Provident Fund i.e. Employees Provident Fund (EPF) helps you accumulate a substantial corpus till retirement. However, you may need to withdraw the accumulated Provident Fund funds at some stage of your career due to financial, medical, or any other reason. The amount collected in your Provident Fund account can be withdrawn partly or fully. For complete withdrawal, you will need to wait till retirement.
You can withdraw the Provident Fund completely if you remain unemployed for over 2 months. Partial withdrawal can be done for expenses related to marriage, education, or home renovation. You may also withdraw partial funds to purchase a house/plot or to repay your home loan.
For online Provident Fund withdrawal, you need to follow these things:
Step 1: Get the UAN
If you don’t know what your UAN i.e. Universal Account Number is, ask your employer or find it your monthly salary slip. After obtaining the UAN go to the EPFO portal and activate it.
Step 2: Login into your account
Now, you should log in with your UAN id and password and choose the ‘Services‘ tab by tapping or clicking on it. A drop-down menu will be opened and you can select the online forms like Form 10C, 19, and 31.
Step 3: Update KYC details
After that, you will need to provide your KYC details and choose ‘Yes’ once the undertaking certificate appears. Now, you will have to select the ‘Form 19’ option meant for withdrawing Provident Fund . Submit detailed address and scanned copies of cheque/passbook.
Step 4: Complete Aadhaar verification
Finally, you can select the ‘Get Aadhaar OTP’ option. After that an OTP will be sent on your number. Provide the OTP and forward the application. Now, follow the same process for ‘Form 10C’. The Provident Fund amount shall be deposited within 2 to 3 weeks in the bank account that you had provided in the form. You can also perform a Provident Fund balance check online through the EPFO portal.
Due to the long and complicated Provident Fund withdrawal procedure, you may also want to invest in an instrument that provides hassle-free liquidity. Fixed deposits enable you to select a flexible tenor as well. For instance, you invest a fixed deposit for 6 months or 10 years as per your choice. Fixed deposits offer easy liquidity. However, to earn the returns that can fulfill your financial goals, invest in Bajaj Finance FD. A high-interest income is guaranteed with this FD scheme as it offers an FD interest rate of up to 6.75%.
The other convenient and profitable options offered by Bajaj Finance FD are listed below:
Easy liquidity & loans against FD
The easy liquidity norms followed by Bajaj Finance FD allow you to withdraw your deposits after 3 months only. Also, the loan against FD feature enables you to obtain a loan without pleading collateral. Therefore, the emergency funds can be obtained from Bajaj Finance FD.
Higher FD rate
The FD form allows you to invest in Bajaj Finance FD smoothly. You also get a 0.10% excess FD rate for investing online. Senior citizens qualify for a 0.25% higher FD interest rate.
Safety of investment
Bajaj Finance Fixed Deposit is a stable investment avenue. To determine it, check the high credit ratings it has received from institutions like CRISIL and ICRA.
For ensuring higher liquidity and the option to invest in a high-paying FD in the future, you need to ladder investments. To allow you to deposit in multiple FD accounts, Bajaj Finance FD offers a multi-deposit feature. According to this feature, an independent tenor, deposit amount, and fixed deposit type can be chosen for each FD.