PF Account: You can withdraw the funds present in the PF account in many ways, for this you have to give a reason, according to which you get the PF money.
PF Account: Every employee deposits money every month in the Employees Provident Fund i.e. EPFO. A share also goes into this from the company side. Every month, a part of your salary goes into this PF account, that is, when you retire, there is a good amount of money in your PF account. Many people withdraw money from their PF account even earlier. For this you have to tell the reason for which you are withdrawing money. Today we are telling you the maximum amount that can be withdrawn from the PF account at one time.
Under what circumstances can you withdraw money?
First of all, let us know for what purposes you can withdraw PF money. Different categories have been given for this. You can withdraw up to 90 per cent of the money to build or buy a new house, provided that you have been employed for at least five years. Apart from this, some money can also be withdrawn from PF for purposes like medical emergency, home loan payment and marriage.
- If you are getting married, you can withdraw 50 percent contribution and interest from your PF account.
- In case of medical emergency in your family or yourself, you can withdraw 6 times your monthly salary.
- If you withdraw money from the PF account before the completion of five years, then tax is levied on it. However, TDS is not deducted on money less than Rs 50 thousand.
- Any person can withdraw his entire PF money after the age of 58 years. 90 percent of the funds can be withdrawn at one go.
You can withdraw funds from PF account even if you do not have a job, if someone is unemployed for more than a month then he can withdraw 75 percent of the funds from his account. In case of unemployment for more than two months, the remaining money can also be withdrawn.
