Provident Funds, meant for the future welfare of employees, helps as a saving after the retirement and also various other purposes.
Once certain amount has been accrued in the Employee Provident Fund Account, the PF subscribers can withdraw a part for their expenses. If they are of 58 years of age, they can invest in LIC Policy and also the facility to close their Provident Fund Accounts.
As there are many useful facilities in subscribing to Employee Provident Fund Account, it is beneficial to know all details about the usage of PF Account.
The procedures are rather simple and easy. As per the type of compensation, there are several forms to be filled and submitted for processing.
- Form 31 (for individual employee working in a company) – This would be useful for taking loans, advances, or withdrawal of amounts. Loans will be dispensed based on the individual’s merit/qualification.
- Form 14 – This has to be used by the subscriber to pay his/her insurance policy premiums.
- Form 10D – This is for the individuals who have Pension Fund Account. If the fund account is more than 10 years’ old and if the individual has crossed 58 years of age, he/she may even close the account.
- Form 10C – If the subscriber has not maintained the PF account over 10 years or he/she has not crossed 58 years of age, he/she can use Form 10C for withdrawals.
- Form 13 – Employees who have resigned from one organisation to join another will have to use Form 13 for transferring his P F a/c to the new organisation.
- Form 19 – This can be used by the subscribers who have resigned from their jobs and not continuing to work. Provided their servi9ce is more than 10 years and they are under 50 years of age, they can fill form 19, submit the same and close their account.
- Form 10C – This form has to be used if the subscriber wants a certificate and the full amount of the fund. Even those who have got leass than 10 years of service can use forms 19 & 10C.
- Form 10D – Subscribers who have crossed 58 years of age can use Form 10D. However, he must have completed a minimum of 10 years of service.
- Form 19 – This can be sued for the subscribers who continue their jobs due to some physical disability.
- Form 10D – This form can be used by subscribers who have completed 10 years of service but less than 58 years old. This can be used for drawing monthly pension.
- Form 10C – This can be used bu subscribers who are under 58 years of age but completed 10 years of service to realise the closing benefits of their PF accounts.
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