 60 months
• Online FD calculator provided to calculate the FD interest rates as well as the returns from the same
• Online application procedure with a quick application form and minimal documentation
• Online access to FD account for quick fund transfer and efficient fund management
• 24/7 assistance provided for guiding you for the application as well as the renewal process
• For offline assistance, there are about 200+ branches of Bajaj Finance across India.
• The market rate fluctuations do not influence the FD interest rates.
• Return on Investment (ROI) is increased on renewals under this scheme. The interest rate gets enhanced by 0.25% per annum as compared to the previous scheme.
• The payment is accepted under electronic means (Real Time Gross Settlement [RTGS]) and physical (payment using cheque facility) methods under the respective scheme.
• The company provides follow up to its customers in the form of e-mail and SMS communication. This facility is provided to the account holders since the date of request to the date of maturity under this scheme.