EPF Withdrawal Rules 2024: If you are employed and contribute to EPFO every month, then if needed, you can make partial withdrawal from EPFO even while working and meet the money requirement.
EPF Partial Amount Withdrawal: Many times such situations arise in life when you are in great need of money and a person has to take a loan for it. But if you are employed and contribute to EPFO every month, then if needed, you can make partial withdrawal from EPFO even while working and meet the money requirement. EPFO provides the facility to members to withdraw money even while working under various circumstances. Know here under which conditions you can make partial withdrawal from EPF account.
For house or land
If you have been contributing to the EPFO account for five consecutive years, then you can make partial withdrawal from EPFO with certain conditions. If you want to withdraw money from PF to buy a plot or house, you can withdraw up to 24 times the monthly salary and for both buying and building a house, you can withdraw up to 36 times the monthly salary.
EPFO Housing Scheme is also an option
If you want, you can also withdraw 90 percent of the total amount of EPFO under the EPFO Housing Scheme to meet your needs like purchase of a house etc., but for this you must be a member of a 10-member cooperative or a society formed for housing purpose. Is. Also, contribution in EPF is necessary for three years. But if the PF money in your PF account is less than Rs 20 thousand, then you cannot avail the benefit of this scheme.
For home renovation or home loan repayment
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% of the PF balance.
For medical treatment
There is no condition regarding the period in such emergency situations like treatment of serious illness, permanent disability due to an accident at work, closure of the company etc. 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.
For marriage and studies
If your sister, daughter, son or any family member is getting married or you want to make partial withdrawal from EPF for your own or children’s education, then in both the cases it is necessary for you to have a job for 7 years. After 7 years of service, you can withdraw up to 50 percent of your contribution with interest.
Upon losing job
If the company is closed for more than 15 days, the employee can withdraw his entire share deposited as EPF at any time. If you have lost your job or you have quit and you want to withdraw the funds only 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. But if you remain unemployed for two months continuously, you can withdraw the entire PF amount.
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