How to Close a PF Account Permanently?

When it comes to retirement and pension plans, the process of how to close PF account requires going through a couple of steps. Whether you’re retiring, changing jobs, or simply consolidating your finances, knowing how to close your PF account is essential. The good news is that the process has become much more streamlined and accessible, thanks to digital advancements. But don’t worry if it sounds complicated—we’ll walk through it step by step and tell you how to close PF account without any hassle.

Is it Possible to Permanently Close Your PF Account Online?

You can definitely close your PF (Provident Fund) account online, and it’s made quite easy these days. The Employees’ Provident Fund Organization (EPFO) in India has really streamlined the process. They’ve set up a lot of services online to help with this. However, there are a few important details you should be aware of to ensure everything goes smoothly.

Terms and Conditions for EPF Account Closure Online

If you withdraw your PF amount because you are changing jobs, there are some important rules to follow. Here’s a quick rundown before knowing how to close PF account:

Service Period of 10 Years

If you’re between 50 and 58 years old and have worked for the same company for 10 years or more, you can claim an early withdrawal. You’ll need to fill out Form 10D and the Composite Claim Form.

Service Period Over 10 Years

If you’ve been with your company for over 10 years but are under 58, you can’t withdraw your EPS (Employee Pension Scheme) amount just yet. You’ll only be able to access your pension after you retire.

Service Period Less than 10 Years

If you’ve worked with a company for less than 10 years, you can claim both your PF and EPS amounts. Just fill out the Composite Claim Form and choose the “Final PF Balance” option.

Age 58 and Above

If you’re 58 or older, you can withdraw your entire EPF amount and also claim your EPS by submitting Form 10D.

What is the Procedure for Making a Final EPF Withdrawal?

If you’re looking to settle your EPF account, you’ve got two options: online or offline. Here are simple steps for both methods:

Online PF Withdrawal

• Visit the EPFO Website: Start by going to the official EPFO website.
• Access the Member UAN Service: Click on “Member UAN/Online Service (OCS/OTCP).”
• Log In: Enter your UAN (Universal Account Number) and password. Complete the captcha and hit “Sign in.”
• Claim Your PF: Go to “Online Services” and choose “Claim (Form-31, 19, 10D & 10C).”
• Fill Out the Form: Enter the necessary details and hit “Verify.”
• Sign the Certificate: Click “Yes” to sign the “Certificate of Undertaking.”
• Choose Withdrawal Type: Select “Only PF withdrawal (Form 19)” from the drop-down menu.
• Provide Your Address: Enter your address, review the disclaimer, and choose “Get Aadhaar OTP.” You’ll receive an OTP on your linked mobile number—enter it to submit your application.
• Get a Reference Number: After submitting, you’ll get a reference number. Keep this for future tracking.
• If everything’s done correctly, the full PF amount will be transferred to your bank account and linked to your UAN.

Offline PF Withdrawal

• Download the Form: Go to the EPFO website and download the Composite Claim form.
• Fill Out: Complete the form and submit it to your local EPFO office.
• Aadhaar Form: You don’t need your employer’s attestation for the Aadhaar Composite Claim form.
• Non-Aadhaar Form: You will need your employer’s attestation if you’re using a non-Aadhaar form.

Documents Required for EPF Withdrawal

To know how to close PF account, here’s what you will need:

• EPF Close Account Form
• Bank Account Details
• A blank, canceled cheque with your account number and IFSC code visible
• Identity Proof
• Address Proof

You won’t need any extra documents beyond these if you’re going the online route for your EPF withdrawal. Just make sure to upload a clear scanned copy of your passbook to the EPFO portal, ensuring all the bank details are clearly visible on the document.

Final Thoughts

Closing your PF account permanently might seem daunting at first, but with the right guidance, it is manageable. Remember, the key steps for PF closing involve ensuring your KYC details are up-to-date, submitting the claim form correctly, and keeping track of your application’s status. Whether you’re doing it online or through your employer, following these steps will ensure a smooth and hassle-free process. Now, you’re well-equipped to take control of your financial planning and move forward confidently.

FAQs on How to Close a PF Account

1

How do I apply for PF account closure online?

To apply for PF account closure online, log in to the EPFO Member Portal using your UAN and password, go to ‘Online Services,’ select ‘Claim (Form-31, 19 & 10C),’ and follow the instructions to submit your claim for final settlement.

2

What documents are required to close a PF account?

You need the EPF Close Account Form, bank account details, a blank canceled cheque with the account number and IFSC code visible, identity proof, and address proof.

3

How long does it take to process a PF account closure request?

Typically, it takes about 15-30 days to process a PF account closure request, depending on the completeness of your documents and verification by your employer.

4

Can I close my PF account if I am still employed?

No, you generally cannot close your PF account while still employed. Instead, you should transfer the balance to your new employer’s PF account if you switch jobs.

5

What happens to the balance in my PF account after it is closed?

Once your PF account is closed, the balance is transferred to your bank account. Make sure all your bank details are correct and up-to-date.

6

Are there any tax implications for closing a PF account?

If you close your PF account before completing five years of continuous service, the balance may be subject to tax. However, if it’s after five years, the amount is usually tax-free.

Suggested Readings

1. How to Claim TDS Refund Online?

2.Income Tax Act 1961 of India: Definition, Chapters, Objectives & Provisions