By Admin 
EPF Withdrawal: If you work and money is deposited in EPF (Employees Provident Fund) every month from your salary, then this information can be useful for you. Generally people consider their PF only as savings for retirement. But do you know that if needed, some part of the amount deposited in it can be withdrawn even earlier. However, for this EPFO has set some terms and conditions according to different needs.
In such a situation, if you need money for children’s education or household expenses, then you can withdraw money from PF as per the prescribed rules. Let us know when and how much money you can withdraw for these important purposes.
How much PF can be withdrawn for children’s education?
If you need money for children’s higher education, then you can withdraw advance from your PF.
- You can withdraw up to a maximum of 50% of your shares and the interest earned on it.
- This facility is available only for higher education after 10th.
- For this, it is necessary to have completed EPF membership of at least 7 years.
- According to the new rules, one can take out up to 10 times for education during the entire job.
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What are the rules for buying or building a house?
- Advance can be taken from EPF for buying a house, constructing a house or even buying a plot.
- You can withdraw up to 90% of your EPF balance.
- For this, it is necessary to complete at least 5 years of job/EPF membership.
- For this purpose, withdrawals are allowed up to 5 times during the entire job.
How to withdraw PF money online?
- First of all login to EPFO UAN Portal.
- Verify Aadhaar, PAN and bank KYC by going to Manage section.
- Go to online services and select Claim (Form 31, 19, 10C) option.
- After verifying the bank account, click on the online claim section.
- Select Form 31 (PF Advance) for partial withdrawal.
- Enter the reason for withdrawal (studies, housing etc.) and the amount.
- Verify and submit the claim with the OTP received on the mobile number linked to Aadhaar.
- Track the status of the claim with the reference number received after it is submitted.
Keep these things in mind before withdrawal
- It is important to have complete and updated KYC.
- In most cases the employer’s approval is not required.
- If incorrect information is given, the claim may be rejected.
- Withdrawal permission can be given only as per the rules and eligibility set by EPFO.
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