EPFO: How much money can you withdraw from the Provident Fund during employment? Know the rules for partial withdrawal from PF.

EPF allows account holders to make partial or full withdrawal for all needs like marriage, education, house purchase, repairs, and unemployment. But there are some conditions regarding how much fund you can withdraw in which situation. Know about this here.

For employed people, their Provident Fund or PF account is not just a savings but a huge financial support. The Employees' Provident Fund Organization (EPFO) provides the facility to withdraw this money at the time of need. From marriage, unemployment, children's education to medical emergency, you can withdraw money from EPFO ​​in a fixed limit and fulfill your needs. This is called Partial Withdrawal. Here know the answer to every question related to EPF Withdrawal in simple language.

1. PF support for buying or constructing a house

If you want to buy or construct your dream home, then EPFO can prove to be helpful for you. You can withdraw up to 90% of the total amount deposited in your PF account. But for this, you should have completed at least 5 years of employment. You can avail this facility only once in your life.

2. Advance for house repair

If your house is more than 5 years old and you want to get it repaired or renovated, then also you can take an advance from PF. You can withdraw an amount equal to your 12 months' basic salary and dearness allowance (DA). For this, you have to give a declaration under Para 68B (7).

3. Tension over children's education or marriage ends

Every parent worries about the future of their children. EPFO helps you in this too. You can withdraw 50% of the employee's share along with interest for your, your children's or siblings' marriage. Similarly, the same amount can be withdrawn for children's higher education after 10th. For this, your job should be completed 7 years.

4. What to do if you lose your job? (Unemployment)

If unfortunately you lose your job, PF money can handle you. If you are unemployed for a month, you can withdraw up to 75% of the total amount deposited in your PF account. If unemployment has been for two months or more, you can also withdraw the remaining 25% amount and close the account.

How to withdraw money?

Now it has become very easy to withdraw PF. You can do this work online. KYC is very important for this. First of all, make sure that your UAN (Universal Account Number) is activated and your KYC is complete. In this, it is mandatory to link your Aadhaar, PAN and bank account with UAN. After this you can claim through EPFO portal or Umang app. EPFO has also started the facility of instant withdrawal, which can provide immediate money in a situation like medical emergency. If your bank account is linked to UPI, then you can avail this facility in an emergency and get immediate funds, which will provide quick help in case of shortage of money.

FAQs

1. How many days does it take for the money to come after applying for PF withdrawal?

Usually, it takes 5 to 20 days for the online claim to be settled and the money comes directly to your bank account.

2. Can I withdraw the entire PF amount while working?

No, during the job you can only make partial withdrawals for some special needs (eg- house, marriage, education). The entire amount can be withdrawn only on retirement or if you are unemployed for more than 2 months.

3. Should I withdraw PF money when I change jobs?

Absolutely not. You should transfer your PF balance to the new company. This will add to your total job period, which is necessary for 5 years tax rules and pension benefits.

4. Which form is to be filled for PF withdrawal?

In the online process, you just have to select the reason for the claim, the system automatically selects the correct form (eg, Form 31 for advance).

5. Can PF be withdrawn from the UMANG app?

Yes, you can easily claim for EPF withdrawal through the UMANG app, provided your KYC is complete.