EPF Withdrawal | Do you want to withdraw money from your EPF account? Do you want to use this money for marriage and new house? But know how much you can draw.
Alert for Employees Provident Fund Account (EPF Account) holders. Employees Provident Fund Organization (EPFO) allows employees to make withdrawals from their EPF account as needed. Employees can withdraw money for various reasons like marriage, education, hospital expenses, house construction etc.
Due to these reasons many employees withdraw money from their account. But the employees do not know how much amount is coming for which reason. After submitting a claim, there is no estimate of how much they will receive unless the account is credited. EPF withdrawal rules are different. The amount you get depends on the reason. And find out how much you can draw for any reason.
Marriage or Education
EPF account holders can withdraw 50 percent of money for marriage. However, seven years of service must be completed to withdraw. EPF member can withdraw money for marriage of their son or daughter, brother or sister. The same rule applies to drawing money for higher education.
House
You can withdraw money from EPF account for construction of new house or purchase of house. But to be eligible for this withdrawal, you must have completed five years of EPF membership. 24 times the monthly salary for buying a house plot and 36 times the monthly salary for buying a house can be drawn. 36 times for house construction too. Not only the EPF account holder but also their spouse can withdraw money even if they are buying a plot or house. 12 times of monthly salary can be drawn for house renovation.
Medical
You can withdraw EPF money anytime for hospital expenses. The maximum amount that can be withdrawn is the employee’s share including interest or equal to six times his monthly salary. Whichever is less applies. EPF account holder, their parents, spouse, children can claim for medical treatment.
Retirement
If the employee is retiring in another year, 90 percent of the money can be withdrawn from the PF account. It is applicable less than one year before retirement.
