EPF Withdrawal: You can withdraw money from your EPF account on retirement after you turn 55. You can also withdraw money from your EPF account for various purposes before retirement.
Employee Provident Fund
Employee Provident Fund (EPF) scheme rules allow subscribers to withdraw from their EPF account. You can withdraw money from your EPF account on retirement after you turn 55. You can also withdraw money from your EPF account for various purposes before retirement. These include buying a house, building a house, marriage and education of a child, and can also withdraw money from an account in financial emergency caused by the lockdown implemented to prevent the spread of the corona virus. You can claim even after quitting or leaving the job. Before filing an EPF claim, you should ensure that the conditions laid down under the scheme are met.
According to EPF rules, a member can withdraw 75 percent of the total amount deposited during the job after one month of leaving the job. If the person remains unemployed for more than two months, then he can withdraw the entire amount from the EPF account. You can take advantage of online service to withdraw provident funds.
Under what circumstances can you withdraw so much money
>> Education- You can withdraw money from PF for the education of your son or daughter. For this, there should be a job of at least 7 years. Only 50 percent of the employee’s contribution can be withdrawn with interest.
>> Marriage- Money can be withdrawn from the PF for the marriage of his or her siblings or his son and daughter. For this, there should be a job of at least 7 years. PF can withdraw only with interest of 50 per cent of the total deposits in PF.
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