you may withdraw the accumulated stability for your provident fund account, if you are unemployed for 2months or greater. Did you know that you may additionally withdraw PF cash even whilst you are in employment?
right here are the purposes for which you could withdraw money from your provident fund (PF) account,which is administered by using personnel‘ Provident Fund enterprise, subject to sure situations.
1. For buy or production of house or flat, you can make a one-time withdrawal out of your PF accountwhen you have completed five years of service. you may withdraw equal to minimum of 36 months ofprimary profits and dearness allowance (DA) if any or general of worker‘s and business enterprise‘s contribution with hobby or the whole cost of buy.
2. Withdrawal for the reason of buy of plot is likewise allowed supplied you have completed 5 years ofservice. but, the minimum of 24 months of primary earnings plus DA if any or total of employee‘s andcompany‘s contribution plus interest or total price of purchase can be withdrawn.
3. For addition, restore or improvement of house you may withdraw an amount equal to 12 months ofbasic earnings plus DA if any or employee‘s proportion plus hobby or cost, whichever is decrease. Forturning into eligible for withdrawal, you want to be hired for 5 years.
4. For repayment of domestic loan, you could withdraw cash out of your PF account after completing 10 years of carrier. The withdrawal limit is equal as buy or production of house.
five. Withdrawals from PF account are also allowed in case you need the cash for your or family member‘s medical treatment of certain ailments which require hospitalization for one month or greater or a prime surgical procedure. there’s no situation related to tenure of employment in case of withdrawal forclinical treatment. you may withdraw an quantity equivalent to six months of simple wages plus DA if any or worker‘s percentage plus hobby, whichever is decrease.
6. you may also draw money out of your PF account in your baby‘s put up-matriculation training. Withdrawals are feasible after seven years of opening of PF account. the quantity of withdrawal might be50 in line with cent of the employee‘s proportion with hobby. three such withdrawals are allowed in thelifetime. The same policies apply for withdrawal for self, child‘s or siblings marriage.
if you want to withdraw cash for any of the above mentioned purposes, you’ll need to fill shape 31 along with the required assertion, like in case of home mortgage you want to attach a proof of splendid loanamount from the bank to the nearby EPFO office.
story first published on: may 07, 2016 eleven:forty nine (IST)
Tags: PF withdrawal, PF withdrawal in employment, PF withdrawal process, PF for domestic mortgage, PF for child‘s education