EPF (Employees Provident
Fund) is a retirement benefits scheme. Under this scheme, employees contribute
12% of their salary (basic wages + DA) every month and an equal amount is
contributed by the employers.
There are different types of EPF withdrawals options available for the EPFO members. In this post, let’s discuss about partial withdrawals / advances from EPF account in various situations.
There are different types of EPF withdrawals options available for the EPFO members. In this post, let’s discuss about partial withdrawals / advances from EPF account in various situations.
Partial Withdrawals / Advances from EPF account
EPFO (Employee Provident Fund
Organization) allows partial withdrawal and also provides advance facility to EPF
members. Partial withdrawal from EPF account can be done under specific needs and
subject to certain conditions.
Purposes / reasons for which you can withdraw money from EPF account while you are working.
Purposes / reasons for which you can withdraw money from EPF account while you are working.
1. For the marriage of self,
son, daughter, brother, sister
2. For education of self, son,
daughter.
3. For medical treatment of
self, family (spouse, son, daughter, dependent father & mother).
4. For the
purchase/construction of house/ flat.
5. For the purchase of land.
6. For addition/alteration/repair
of house.
7. For repayment of housing
loan.
8. Partial withdrawal prior
to retirement.
9. Grant of advance in
abnormal conditions, natural calamities etc
10. Grant of advance to
members who are physically handicapped
Partial withdrawal of PF for the marriage
You can withdraw money from
your EPF account for the marriage of self, son, daughter, brother, sister if
you have completed 7 years of service.
This facility can be availed 3 times in the entire service. The maximum amount admissible is 50% of the employee’s share of contribution to the EPF.
This facility can be availed 3 times in the entire service. The maximum amount admissible is 50% of the employee’s share of contribution to the EPF.
Partial withdrawal of PF for education
You can withdraw money from
your EPF account for the education of either self, son / daughter if you have
completed 7 years of service. You can avail this only for post matriculation
educational expenses.
It means expenses for studying at any college or university for graduation or post graduation or any other professional courses.
This facility can be availed 3 times in the entire service. The maximum amount admissible is 50% of the employee’s share of contribution to the EPF.
It means expenses for studying at any college or university for graduation or post graduation or any other professional courses.
This facility can be availed 3 times in the entire service. The maximum amount admissible is 50% of the employee’s share of contribution to the EPF.
Partial withdrawal of PF for medical treatment
A salaried person can
withdraw money from his/her EPF account for medical treatment for self or
family members (spouse, son, daughter, dependent father & mother).
The maximum amount admissible is 6 times of wages (basic + DA) or full of employee share (whichever is less). No minimum service period is required. However hospitalization for one month or more is a must.
The maximum amount admissible is 6 times of wages (basic + DA) or full of employee share (whichever is less). No minimum service period is required. However hospitalization for one month or more is a must.
Partial withdrawal of PF for the purchase/construction of house/ flat
You can withdraw money up to
36 times of your salary (basic wages + DA) from your EPF account for the
purchase/construction of house/ flat. You can avail this only once in your
working life and you should have completed 5 years of service.
Property should be in the name of self or spouse or jointly. It should not be a joint property owned by other than the spouse. You can avail this only once either for construction or purchase of house or repayment of housing loan.
Property should be in the name of self or spouse or jointly. It should not be a joint property owned by other than the spouse. You can avail this only once either for construction or purchase of house or repayment of housing loan.
Partial withdrawal of PF for the purchase of land
You can withdraw money up to
24 times of your salary (basic wages + DA) from your EPF account for the
purchase of land. You can avail this only once in your working life and you
should have completed 5 years of service.
Property should be in the name of self or spouse or jointly. It should not be a joint property owned by other than the spouse.
Property should be in the name of self or spouse or jointly. It should not be a joint property owned by other than the spouse.
Partial withdrawal of PF for addition/alteration/repair of house
You can withdraw money up to
12 times of your monthly wages from your EPF account for the
purchase/construction of addition/alteration/repair of house/ flat.
You can avail this only once in your working life and you should have completed 10 years of service. The house should be more than 5 yrs old after construction completion date.
Property should be in the name of self or spouse or jointly. It should not be a joint property owned by other than the spouse.
You can avail this only once in your working life and you should have completed 10 years of service. The house should be more than 5 yrs old after construction completion date.
Property should be in the name of self or spouse or jointly. It should not be a joint property owned by other than the spouse.
Partial withdrawal of PF for repayment of housing loan
You can withdraw money up to
36 times of your salary from your EPF account for the repayment of housing
loan. You can avail this only once in your working life and you should have
completed 10 years of service.
Property should be in the name of self or spouse or jointly. It should not be a joint property owned by other than the spouse. You can avail this only once either construction or purchase of house or repayment of housing loan.
Property should be in the name of self or spouse or jointly. It should not be a joint property owned by other than the spouse. You can avail this only once either construction or purchase of house or repayment of housing loan.
Partial withdrawal of PF prior to retirement
You must be 54 years old to
withdraw money up to 90% of total of both shares. You can avail this only once
and that also within one year before retirement. No minimum service period is
required.
Grant of advance in abnormal conditions, natural calamities etc
Grant of Rs. 5000/- or 50%
of member’s own share of contribution can be given in abnormal conditions,
natural calamities etc. To be applied within 4 months.
Grant of advance to members who are physically handicapped
An employee who is
physically handicapped can apply for purchase of equipment required to minimize
the hardship on account of handicap.
The eligible amount is Basic wages + DA for six months or own share of contribution with interest or cost of equipment whichever is least.
The eligible amount is Basic wages + DA for six months or own share of contribution with interest or cost of equipment whichever is least.
Procedure for Partial Withdrawal of PF
EPFO subscribers have the
option of filing online as well as offline claims for EPF withdrawals. You can
withdraw your EPF either by
submitting a physical application or by submitting an online application.
Partial Withdrawal of PF via Offline mode
For this you are required to fill out the Composite Claim Form
and submitted to the respective
jurisdictional EPFO office.
The requirement to submit various certificates for partial withdrawal has been removed.
For more details refer EPFO order dated 20/02/2017.
Partial Withdrawal of PF via Online mode
Now you can apply online for partial withdrawal of your EPF through UAN. Online EPF withdrawal is a simple and hassle-free process. However to withdraw EPF online, you have to fulfill certain conditions.
No supporting documents are required in this process. Your online EPF withdrawal application will be treated as your declaration even for partial withdrawal from your EPF account during your service.
No supporting documents are required in this process. Your online EPF withdrawal application will be treated as your declaration even for partial withdrawal from your EPF account during your service.
Also read: How to withdraw EPF online through UAN?
Also read: How to check EPF balance | PF balance
Also read: EPF passbook download facility
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