EPFO Tips: If you need money for treatment, how much money can you withdraw from the Provident Fund?
Medical conditions can occur to anyone at any time. Nothing can be said about how much money will be spent in such situations. Many times the insurance amount also falls short in such cases. If you are employed and contribute to EPFO every month, then you can get help in such situations. EPFO members get the facility to make partial withdrawals from their provident fund in all circumstances. Let us know how much amount you can withdraw from EPF for treatment.
Know how much amount can be withdrawn for treatment?
If you want to withdraw money from EPFO for your treatment or the treatment of any illness of your spouse, children, and parents, then you can do so. There is no lock-in period for availing it, nor is there any minimum period of service. For treatment, EPFO members can withdraw six times the amount of contribution along with interest or six times the monthly salary (whichever is less).
Partial withdrawal can be done even in these situations
- If your sister, daughter, son, or any family member is getting married or you want to make a partial withdrawal from EPF for your own or your children's education, then in both 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.
- After continuously contributing to EPF for 5 years, you can also withdraw money for house renovation. This amount can be up to 12 times the monthly salary. But for this, the house should be in the name of the EPFO member or jointly with the spouse.
- If the employee has done a minimum of 3 years of service, then he can withdraw the amount for payment of a home loan. In such a situation, he can withdraw up to 90% of the PF balance.
- If you want to withdraw money from PF to buy a plot or house, then 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.
- 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 have left it 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 upon getting new employment. But if you remain unemployed for two months continuously, you can withdraw the entire PF amount.
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