Employee Provident Fund Schemes: Eligibility, Interest Rates & Withdrawal Rules

What is PF (Provident Fund) in Salary and How Does it Work?

What are the Types of PF?

Which are the Schemes Offered under EPFO and How it Works?

What are the Objectives of EPFO?

What are the Benefits of EPF?

How is EPF Different from PPF?

Meaning EPF stands for Employee Provident Fund.  PPF stands for Public Provident Fund. 
Ownership An organisation for its employees primarily manages EPF.  PPF is open to all individuals, including employees and self-employed individuals. 
Purpose EPF is meant for retirement savings and is mandatory for employees in certain organisations.  PPF is designed for long-term savings and tax benefits. 
Contributions In EPF, both the employee and the employer contribute.  In PPF, contributions are made solely by the account holder. 
Withdrawals EPF allows partial withdrawals for specific purposes like buying a house, medical emergencies, etc. PPF has stricter withdrawal rules with limited options for partial withdrawals.
Tax Benefits Contributions to EPF are eligible for tax deductions under Section 80C of the Income Tax Act, and the interest earned is tax-free. Contributions to PPF are also eligible for tax deductions under Section 80C, and the interest earned is tax-free. The entire amount, including interest, is exempted from tax upon maturity.
Interest Rates The government sets the interest rate for EPF, which tends to be higher than PPF rates and is typically revised annually.  The government also sets the interest rate for PPF, which is subject to revision every quarter. It is usually slightly lower than the EPF interest rate but still competitive compared to other savings instruments.

What are the Eligibility Criteria for EPF?

How can Employers Register for EPF?

How can Employees Login to EPFO Portal?

What are the Different Types of EPF Forms?

Employees' Provident Fund Organization (EPFO) members are eligible for EPF, EPS, and EDLI benefits. However, a member must use particular forms to communicate with EPFO for some purposes. The list of EPF forms and their purposes is provided below:

Form Type Description
Form 2: Declaration and Nomination Structure Employees designate a family member on Form 2 to receive the remaining EPF amount in the event of their death. Maintaining this form's most recent version is crucial to guarantee that the intended beneficiary receives the payments. The nominee must be determined after marriage, and the nominee may be modified at any moment.
Form 3A: Monthly Contribution Report for Employees Employers report the monthly contributions made by staff members using Form 3A. This document, sometimes called the Employee-by-Employee Annual Report, offers an overview of the sums the employer and the employee each withheld from and contributed to the EPF, VPF, and EPS accounts for a specific year.
Form 5: Application for Fund Membership Employees joining a new organisation must submit form 5. This form assists the company in setting up the worker's EPF account and starting fund contributions. When new employees are registered under the EPF plan, employers fill out this EPF registration form on the 15th of every month; if no new employees are employed, it is reported as "NIL."
Form 5(IF): Insurance Claims for Employee Deposits Linked (EDLI) Fill out Form 5 (IF) to claim benefits under the Employee Deposit Linked Insurance (EDLI) plan after an employee passes away unexpectedly. Processing this claim requires an attestation from the employer; if the employer is inaccessible, a gazetted official may offer the attestation instead. The beneficiary's legal guardian can complete the form if the recipient is a minor.
Form 5G: EPF Income Tax Deduction at Source (TDS) Members file Form 15G to minimise tax deductions for interest earned on their EPF account. It also applies when a member withdraws more than ₹50,000 from their EPF savings before finishing five years of service. Form 15H is used for senior persons instead of Form 15G.
Form 6A: Employer's Monthly Contribution Statement A yearly contribution statement, Form 6A, lists all members' donations to the establishment. The employer can monitor each employee's total contributions by using the information about the yearly salary deductions from the EPF.
Form 10: Employee Resignation Notice The employer must submit Form 10 to stop an employee's contributions when they quit or leave their position. The deadline for submitting this form is the fifteenth of every month.
Form 10C: Withdrawal of Employee Pension Scheme (EPS) Balance When an employee quits their job before they have worked for ten years, they can use Form 10C to request the withdrawal of their EPS balance. The employee may be eligible for a scheme certificate in particular situations, and some specific requirements and conditions must be met.
Form 10D: Monthly Pension Claim When an employee becomes eligible to receive a pension after retirement, they must use Form 10D to collect their monthly pension under the EPS.
Form 11: Request for EPF Transfer When an employee moves employment, they must send Form 11 to the new employer to transfer their EPF amount from the old one. The member ID and PF account number change, but the UAN stays the same.
Form 13: Request for EPF Balance Transfer Form 13 is used by employees who wish to transfer their EPF balance from their former employer to their new one when they change jobs. This makes combining EPF accounts easier.
Form 14: Claim for LIC Policy Payment You must fill out Form 14, self-attest it, and give it to your employer to pay for a Life Insurance Corporation (LIC) insurance using funds from your PF account. Your employer will then deliver the completed form to the EPF commissioner.
Form 19: Full Withdrawal Employees can request a complete withdrawal of their EPF balance using Form 19, which includes all employer and employee payments and accrued interest. This happens when an employee retires or resigns. This is relevant to anyone without a UAN.
Form 20: Request for Provident Fund Withdrawal The guardian of the minor/lunatic nominee or heir must utilise Form 20 to claim the minor dead member's PF accumulation.
Form 31: Application for EPF Advance Employees may use Form 31 to request partial withdrawals from their EPF account in case of an emergency involving housing, medical bills, or educational costs.
Form 51F: Employees' Deposit Linked Insurance (EDLI) Benefits An EPF member's nominee or legal heir must submit Form 51F to be eligible for the EDLI benefits.

How to Transfer EPF Online?

What Happens to EPF if You Change the Company?

How to Link an EPF Account With Aadhaar Online?

Interest Rates on Employee Provident Fund (EPF)

Financial Year Interest Rate
2023-2024 8.25%
2022-2023 8.15%
2021-2022 8.10%
2020-2021 8.50%

How is Interest Calculated on EPF?

How to Calculate EPF Contribution - Formula?

What is an Employee's Contribution Towards EPF?

What is an Employer's Contribution Towards EPF?

What are the Categories of Employer's Contribution to EPF?

How to Withdraw EPF Money?

Who can Withdraw and When to Withdraw PF Money?

What are EPF Tax Rules?

How to Check EPF on the UMANG App?

Contact Information of the EPF Office

EPF Grievance Process

FAQs about Empolyee Provident Fund