EPF Account: A person might have various reasons to consider closing his PF account. However, closing or opening an EPF account does not involve a simple process such as opening a bank account. An EPF account can be closed only in two situations. In the event of the employee’s death, the entire amount will be paid to the nominee who was nominated at the account’s inception. The second way is when an employee has left the company or retired and has withdrawn the entire amount.
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Steps-by-step guide to permanently close PF account
Closing a PF account involves a systematic process to ensure compliance with regulatory requirements and fund transfers. Here is the step-by-step explanation for closing the PF account. First, check your eligibility.
– Ensure that you meet the eligibility criteria to close your PF account. Generally, individuals can withdraw their PF balance only after completing employment for two months or more.
– Submitting the withdrawal form: Get the required withdrawal form from the Employees’ Provident Fund Organization (EPFO) website or your employer.
– Fill the form correctly with details such as your PF account number, bank account details, reason for withdrawal, and more.
– Employer Verification: Submit the completed withdrawal form to your employer for verification. Your employer will verify the details provided and validate the form accordingly.
– Submitting the form to EPFO: Once verified by the employer, submit the withdrawal form along with any required documents directly through the EPFO office or authorized bank.
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– Processing Time: EPFO usually takes around 30 days to process PF withdrawal requests. However, processing time may vary depending on the completeness of the application and other factors.
– Fund Transfer: Once your withdrawal request is processed, the PF balance will be directly transferred to your registered bank account given in the withdrawal form.
– After a successful fund transfer, you will receive a message or email from EPFO, a confirmation for closure of your PF account.
