How much money you can withdraw from your PF account
·
An EPFO
subscriber can take non-refundable PF advances during the service period for s
purposes
·
Under the
Provident Fund scheme, you can take both refundable and non-refundable
loans.
The Employees' Provident Fund Organisation
(EPFO) allows subscribers to take
advance from their provident fund accumulations in certain cases. An EPFO
subscriber can take non-refundable PF advances during the service period for
various purposes such as illness, marriage, education and purchase of house.
The amount varies and the employee needs to meet specific criteria to be
eligible for PF advance. An employee can withdraw upto 90% of total PF
balance within one year before retirement, advance on unemployment upto 75% of
total PF balance, etc. You can make final withdrawal of your EPF
accumulations on retirement or two months after ceasing to be an employee.
You can also draw pension on superannuation or after exit from service on
attaining 50 years of age subject to 10 years of service period.
Under the
Provident Fund Scheme, you can avail refundable and non-refundable loans for
specific purposes by making an application in this regard. Refundable loans
have to be repaid via monthly installments. Non-refundable loans are like
withdrawals. These loans are not to be paid back.
Illness: PF money can be partially drawn for medical
purposes. It is applicable for medical treatments of self, spouse, children,
and parents. An employee can withdraw up to 6 months of his basic and DA or
his/her entire contribution, whichever is least. There is no lock-in period or
minimum service period for this type of withdrawal
Marriage: An EPFO member can withdraw up to 50%
of the money from the EPF account for his or her own marriage, the marriage of
his or her daughter, son, sister or brother. However, the person should have
completed contribution to EPF for at least seven years. EPFO allows three such
withdrawals for this purpose and an employee can withdraw upto 50% of his/her
share.
Education: EPFO members can withdraw money for
post-matriculation education of his or her son or daughter after seven years of
service. The person can withdraw upto 50% of the employee's share with
interest. The retirement fund body allows three such withdrawals for this
purpose.
Purchase
or construction of a house: EPF
members having completed five years of service can apply for an advance for
purchase of a house/flat or construction of a house, including acquisition of
site from agency, under certain conditions. The EPFO allows only one such
withdrawal, and the amount allowed for such a withdrawal is limited to the
least of 36 months of basic wage along with dearness allowance (DA), or the
total of employee and employer shares with interest, or the total cost of the
house, according to the provident fund body's portal. The house in this case is
required to be owned by the subscriber, the spouse of the subscriber, or
jointly by the subscriber and the spouse, according to the PF body.
Retirement: An EPFO member can withdraw up to 90 per
cent of his EPF amount at any time after attainment of the age of 54 years or
within one year before his actual retirement on superannuation, whichever is
later.
Unemployment: EPFO allows an advance against your EPF corpus
to the tune of 75% on job loss and unemployment of a month.
