PF Withdrawal Rules: During employment, we deposit money in EPFO (Employees’ Provident Fund Organization), so that we can get financial security after retirement. But for Kochi resident KP Sivaraman, PF money became the cause of death.
PF Withdrawal Rules: During job, we deposit money in EPFO (Employees Provident Fund Organization), so that we can get financial security after retirement. But for Kochi resident KP Sivaraman, PF money became the cause of death. He kept making rounds of EPFO for 9 years to withdraw PF money, but every time he was sent back due to lack of any document and sometimes by making some excuse. Ultimately defeated, 69 year old KP Sivaraman committed suicide at the EPFO office in Kochi. Immediately after Sivaraman’s death, EPFO returned his PF funds to his nominee. This incident has raised questions on the negligence of EPFO. Sivaraman has said that legal action will be taken against EPFO. Shilraman is not alone, there are many such people who keep visiting the EPFO office for years for their own money. His PF claim is rejected. So that you do not face such difficulties, it is important that you have complete information, you know about the rules.
When can funds be withdrawn from EPFO?
There is no limit for withdrawing funds from EPF account. You can withdraw some part of PF for your needs during job. Whereas if you have left the job, then after waiting for two months you can withdraw the entire PF amount. And after retirement, you can withdraw the entire amount in one go. Although pension option is also available in this, but it is optional.
Why does PF claim get rejected?
Many times, PF claim gets rejected due to discrepancies in the documents. There are some mistakes in the PF form like name, family details, blurry photo of cheque-passbook, absence of name on chequebook, incomplete bank details, incomplete KYC details, difference in date of joining and leaving the job, age and date of birth, etc. Because of this your claim may be rejected by EPFO. In such a situation, it is important to fill the information correctly while filling the PF form.
How to get money after death of EPF member
If a PF subscriber dies after employment or retirement, then it is important to know how his PF money will be received. In case of death of the PF holder, his family members are entitled to the PF amount. For this Form 20 has to be submitted. After downloading this form from the EPFO website and filling it, it will have to be submitted to the nearest EPFO office. Along with this form, death certificate, claimant’s certificate, nominee form, succession certificate, guardian certificate, bank account details will have to be submitted.
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