EPF Withdrawal Rules 2024 By investing in EPFO, you can accumulate a huge fund after retirement. Although the EPFO fund matures after retirement, in some cases, there is also a facility of partial withdrawal in it. EPFO has amended the withdrawal rules. If you are also thinking of withdrawing from EPF fund, then you must read this news.
EPF Withdrawal Rules: If you do a job, then you must be depositing a fixed amount of your salary in EPFO every month. Although the amount deposited in EPFO matured after retirement, but money can be withdrawn from EPFO in times of need.
Yes, EPFO facilitates its members to withdraw from EPF fund in times of need. However, a limit has been fixed for partial withdrawal. If you are also thinking of withdrawing money from EPF account, then let us tell you that recently EPFO has amended the withdrawal rules (EPF Withdrawal Rules 2024).
EPF Withdrawal New Rules 2024
- For partial withdrawal from EPF, the EPF member has to apply online. Withdrawal can be done only for education, house purchase or construction, marriage and treatment.
- According to the withdrawal rules of EPFO, the EPF holder can withdraw up to 90 percent 1 year before retirement. For withdrawal of 90 percent, the age of the member should be more than 54 years.
- In today’s time, there is retrenchment in many companies. In such a situation, according to the rules of EPFO, if there is retrenchment and the employee becomes unemployed before retirement, then he can withdraw money from the EPF fund.
- The employee can withdraw 75% after one month of unemployment and full withdrawal after remaining unemployed for 2 months continuously. At the same time, after getting a new job, the employee can transfer the remaining 25% fund to the new EPF account.
- If an employee contributes to EPF for 5 years continuously, then he also gets tax benefit at the time of withdrawal. At the same time, TDS will be deducted on withdrawal before maturity. However, TDS is not deducted on withdrawal of less than Rs 50,000.
- If the member has submitted PAN Card for withdrawal, then 10% TDS is deducted. At the same time, 30% deduction is made if PAN Card is not submitted.
Where to apply for partial withdrawal
For partial withdrawal, the EPF member has to apply on the EPF portal and Umang app. After getting approval from the employer, the money comes into the member’s bank account. After applying for partial withdrawal, the member can also check the status.
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