How To Withdraw Voluntary Provident Fund?

The VPF stands for Voluntary Provident Fund, a voluntary contribution made by the employee. One can contribute up to 100% of the basic salary and dearness allowance to this fund. However, I have seen most people do not know about the voluntary provident fund rules and regulations. I was one of them myself until I researched about it before my job change. I needed to clarify all my doubts so I read a number of articles about it online. So let me share some basic questions like how to withdraw VPF amount online. The process is super easy so do not worry. Let me guide you through the steps.

I am also aware of the two processes that Ankita mentioned.  One can withdraw VPF by

• Visiting the

  UAN portal

  and applying for online EPF withdrawal

• Or else you can submit the PF withdrawal application directly to the PF office but make sure you get your ID and the form attested by the bank.

I hope this answers the most common question- can VPF be withdrawn. There are however some criteria that one needs to fulfil before withdrawing the amount. If you are interested to know about them all, read till the end.

To withdraw the VPF amount, there are some criteria you will have to abide by like-

• The VPF account must have been completed at least five years

• The employee can withdraw the VPF amount after submitting a request letter and Form- 31 to his/her employer

So this is the VPF withdrawal procedure and criteria. 

You can get your VPF changed to your new company anytime you want. All you will need is the VPF number. 

Here are some of the VPF rules one need to follow-

• Once a person invests in a VPF, he/she cannot discontinue the investment mid-year

• The employee must request their employer to get enrolled for VPF since both parties are equally important

• Only salaried individuals are eligible for VPF

These are some of the basic voluntary provident fund rules and regulations I know. You can get them clarified by the bank or employer in case of any doubt. 

VPF or Voluntary Provident Fund has been created to help people save money for their old age. I had been working for a company for 3 years and thought I needed to withdraw the VPF amount and then shift my company. I asked my father about the VPF Withdrawal Rules and Guidelines and got to know that one need not withdraw the money from the amount to change the company. The account will be changed from the former company to the new one without much hussle. Even if one wants to withdraw the money, he or she has to follow some rules. Let me share what they are.

There are some rules that one need to know:

• The maturity period of VPF is 5 years and before it, you cannot withdraw the money

• Of you still want to withdraw it, do know that you will have to pay extra fee or tax for it

• To withdraw the VPF amount, submit a request letter and form 31 to your employer

If you have completed 5 years, you will get the maturity amount.

How to withdraw Voluntary Provident Fund?

There are two ways to withdraw VPF that are:

1. Applying for EPF amount withdrawal via UAN or Universal Account Number

2. Submit your PF withdrawal application directly to the regional PF office. In this case you will need to get your ID and the form attested by a bank manager/magistrate/gazetted officer/post or sub-postmaster/notary public or prescient of the village panchayat.

I hope this answers your query on

how to withdraw VPF.

The interest is very high in VPF standing at 8.5% so indeed a good amount of money gets saved there.

This is what I know about

the VPF Withdrawal Rules.