New Delhi: Withdrawing funds from your PF account using incorrect information could lead to difficulties. According to the rules, you can withdraw funds from your PF account any number of times, but there’s no limit. You can withdraw the entire PF account only after leaving your job, eliminating any worries.
The EPFO has warned its subscribers that providing incorrect information while withdrawing PF funds could result in a refund. Furthermore, you may have to pay interest and a penalty. The EPFO shared this information on its official X account. It states that withdrawals for incorrect reasons are subject to recovery under the EPF Scheme 1952. It’s important to protect your future and use your PF funds only for genuine needs.
Under what circumstances can you withdraw money?
According to EPFO rules, you can withdraw your PF balance after retirement or after reaching the age of 58. Partial withdrawals are only permitted under certain circumstances. PF funds can be withdrawn for purposes such as marriage, children’s education, serious illness, buying or building a house, etc.
When can EPFO withdraw funds?
If any PF employee withdraws PF funds for the purpose of purchasing a house and uses the money for other purposes, the EPFO has the legal right to take it back. Providing false information to employees can prove costly. Section 68B(11) of the EPF Scheme 1952 clearly states that if a member misuses the withdrawn funds, the EPFO can take them back.
This is enough to increase the tension among employees. Employees will not be able to make further withdrawals from their PF for the next three years. New advance requests will not be considered approved until the old amount is returned along with interest.
How to Claim PF Online
For your information, it is worth noting that PF claims can also be filed online. There are different forms for this, each form having its own specific purpose. If, for some reason, your service is less than 10 years and you have left your job, you can withdraw money from your pension scheme through Form 10-C.
For those with more than 10 years of service, this form is used to transfer your pension. For special occasions, such as marriage, children’s education, serious illness, or purchasing a house, you need to fill out Form 31.