BUSINESS
New EPFO rules: How many times can you withdraw money from PF for marriage, education, house and illness?
The Employees' Provident Fund Organization (EPFO) has made significant changes to the rules for withdrawing PF funds, providing significant relief to subscribers. Now, employees can withdraw an advance amount from their PF account only after completing 12 months (one year) of service.
Under the new rules, withdrawal requirements have been simplified and categorized. Learn how and how you can withdraw money for which purpose and how often:
How many times can PF advance be withdrawn for which purpose ?
Treatment :
Limit: No Limit (Unlimited)
You can withdraw money from PF as many times as you want for treatment/illness of yourself or your family members
.Education:
Limit: 10 withdrawals
for your own or your children's education up to a maximum of 10 withdrawals during your entire employment period
Marriage:
Limit: 5 times in total.
A maximum of 5 withdrawals are allowed during the entire employment period for the marriage of self, children, or siblings.
House/Housing:
Limit: 5 times in total.
You can withdraw up to five times for purchasing a new home, purchasing a plot/land, constructing a home, repaying a home loan, or renovating your home.
Special Circumstances:
Limit: 2 times a year
In case of emergency or special circumstances (such as a pandemic or disaster), you can withdraw money up to two times a year.
How much can I withdraw?
After completing 12 months of service, you can withdraw up to 75% of your PF balance in advance. This includes both your and the company's contributions and the interest earned on them.
Withdrawal process :
To withdraw funds, you must apply on the EPFO's online portal (Member e-Sewa Portal).
Before applying, ensure that your UAN (Universal Account Number) is active and your KYC (Aadhaar, PAN, bank account details) is updated.
