EPF Advance Withdrawal rules 2023: The Employees Provident Fund Organisation (EPFO) allows members to withdraw money from their EPF accounts for various purposes.
EPF Advance Withdrawal Rules 2023: The Employees Provident Fund Organisation (EPFO) allows members to withdraw money from their EPF accounts for various purposes. On Friday (June 16), the EPFO shared an information booklet for EPF members with details of various advances that can be withdrawn from the Provident Fund account.
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Let’s have a look at how much you can withdraw and under what conditions.
Construction/Purchase of house
To be eligible for this withdrawal, you need to have completed five years of membership. The maximum amount that can be withdrawn is limited to 24 times the monthly salary for purchasing the house site or 36 times the monthly salary in case of the purchase of a house and construction of a house. The facility can be availed only if the purchase/construction is in the name of the PF account holder and his/her spouse.
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Medical treatment
You can withdraw money from your EPF account for medical treatment at any time. The maximum amount that can be withdrawn is equal to the employee’s share with interest or six times his monthly salary, whichever is lower can be withdrawn, according to EPFO. You can apply for withdrawal for the treatment of yourself, your parents, spouse or children.
Withdrawal within one year of retirement
For this, the employee should be due to superannuate in one year. The maximum amount that can be withdrawn is 90% of the amount in your PF account. This facility is applicable only within 1 year of retirement.
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Home Renovation
For this withdrawal, you need to complete five years of membership. The maximum amount that can be withdrawn is equal to 12 times the monthly salary. This facility is applicable only for the house in the name of the PF account holder and his/her spouse.
Wedding/Post Matriculation education
For this withdrawal, the employee should have completed seven years of membership. The maximum amount that can be withdrawn is 50% of the employee’s contribution with interest. It is applicable for wedding expenses of self, siblings and children and for the education of
children.
