Brief Guide to Withdraw Your Provident Fund (PF) 2021

If you are an employee of an organization that has more than 20 employees then it is mandatory for the employer to open an EPF (Employees Provident Fund) account for all the employees. As per the rules, an employee will contribute 12% of this basic salary towards the EPF account and the employer must also contribute equally. The fund accumulated in your PF account can be withdrawn upon retirement or you can also withdraw it if you have remained unemployed for over 2 months. You need to follow the below steps to withdraw your PF online:

• Step 1: Visit the UAN portal and login with your UAN (Universal Account Number) and password. If you have not activated your UAN already then you can do it easily by visiting the EPFO portal. 
• Step 2: Now, click on the option called ‘manage’ and verify your KYC details by selecting the KYC option. If your KYC details are accurate then you can open Claim Form-31, 19, and 10C by selecting the applicable option from the ‘Online Services’ tab. 
• Step 3: After that, you just need to fill in the last 4 digits of the bank account linked with your PF account and then hit on the ‘Verify’ button. Now, a ‘Certificate of Undertaking’ will appear on your screen and you will need to select the ‘Yes’ option to proceed further.
• Step 4: Now, you need to select the ‘Proceed for Online Claim’ option and choose whether you need to withdraw your PF partially or fully. You will find these options below the ‘I want to apply for’ tab. If you don’t see this option then you can use Form 31 to withdraw your PF. The money will be sent to your bank account within 15 days once you apply. 

The EPF interest rate is revised every year and it is usually on the higher side. However, its withdrawal and investment options are not quite flexible. If you are looking for high-return investments that are also safe and stable like EPF, then you can invest in the Bajaj Finance FD scheme. The reasons for doing so are listed below:

High interest rate 

The FD interest rate of 7.25% offered by Bajaj Finance FD is one of the best FD rates in the segment of fixed deposits. This high interest rate will ensure that you earn a sizable amount at maturity. 

A 0.25% higher interest rate is provided to senior citizens so that they can use it to earn slightly higher returns. The non-seniors can invest by using an online FD form to get a 0.10% excess FD rate. 

Laddering investments 

Laddering deposits becomes easy with the Bajaj Finance FD scheme as it offers a multi-deposit feature that lets you invest in more than one FD at once. The FD tenor, amount, and type can be different for each of your FD plans and you can deposit in all the FD accounts at once. 

Investing in multiple FDs will allow you to use some of your returns to fulfill your regular needs. It will also ensure that you can consolidate the returns of one or more FDs and invest it in a cumulative FD plan to compound your interest earnings. 

Other benefits 

The FD calculator available on the website of Bajaj Finance lets you plan your finances carefully. It lets you choose the investment tenor and amount smartly to look after your future investment plans or goals. Also, the flexible tenor of 12 to 60 months will ensure that you can fulfill your long-term or short-term investment needs. 

It is safe to invest in its FD plans as credit rating organizations such as ICRA and CRISIL have conferred it with high ratings on stability. Also, you can now check your FD investments online by using its customer portal – Experia. The option of investing through debit cards is also available in certain locations in India.

Investing in EPF is mandatory for those who are working in an organization that has more than 20 employees. If you want to know how to check PF balance or want to withdraw the PF either partially or completely, you can use the EPFO portal. The high PF interest rate makes it a favorite investment option for many but its strict withdrawal policies are also a concern. An instrument that is stable like EPF and also offers surplus returns to investors is FD plans offered by the Bajaj Finance FD scheme.

It comes with high interest rates of up to 7.25% and features like the multi-deposit feature coupled with the flexible tenor range enables you to use it for attaining your long and short-term financial objectives. Moreover, it also provides an additional FD rate to senior citizens and online investors. Therefore, it is certainly one of the safer and better high-return investments for you.