Non- Repayable Provident Fund Withdrawal

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Non-Repayable Provident Fund Withdrawals

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Introduction

Tata Consultancy Services Limited is covered under Employees’ Provident Fund and Miscellaneous Provisions Act, 1952 (EPF & MP Act) with effect from July 27, 2006. Pursuant to this coverage and in compliance to the rule and regulation thereto, Non-Repayable PF withdrawal benefit can be availed by employees for following purposes while in service:

• Purchase of House / Flat

• Build a House

• Acquisition of Site

• Additional withdrawal for additions, substantial alterations or improvements

• Repayment of Home Loans

• Expenses towards illness of the member or family member(s)

• Higher Education & Marriage purpose

• Purchasing an equipment required by physically handicapped member

• Withdrawal within one year before the retirement

• Financing of member’s Life Insurance Policy

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Eligibility

§ All full-time TCS India employees are entitled to avail Non-Repayable PF withdrawals from the accumulations in their Provident Fund Accounts for certain purposes as specified under the EPF & MP Act, provided the eligibility conditions of the minimum membership with the fund are met.

§ This is not applicable to Business Associates, Contract Consultants, and Academic Interns.

§ Voluntary Provident Fund (VPF) is a part of member’s Provident Fund contribution.

§ Any amount that a member contributes towards VPF is credited to his/her PF fund, hence all rules including interest and withdrawal will be applicable to VPF similar to that of PF.

§ A member can withdraw his/her PF based on the eligibility criteria and as per the accumulated PF balance including VPF amount.

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Purchase of House / Flat

ELIGIBILITY CRITERIA WITHDRAWAL ALLOWED DOCUMENTS TO BE SUBMITTED

• Five years membership of the Fund

• The Member’s own share of contribution with interest thereon in the amount standing to his credit in the Fund should be Rs. 1000/- or more

• Other Conditions : The purchase of house shall be completed within 6 months of the withdrawal of the amount.

Least of the followings-

• Basic Wages for 36 months

OR

• Member’s own share of contributions together with the employer’s share of contributions, with interest thereon

OR

• The total outstanding cost of the House/ Flat

Mandatory Documents: 1. Form 31 (available in Ultimatix)

2. Declaration Form cum undertaking from the member that dwelling house/flat is free from encumbrances and the same is under the title of the member or jointly by the member and the spouse. (available in Ultimatix)

Supporting Documents :3. Copy of Allotment Letter along with Payment Schedule issued

on the letterhead of builderOR4. Copy of initial Agreement between the member and

Builder/Vendor/Seller on stamp paper

5. Construction /land agreement (if any)

6. As on date Outstanding dues letter on the letterhead of the Builder/Vendor/ Seller in case the Allotment letter /Agreement is dated more than a month.

7. Registered Sale Deed of previous owner in case of resale property

Note :- In case any of the above mentioned document is in local language,kindly get it translated in English and forward us the duly notarizedDocument.

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Build a House




Other Conditions : • Construction shall be completed within 12 months of the withdrawal of the amount



OR


OR

• The total outstanding cost of construction


2. Declaration Form cum undertaking from the member that the site on which the house is constructed is free from encumbrances and the same is under the title of the member or jointly by the member and the spouse. (available in Ultimatix)

Supporting Documents :3. Registered Land Agreement

4. Encumbrance Certificate OR the Extract of 7/12 in favor of member issued by Tehsildar office /Authority

5. Building Plan duly signed by member and Permission permit from the local authority

6. Statement of Estimated cost of Construction

7. Copy of Agreement entered with contractor for construction (if any)

6. As on date Outstanding dues letter on the letterhead of the Builder/Civil Engineer/Architecture in case the statement for estimated cost is dated more than a month


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Acquisition of Site




• Other Conditions : The Acquisition of dwelling site shall be completed within 6 months of the withdrawal of the amount.



OR


OR

• The total outstanding cost towards the acquisition of the dwelling site.


2. Declaration Form cum undertaking from the member that dwelling site is free from encumbrances and the same is under the title of the member or jointly by the member and the spouse. (available in Ultimatix)

Supporting Documents :3. Copy of initial Agreement between the member and

builder/vendor/seller on stamp paperOR4. Copy of Allotment Letter along with Payment Schedule issued

on the letterhead of builder

5. Encumbrance Certificate OR the Extract of 7/12 issued by Tehsildar /Authority. It should be in favor of current owner i.e. your seller

6. As on date Outstanding dues letter on the letterhead of the Builder/Vendor/Seller in case the Agreement/Allotment Letter is dated more than a month.

7. Registered Sale Deed of previous owner in case of resale property


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Additional withdrawal for additions, substantial alterations or improvements



• This additional withdrawal for additions, substantial alterations or improvements is permissible only when the dwelling house owned by the member or jointly by the member and the spouse.

• It is admissible only after a period of five years from the date of completion of the dwelling house.

• If a member has availed NRW benefit earlier for Purchase of House or Build a House and he /she is willing to apply for Additional withdrawal then it is mandatory that the additional withdrawal should be applied for the same house after a period of five years from the date of completion of the dwelling house.



OR

• Member’s own share of contributions together with the interest thereon in the amount standing to his credit in the Fund.


2. Declaration Form cum undertaking from the member that dwelling site is free from encumbrances and the same is under the title of the member or jointly by the member and the spouse. (available in Ultimatix)

Supporting Documents :3. Registered Sale Deed of the House4. Estimated cost of renovation / alteration of the house on the

letterhead of Contractor5. Approval from appropriate Local authority/society6. Certificate from the concerned Local authority specifying the

date of completion of house 7. As on date Outstanding dues letter in case the statement for

estimated cost is dated more than a month

Supporting Documents :

1. Certificate from the authority specifying the specifying the date of completion of alteration.


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Withdrawal for repayment of home loans


• Ten years membership of the Fund


• The repayment of Principal amount or interest of a loan obtained in the name of the member or jointly by the member and the spouse.

• If any member has availed NRW benefit earlier for Purchase of House /site and he /she is willing to apply for Repayment of Home Loan then it is mandatory that the Repayment of Home Loan should be applied for the same property.



OR

• Member’s own share of contributions together with the employer’s share of contributions, with interest thereon in the member’s A/c in the Fund.

OR

• The amount of outstanding principal and interest on the said loan.

•Note: The repayment of housing loan is permissible only once in the tenure of TCS service.


Supporting Documents :2. Loan Sanction Letter issued by Financial Institute/Bank

mentioning the detail on the land / House purchased

3. Amortization/EMI statement from the Bank.

4. As on date Outstanding dues letter on the letterhead issued by Financial Institute/Bank

5. Registered Sale Deed of the property


Cheque would be drawn in favor of the Financial Institutetherefore the member needs to mention the Payee Name & A/cNo. clearly on Form 31.

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Expenses towards Illness of the member or family member(s)


• Applicable to those members to whom Employees’ State Insurance Scheme facilities and benefits are not actually available

• It is applicable in following scenarios –

- Suffering from TB, Leprosy,Paralysis, Cancer, mentalderangement or Heart ailment andavailing leave for treatment

- Major surgical operation in ahospital

- Hospitalization lasting for onemonth or more.

Note: •. Family construes dependant parents, spouse

& children •. The Employees are advised to first avail the

benefit under Health Insurance Scheme (HIS), the PF NRW should be applied

only if the illness is not covered Under HIS.



OR

• Member’s own share of contributions with interest thereon in the member’s A/c in the Fund.

Mandatory Document: 1. Form 31 (available in Ultimatix)

Supporting Documents :2. Estimated /Anticipated expenses of hospitalization

equivalent to the amount of PF withdrawal

3. Duly signed Certificate ‘C’ certifying that the ESI facilities and benefits are not actually available to the member (available in Ultimatix)

4. Doctor’s Certificate (available in Ultimatix)

Note :- In case any of the above mentioned document is in local language, kindly get it translated in English and forward us the duly notarized Document.

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Higher Education & Marriage purpose


• Seven years of membership of the Fund


• The withdrawal for marriagepurpose can be availedonly prior to the marriage

• Withdrawal towards highereducation is allowed only for postMatriculation education ofmember's son or daughter.

•Other Conditions : Not more than three advances are admissible for these purposes

• 50% of member’s own share of contribution with interest thereon standing to the credit in the Fund

Higher Education-


Supporting Documents:2. Prospectus from the Institute/college

3. Fee Structure

4. Certificate from the Institution regarding the course of study and anticipated expenditure

Marriage-


6. Marriage Invitation card in original

Supporting Document :7. Age proof PAN Card, Passport Copy or School Leaving

Certificate


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Purchase of an equipment required by physically handicapped member


• A physically handicapped member may be allowed for this Non-repayable PF withdrawal for purchasing an equipment required to minimize the hardship on account of the handicap.

• No second withdrawal shall be allowed within a period of 3 years from the date of payment of earlier withdrawal under this provision



OR

• Member’s own share of contributions with interest thereon in the member’s A/c in the Fund.

OR

• The cost of equipment


Supporting Document:2. Certificate ‘F’ from a competent medical practitioner.

3. Quotation of the equipment purchased.

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Withdrawal within one year before the retirement


• This withdrawal is applicable only on attainment of the age of 54 years by the member or within one year before the actual retirement or superannuation age whichever is later

• Withdrawal of up to 90% of the amount standing to the member’s credit


Supporting Document:2. Age Proof such as PAN Card, Passport Copy or School

Leaving Certificate

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Financing of Member’s Life Insurance Policy

ELIGIBILITY CRITERIA WITHDRAWAL ALLOWED SUPPORTING DOCUMENTS

• This withdrawal is permissible for financing of member’s Life Insurance Policy (Except for educational & marriage endowment policy which becomes due for payment in whole or in part before the member attains the age of 55 years)

•The Life Insurance Policy shall be taken by the member on his/her own life.

•Life Insurance Policy shall be legally assignable to the Board of Trustees of TCS EPF Trust

•The Policy shall be free from all encumbrances

•Member’s own contribution in PF with the interest thereon should be sufficient to pay the premium.

• In case the payment has to be made on the first premium, the member’s own contribution in the PF Fund with interest thereon should be sufficient to pay the premium for two years.

•The premium shall be payable yearly.

• Withdrawal will be from member’s own contribution with interest thereon standing to his credit in the Fund


2. Form 14

3. Form 15

Supporting Documents:4. Copies of payment made to LIC after

withdrawal

5. Age Proof such as PAN Card, Passport Copy or School Leaving Certificate

6. LIC Policy Document in original. The policy needs to be endorsed in the name of the Board of Trustees of TCS EPF Trust. This needs to be submitted to the Board of Trustees within six months of payment of first premium in case of new policy.

7. In case of existing policy notice of assignment of policy needs to be given to the Life Insurance Corporation prior to taking advance from Provident Fund.

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Navigation Path to apply for Non-Repayable PF Withdrawal

Ultimatix >> GESS >> Benefits >> PF Withdrawal>> Apply PF withdrawal

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Selecting Type of PF withdrawal

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Mandatory fields to be filled in and Request submission

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Role of the Requester

The member takes print outs of all the system generated documents such as request Form, Form 31, Declaration Form (if applicable) or other applicable Form/Certificate that are required to be generated through system.

The member signs at appropriate places & send the original hardcopies to the below mentioned coordinate along with the relevant supporting documents.

Coordinates: Mrs. Pratiksha Kasbekar PF Facilitation Cell Tata Consultancy Services Limited, Desk No. 04C26, HR Department, Akruti Business Port (Gateway Park),MIDC, Road No. 13, Andheri (E),Mumbai – 4000093

Expected duration for the end to end process: 5-10 working days

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Thank You

6/21/13