PF Withdrawal Rules– Many people believe that PF money can be withdrawn only after retirement, but the reality is different. Employee Provident Fund Organization (EPFO) allows you to withdraw money from your account even while you are working in times of need. The good thing is that there is no limit on how many times you can withdraw money. Yes, you will get the full balance only when it has been two months since you left the job or you have retired.
Want to buy a house or plot?
If you want to buy a house, flat or plot from PF, then the account should be at least 5 years old. For a plot, you will get 24 months’ basic salary and DA, while for a house/flat, you will get 36 months’ basic salary and DA, or the total share (including interest), or the price of the property, whichever is less.
Do you want to repay the loan?
Money can be withdrawn from PF to pay off home loan or any other debt, but the account should be 10 years old. In this, 36 months of basic salary and DA, or total balance (including interest), or outstanding loan, whichever is less, will be available. Certificate of outstanding amount from bank or agency is necessary.
Immediate help in case of illness
There is no time limit on withdrawal from PF in case of medical emergency. You will get 6 months’ basic salary and DA, or employee’s share (including interest), whichever is less. All you need is a certificate from the doctor and the employer.
You can withdraw money for marriage and studies
If the PF account is at least 7 years old, 50% of the employee’s share (including interest) can be withdrawn for children’s marriage or post-matric studies. For studies, a certificate of course and expenses from the institute will have to be submitted.
Support in case of disability
If a person becomes disabled due to any reason, then 6 months’ basic salary and DA, or the employee’s share (including interest), or the cost of the equipment used in case of disability, whichever is less, can be withdrawn. A doctor’s certificate is required for this.