PF Withdrawal Limit- EPFO members will soon be able to withdraw PF money through UPI and ATM. Its limit will be up to one lakh rupees. This facility is expected to start by the end of May or beginning of June this year. Secretary of the Ministry of Labor and Employment Sumita Dawra gave this information recently.

He said that for this, employees will be given EPFO ​​withdrawal card like a debit card. With this, they will be able to withdraw money from ATM immediately. Users will also be able to check their PF balance through UPI. Currently, it takes up to 2 weeks for EPFO ​​members to process online claims.

EPFO ​​has set some rules for this and there are some conditions in it, which you should understand beforehand. This will not cause you any trouble in future. Let us discuss the important things related to this here.

For treatment: If you want to withdraw PF funds for medical emergency, you can withdraw six times the basic salary or the total amount of the employee’s share in PF and the interest amount, whichever is less. From this head, the employee can withdraw money for the treatment of himself, children, spouse and parents.

For marriage: If you are withdrawing money from PF for marriage, then 7 years of service is necessary for this. The employee can withdraw money for his own, son or daughter’s, brother or sister’s marriage. Talking about the amount, the employee can withdraw only 50 percent of the total deposit of his share.

For studies: The account holder can withdraw only 50% of the employee’s share in PF for his or his children’s studies. Along with this, it is mandatory for him to have 7 years of service. To buy land and to buy or build a house: If you are withdrawing PF money to build a house, then you must have five years of service for it. To buy land, an employee can withdraw up to 24 times his basic and dearness allowance from PF. Whereas, to buy a house, an employee can withdraw 36 times his basic and dearness allowance.

Apart from this, there are some other conditions, in which the house or land should be in the name of the employee or in the joint name of the husband and wife. Money can be withdrawn only once during the entire service to buy land or house. After the money is withdrawn, the construction of the house should start within 6 months and the construction should be completed within 12 months.

For home loan repayment: Money can also be withdrawn from PF fund to repay home loan. For this, ten years of service is necessary. For this, employees can withdraw 36 times their basic and dearness allowance. Along with this, the total amount deposited in PF can also be withdrawn. Or employees can withdraw an amount equal to the total outstanding principal and interest of the home loan.

If you are withdrawing money for home loan repayment, then this home loan should be in the name of the employee or both the husband and wife. The total amount in the employee’s account should be more than Rs 20 thousand. Along with this, the employee will have to submit documents related to the home loan to EPFO.

Home renovation: Employees can also withdraw PF money for house renovation. For this, they can withdraw 12 times their basic and dearness allowance. Along with this, the total cost or the employee’s share and interest money deposited in PF can be withdrawn. This property should be in the name of the employee or both husband and wife. To withdraw money for this item, it is also necessary that the house has completed five years.

Partial withdrawal before retirement: If the employee has completed 58 years of age, then he can withdraw 90 percent of the total amount deposited in PF one year before retirement.