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How to Close a PF Account Permanently?

Can you close a PF account online? Closing a PF account permanently is possible only under certain specific circumstances. Let us find out when and how to permanently close a PF account.

Employee Provident Fund or Provident Fund is one of the most popular savings schemes that allows an employee to financially secure their retirement period by making regular contributions from their salary throughout the course of their employment. Although an EPF account remains active until retirement age, there are specific situations under which an individual can close their PF account.

In this blog, we will discuss how to permanently close a PF account and withdraw the accumulated funds online.

Can You Permanently Close Your PF Account Online?

It is possible to close your PF account only under two conditions:
 

  • Retirement or Job Change: You can choose to close your PF account once you are retired and have withdrawn the entire EPF amount. Further, if you have left your employment, then also you can shut your account after the final settlement.

  • The demise of the Employee: In case of the death of the PF account holder, their accumulated PF amount will be given to their nominee, and the account will be closed permanently.

Note that closing a PF account is not as easy as it sounds. With UAN (Universal Account Number) being issued for every salaried employee, it is tricky to permanently close the PF account. The reason behind this is every employer asks the new joinee for their UAN number as it helps them to transfer their EPF to the new employer.

So, if you are thinking of closing your PF account due to a job change, you can consider transferring it to your new employer instead.

Terms and Conditions for EPF Account Closure Online

If you are withdrawing your PF amount due to a job change, there are certain terms and conditions you need to follow. These are as follows:
 

  • Service Period of 10 Years: If your age is between 50-58 and you have completed 10 years of continuous service in your company, you are eligible to claim an early withdrawal. In this scenario, you need to fill out Form 10D and Composite Claim Form.

  • Service Period Over 10 Years: If you have completed more than 10 years of service but are less than 58 years of age, then you are not eligible to withdraw your EPS (Employee Pension Scheme) amount. You will only receive the pension after your retirement.

  • Service Period Less than 10 Years: If you have not completed 10 years of service with a company, you can claim both PF and EPS sum. In this case, you need to fill out the “Composite Claim Form” and opt for “Final PF Balance.”

  • Age 58 and Above: If your age is 58 years or more, you can withdraw your entire EPF amount and can also claim EPS by submitting Form 10D.

How to Make Final EPF Withdrawal?

The process of final EPF settlement is simple and straightforward. You can do so online or offline based on your preferences. Let’s discuss both processes in detail.

Online PF Withdrawal

Here is what you need to do:
 

  • Go to the EPFO official website.
  • Select Member UAN/Online Service (OCS/OTCP) option.
  • Enter the required details, such as your UAN (Universal Account Number) and password. Fill in the captcha and click on “Sign in.”
  • Navigate to the “Online Services” option from the menu and click on “Claim (Form-31,19,10D & 10C)”.
  • Enter the required details and select “Verify.”
  • Click “Yes” to sign the “Certificate of Undertaking”.
  • Next, select “Only PF withdrawal (Form 19)” from the drop-down list.
  • Enter your correct address. Once done, check the disclaimer and select “Get Aadhaar OTP.” You will receive the Aadhaar OTP on your linked mobile number. Enter it to submit your application.
  • A reference number will be generated on a successful submission of the withdrawal application. Copy this number for future reference.

If done correctly, your complete PF amount will be reflected in your UAN-linked bank account.
 

Offline PF Withdrawal

Here is everything you need to do for offline EPF withdrawal:
 

  • Visit the official EPFO website and download the Composite Claim form.
  • Fill out the form and submit it to the EPFO in your area. Note that you don’t need your employer’s attestation for the Aadhaar Composite Claim form. But for a non-Aadhaar form, you will need your employer’s attestation.

Documents Required for EPF Withdrawal

Below are the main documents required to make the final EPF withdrawal:
 

  • EPF Close Account Form
  • Bank account details
  • One blank and cancelled cheque with the account number and IFSC code visible
  • Identity Proof
  • Address Proof
     

For online EPF withdrawal, no additional documents are required. But you must upload a clear scanned copy of your passbook on the EPFO portal. You must ensure that all the required bank details are visible on your uploaded document.

Final Thoughts

EPF is a highly sought-after savings scheme for the financial security it provides to salaried employees post their retirement. It provides them with an accumulated fund that can be used to live their retirement age in a stress-free way.

As we have discussed, an EPF account can be closed permanently mainly under two circumstances: retirement and demise of the account holder.

We have outlined the complete process to close the PF account online. All you need to do is stick to the above-mentioned steps.

Peaceful Retirement Awaits: Discover Your Perfect Pension Plan

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Tata AIA Life Insurance

A joint venture between Tata Sons Pvt. Ltd. and AIA Group Ltd. (AIA),  Tata AIA Life Insurance  is one of the leading life insurance providers in India. We post everything you need to know about life insurance, tax savings and a variety of lateral topics such as savings and investments in this space. You can access and read a host of different blogs, articles and pages at the Tata AIA Life Insurance Knowledge Center or get in touch with us with any queries or questions!

View all posts by Tata AIA Life Insurance

Frequently Asked Questions

How much time does it take for an EPF withdrawal?

In most cases, the EPF withdrawal process takes around 15-20 working days to complete. However, this duration can vary depending on certain factors, such as the withdrawal amount and specific terms and conditions.

Is it possible to reactivate an EPF account after closing it permanently?

No, it is not possible to reactivate your PF account once it is closed permanently. Thus, it is important to close the account after considering all the important factors.

Disclaimers

  • Insurance cover is available under the product.
  • The products are underwritten by Tata AIA Life Insurance Company Ltd.
  • The plans are not guaranteed issuance plans, and they will be subject to the Company’s underwriting and acceptance.
  • For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale.
  • This blog is for information and illustrative purposes only and does not purport to any financial or investment services and does not offer or form part of any offer or recommendation. The information is not and should not be regarded as investment advice or as a recommendation regarding any particular security or course of action.
  • Please know the associated risks and the applicable charges from your Insurance agent or the Intermediary or policy document issued by the insurance company.
  • Every effort is made to ensure that all information contained in this blog is accurate at the date of publication. However, the Tata AIA Life shall not have any liability for any damages of any kind (including but not limited to errors and omissions) whatsoever relating to this material.