PF withdrawal affidavit cum indemnity bond is a legal document that is required when an individual wants to withdraw their Provident Fund (PF) before the completion of the minimum required years of service. The document serves as an indemnity bond and is submitted to the relevant authorities to ensure that the individual is entitled to the withdrawal and that they will not hold the authorities responsible for any future claims related to the PF. In this article, we will explore the purpose of the PF withdrawal affidavit cum indemnity bond, its format, and its requirements.
So, if you’ve ever needed to access your provident fund for various reasons, this affidavit will be needed.
Table of Contents
Understanding Affidavit cum Indemnity Bond for PF Withdrawal
The “Affidavit cum Indemnity Bond for PF Withdrawal” carries significant importance as it provides a formal and structured way for individuals to claim their Provident Fund (PF) balance while also ensuring compliance with legal and procedural requirements. This document serves as a declaration of the individual’s eligibility for PF withdrawal and offers indemnity against any potential claims or disputes related to the withdrawal.
Let’s understand this importance through an example:
Meet Rahul Patel, an employee who has recently left his job and is eligible to withdraw his PF balance. Rahul decides to initiate the PF withdrawal process and is required to submit an “Affidavit cum Indemnity Bond for PF Withdrawal” along with other necessary documents.
By submitting the affidavit cum indemnity bond, Rahul is able to:
- Confirm Eligibility:Â The affidavit confirms that Rahul is eligible for PF withdrawal based on his employment history and adherence to the PF withdrawal criteria.
- Legal Compliance: The document ensures that Rahul’s withdrawal request follows legal and regulatory procedures, mitigating any potential legal challenges in the future.
- Indemnify against Claims: The indemnity bond section of the document indemnifies the authorities from any future claims or disputes arising from the PF withdrawal, provided that Rahul’s request adheres to the law.
- Prevent Misuse:Â The affidavit acts as a safeguard against misuse of the PF withdrawal process by requiring a formal declaration of eligibility.
- Transparency: The document adds transparency to the PF withdrawal process, clearly outlining Rahul’s intent to claim his PF balance.
- Streamline Process:Â Submitting the affidavit cum indemnity bond streamlines the PF withdrawal process, making it efficient and standardized for both the individual and the authorities.
Uses of Affidavit cum Indemnity Bond for PF Withdrawal:
The “Affidavit cum Indemnity Bond for PF Withdrawal” serves several practical purposes when seeking to access your provident fund:
- Withdrawal Application:Â Submit this affidavit as part of your provident fund withdrawal application, indicating your genuine intent to access your funds.
- Financial Needs: Use this document to explain your financial requirements that prompt your need to access your provident fund.
- Retirement: When you’re retiring and wish to withdraw your accumulated funds, this affidavit serves as a formal declaration of your intent.
- Emergency Situations: If you’re facing a financial emergency, this affidavit can be part of your request to access your provident fund for urgent needs.
- Education Expenses:Â When withdrawing funds for education expenses, this affidavit states your purpose for the withdrawal.
- Medical Expenses:Â In cases of medical emergencies, this affidavit can be submitted to explain your need for accessing your provident fund.
- Home Purchase:Â When using your provident fund for a home purchase, this affidavit outlines your intent for withdrawal.
- Loan Repayment: If you’re repaying a loan using your provident fund, this document confirms your intention.
- Personal Financial Goals:Â Use this affidavit to declare your intention to withdraw funds for personal financial goals.
- Supporting Documents:Â This affidavit can accompany other necessary documents when applying for provident fund withdrawal.
- Legal Requirement:Â Some provident fund institutions may require an affidavit to accompany the withdrawal application.
- Clear Intent:Â The affidavit showcases your clear intent to withdraw your provident fund, which can expedite the processing of your request.
Format of Affidavit cum Indemnity Bond for PF Withdrawal
A PF Withdrawal Affidavit cum Indemnity Bond should generally contain the following details:
- Name of the employee
- Employee’s address and contact information
- Employee’s PF account number
- Name and address of the employee’s employer
- Date of joining and date of leaving the job
- Reason for leaving the job
- Details of the amount to be withdrawn from the PF account
- Details of the bank account where the amount is to be transferred
- Declaration by the employee that he/she is the rightful owner of the PF account
- Indemnity clause – the employee agrees to indemnify the employer against any claims or damages arising from the withdrawal of the PF amount
- Attestation by a notary public or a first-class magistrate
Requirements for PF Withdrawal Affidavit cum Indemnity Bond
- Reason for withdrawal:Â The individual must have a valid reason for withdrawing the PF. This could include retirement, resignation, medical emergency, or any other reason specified by the relevant authorities.
- Eligibility criteria:Â The individual must meet the eligibility criteria for PF withdrawal, which may include completing the minimum required years of service or meeting other requirements specified by the relevant authorities.
- Proof of identity: The individual must provide proof of their identity, such as a passport, driver’s license, or Aadhaar card.
- Proof of address:Â The individual must also provide proof of their address, such as a utility bill or a bank statement.
- Bank account details:Â The individual must provide their bank account details, including the account number and IFSC code, to ensure that the PF funds are deposited in the correct account.
Stamp paper denomination required for the affidavit
| State | Stamp Duty (â‚ą) |
|---|---|
| Andhra Pradesh | 10 |
| Arunachal Pradesh | 10 |
| Assam | 100 |
| Bihar | 100 |
| Chhattisgarh | 5 |
| Goa | 20 |
| Gujarat | 50 |
| Haryana | 10 |
| Himachal Pradesh | 10 |
| Jharkhand | 4.20 |
| Karnataka | 20 |
| Kerala | 10 |
| Madhya Pradesh | 50 |
| Maharashtra | 100 |
| Manipur | 3.60 |
| Meghalaya | 7 |
| Mizoram | 7 |
| Nagaland | 10 |
| Odisha | 10 |
| Punjab | 5 |
| Rajasthan | 50 |
| Sikkim | 50 |
| Tamil Nadu | 20 |
| Telangana | 20 |
| Tripura | 50 |
| Uttar Pradesh | 10 |
| Uttarakhand | 10 |
| West Bengal | 10 |
| Andaman and Nicobar Islands | 10 |
| Chandigarh | 15 |
| Dadra and Nagar Haveli and Daman and Diu | 20 |
| Lakshadweep | 100 |
| Delhi | 10 |
| Puducherry | 1 |
| Ladakh | 10 |
| Jammu & Kashmir | 10 |