During employment, if an EPFO member needs money for children’s education, marriage or land etc., then he can also make partial withdrawal. Know what are the rules for partial withdrawal and which form is required to withdraw EPF funds?
EPF Partial Amount Withdrawal: A large fund can be added to the EPF account through the monthly contribution from the EPFO member’s salary and the employer’s contribution. Usually, people prepare this money as retirement fund and pension fund. But during job, if you need money for children’s education, marriage or land etc., then you can also make partial withdrawal. Know what are the rules for partial withdrawal and which form is required to withdraw EPF funds?
Withdrawal of 50 percent amount for children’s education
If you want to withdraw money from EPF account for your own or children’s education, then you can do so only when you have completed 7 years of service and you have been contributing to the EPF account for 7 consecutive years. After 7 years of service, you can withdraw up to 50 percent of your contribution from EPF account.
Partial withdrawal can be done in these situations
Even if your sister, daughter, son or any special family member is getting married and you need money, you can still partially withdraw money from EPF. For this also it is necessary to have 7 years of service. After 7 years of service, you can withdraw up to 50 percent of your contribution.
If the employee is in continuous service for 5 years, he can also withdraw the amount for construction or purchase or repair of the house. But this amount can be withdrawn only up to a certain limit as per the rules.
After making continuous contribution in EPF for 5 years, you can also withdraw money for house renovation. This amount can be up to 12 times the monthly salary. If the employee has put in minimum 3 years of service, he can withdraw the amount for home loan payment. In such a situation, he can withdraw up to 90 percent of the total contribution (contribution of both employee + employer) in the EPF account.
If you have lost or quit your job and want to withdraw funds after a month; So you can withdraw up to 75 percent of the amount. The outstanding amount will be transferred to your new EPF account on getting new employment.
Form 31 for partial withdrawal
When you make partial withdrawal from your PF balance to meet the financial needs during job, then you need PF Withdrawal Form 31. It is also called EPF Claim Form 31.
In these situations you can withdraw the entire money
Money can be withdrawn from EPF in case of treatment of serious illness, permanent disability due to an accident at work, closure of the company or in such emergency situations. In such situations, there is no condition regarding duration and money. If an EPF account holder wants to withdraw the entire EPF amount for the treatment of himself or his family, he will have to provide proof of hospitalization for a month or more.
If the company is closed for more than 15 days, the employee can withdraw his entire share deposited as EPF at any time. At the same time, if you remain unemployed for two months continuously, you can withdraw the entire amount of PF. Apart from this, after retirement you can withdraw the entire amount of your EPF fund.
Form 19 for withdrawal of entire fund
When you have to withdraw the entire EPF fund, then PF Withdrawal Form 19 is required. It is also called EPF Claim Form 19.
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