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How to Withdraw EPF/PF?

Discussion in 'General Trading and Investment Discussions' started by real_buzz, Dec 13, 2012.

  1. real_buzz Moderator

    How to Withdraw EPF/PF?
    There are many working professionals who are not sure about how to handle their PF account. Especially when it comes to withdrawing funds, most of us are aware that we can withdraw or transfer funds when we leave a organization but not sure about withdrawing from epf/pf account.
    If you are looking for same information then here are the details.

    You can withdraw funds from EPF account under following conditions;
    1. Marriage/ Education – you can withdraw funds from your epf account for marriage or educational purpose. You must have completed seven years in the organization and withdrawals are allowed for self, children and sibling’s marriage. In case of education, it is allowed only for self or children’s education only. You are supposed to submit proof of the education or wedding such as a valid copy or a bonafide certificate of the payable fees, or the wedding invitation. Form 31 is used in case education related withdrawal which is filed through employer. You can withdraw 50 per cent of the total corpus amount till date.
    2. Medical treatment – you can withdraw money from pf account for medical treatment of self, spouse, parents and children. There is no requirement of minimum number of years in service for medical treatment. You need to submit proof like hospitalization related documents. The member needs to obtain and deposit a certificate from the employer or ESI stating that ESI facility is not accessible or available to him/her. You can withdraw Six times the monthly salary of an individual or the total corpus amount, whichever is lesser.
    3. Purchase of plot – you can withdraw funds to purchase flat. You must have completed five years in the service at the time of applying for fund withdrawal from pf account. Property should be registered at the name of the employee (self) or spouse and should be held jointly. You can withdraw up to 24 times the monthly salary of the individual.
    4. Construction or purchase of a house – you can withdraw funds for the construction or purchasing a house. You must have completed five years in the service at the time of applying for fund withdrawal from pf account. Property should be registered in the person’s or his/her spouse’s name or should be owned jointly. You can withdraw 36 times the monthly salary of the individual.
    5. Repayment of home loan -- You must have completed five years in the service at the time of applying for fund withdrawal from pf account. Property should be registered in the person’s or his/her spouse’s name or should be owned jointly. You can withdraw 36 times the monthly salary of the individual.
    6. Alteration or renovation of house -- You must have completed five years in the service at the time of applying for fund withdrawal from pf account. Property should be registered in the person’s or his/her spouse’s name or should be owned jointly. You can withdraw up to 12 times the individual’s monthly salary.
    7. Pre-retirement -- The individual must be at least 54 years old. 90 per cent of the total corpus amount.

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