EPFO means where your provident fund money is deposited. Many times, when needed or in an emergency, you want to withdraw money from your provident fund. For example, if you need Rs 1 lakh and you apply to withdraw this money from your PF. But you get only around Rs 60 thousand. So you start wondering how much money I had applied for. Why didn’t I get that much? So let us tell you when and how much money you can withdraw from EPFO.
You can withdraw money from your PF (EPF) as per your need, in which for some needs (like illness, marriage, buying a house) you can get the full amount up to 100%. But sometimes only 75% of the amount can be withdrawn, but after retirement the entire amount can be withdrawn; Recent rules have made withdrawal easier and it has been changed from 13 to 3, with 100% withdrawal now possible even after 12 months of service.
How much money to buy or renovate a house
If you are going to buy a house or want to repair your house, then you can withdraw 90% of the amount from your provident fund. For example, if you have Rs 1 lakh in your account, you can withdraw up to Rs 90 thousand for this purpose.
how much money in illness
If you or someone in your family suffers from any disease, you can withdraw 100% i.e. the entire amount for the treatment. For your own, children’s, or sibling’s education/marriage, you can withdraw up to 75% of your contribution + interest.
How much money can be withdrawn between jobs
If you have completed 12 months where you are working, then you can leave 25% of the deposited amount and withdraw the remaining money. Suppose you have Rs 1 lakh in your account, then you can withdraw an amount of Rs 75.
How much money after leaving job
If you have left your job or you have lost your job and you do not have any work, then in this situation you can withdraw the entire amount of your provident fund after 2 months. In some cases, a time limit of 12 months has been fixed for this. Whereas if you are retired then in this situation you can withdraw the entire money. Under the new rules of EPFO, now it is possible to withdraw up to 100% even after completing 12 months of service (with some conditions), earlier 5-7 years of service was required for this.
