Know these rules to withdraw from EPF account

An employee has to wait for at least two months after leaving the job which will make to get his complete PF settlement from his company. It is known that 75% of the PF amount can be withdrawn after one month of leaving a job. Employees’ Provident Fund Organisation EPFO
is the authority which keeps a tab of PF data of salaried individuals.

One can check the PF amount, passbook, PF claim status through respective UAN (Universal Account Number) on the EPFO website. It may be noted that partial withdrawal from PF is allowed under certain conditions. The EPFO made some changes in PF withdrawal rules last year in order to make the EPF more user-friendly.

As per rules,100% EPF amount can be withdrawn in three cases:

1. At the time of retirement

2. If unemployed for two months of time

3. Death before the specified retirement age

Partial withdrawal of EPF is subject to certain conditions:

S.No.	Reason for withdrawal	Withdrawal Limit	No of years of service/lock-in period	Other conditions
1	Marriage	Up to 50% of employee’s share of contribution to EPF	7 years	For the marriage of self, son/daughter, brother/sister
2	Education	Up to 50% of employee’s share of contribution to EPF	7 years	For the education of either himself/herself or his/her children after class 10
3	Purchase of land/purchase or construction of a house	a. For land – Up to 24 times of monthly salary plus Dearness allowance b. For house – up to 36 times of monthly salary plus Dearness allowance	5 years	a. The asset i.e. land or the house should be in the name of the employee or spouse or Jointly. b. Withdrawal for this purpose can be done only once in the entire service tenure.
4	Home loan repayment	Up to a maximum of 90%, from both employee’s contribution and employer contribution in EPF	3 years	a. The property should be registered in the name of the employee or spouse or jointly b. Withdrawal permitted subject to furnishing of requisite documents as called for by the EPFO relating to the housing loan availed. c. The accumulation in the member's PF account (or together with the spouse), including the interest, has to be more than Rs 20,000.
5	Renovation of house	Up to 12 times of the monthly salary	5 years	The property should be registered in the name of the employee or spouse or jointly.
6	A little before retirement	Up to 90% of accumulated balance with interest	Once he/she reaches 57 years	For himself/herself
7.	Medical purposes	Employee’s share with interest or six times the monthly salary (whichever is lower)	No lock-in period	For medical treatments of self, spouse, children, and parents.

EPFO members can withdraw up to 75 per cent of their EPF account balance after being unemployed for more than one month. A subscriber also has the option to withdraw the remaining amount after being unemployed for two months and close the EPF account.

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