When and how much money can be withdrawn from PF, know the new rules of EPFO

If you are employed, then you must have a PF account. Every month some amount is deposited in this account from your salary and company’s contribution. Sometimes there is a need that you have to withdraw some amount from your PF money. But do you know when, how and how much money you can withdraw? The Employees Provident Fund Organization (EPFO) has made some rules for this, which also have some conditions. It is important to understand these so that you do not face any problem later. Let us tell you about the rules of EPFO.

You can withdraw PF for marriage

According to EPFO ​​rules (para 68K), you can withdraw money from PF for marriage. For this, you must be a member of EPF for at least 7 years, and you should have at least Rs 1,000 in your account. You can withdraw up to 50% of your share of contribution (including interest). This money can be used for the marriage of yourself, siblings or children.

Money for children’s education

Under EPFO ​​rules, you can also withdraw money from PF for your children’s education. For this also 7 years of membership is necessary. You can withdraw up to 50% of your share of contribution (including interest), but this facility is available only 3 times in life.

To buy or build a house

If you want to buy, build or repair a house, then money can be withdrawn from PF under EPFO ​​rules (para 68B). For this, at least 5 years of EPF membership is necessary. For house repair, money can be withdrawn 5 years after the house is built. If additional repairs are needed, then money can be withdrawn 10 years after the first withdrawal. Withdrawal is allowed only once for this purpose.

For medical needs

The rules for withdrawing money from PF for medical needs are quite easy. According to EPFO ​​rules (para 68J), you can withdraw money at any time, even immediately after joining EPF. If needed, you can withdraw this amount as many times as you want.

Before retirement

According to EPFO ​​rules (para 68NN), if you are one year before retirement, you can withdraw up to 90% of your total PF fund. This facility is available only once.

In case of unemployment

If your company or organization remains closed for more than 15 days and you become unemployed without compensation, then under EPFO ​​rules (para 68H) you can withdraw your share of contribution. If you have not received salary for more than 2 months continuously, you can still withdraw your share of money.

To repay the loan

If you have taken a loan to buy, build or repair a house, then you can withdraw money from PF to repay its outstanding principal and interest. According to EPFO ​​rules (para 68BB), a minimum of 10 years of EPF membership is required for this. You can withdraw 36 months of basic salary and DA or the total contribution of the employee-employer or the outstanding loan amount (whichever is less).