Let me tell you, the employee may withdraw their entire NRI PF if they are leaving India and moving abroad permanently. Here are the key conditions for PF withdrawal India for NRI:
NRIs can apply for full withdrawal of their PF amount if they retire or permanently settle in another country. This covers circumstances in which an Indian employee shifts overseas for work and has no plans to return.
One more point you must keep in mind, PF withdrawal for NRI is allowed after reaching the age of 58 years. It is also allowed if an individual remains unemployed for two months after leaving their job in India. In such cases, NRIs can withdraw their entire PF balance, including both their contribution and the employer’s contribution.
The withdrawn amount may be subject to taxation, especially if the withdrawal occurs before completing five years of continuous service.
NRIs should consult with tax experts to understand the tax implications based on their country of residence and double taxation avoidance agreements (DTAA).
NRIs can use their Universal Account Number (UAN) to start the withdrawal process online via the EPFO portal. Their registered bank account (connected to their UAN) will receive the withdrawal amount. Identity verification, Form 19 (for the final PF payment), Form 10C (for pension withdrawal), and bank account information are required documents.
This is the process for NRI PF withdrawal
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rajesh
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2024-10-16T09:31:25+00:00 2024-10-16T09:31:26+00:00Comment
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