PF withdrawal Rules: EPFO has changed the rules for withdrawal from the account, know the new rules

If you are employed, then every month you must be depositing a fixed amount of your salary in EPFO. Although the amount deposited in EPFO ​​matures after retirement, but money can be withdrawn from EPFO ​​at the time of need.

Not only this, EPFO ​​gives its members the facility to withdraw from EPF fund at the time of need. At the same time, a limit has been set for partial withdrawal. If you are thinking of withdrawing money from your EPF account, then know about the recent amendment in the withdrawal rules of EPFO.

What are the EPF withdrawal new rules 2024

• For partial withdrawal from EPF, the EPF member has to apply online. This amount can be withdrawn only for education, house purchase or construction, marriage and treatment.
• According to EPFO ​​withdrawal rules, an EPF holder can withdraw up to 90 percent of his amount 1 year before retirement. To withdraw 90 percent, the member’s age should be more than 54 years.
• Many companies are retrenching employees these days. But according to the rules of EPFO, if there is a retrenchment and the employee becomes unemployed before retirement, then he can withdraw money from the EPF fund.
• Apart from this, the employee can withdraw 75 percent of the amount after one month of unemployment and the entire amount after remaining unemployed for 2 months continuously. After getting a new job, the employee can transfer the remaining 25 percent of the fund to the new EPF account.
• Not only this, if an employee contributes to EPF for 5 consecutive years, he also gets the benefit of tax benefit at the time of withdrawal. At the same time, TDS will be deducted on withdrawal before maturity. However, TDS is not deducted if the withdrawal is less than Rs 50,000.
• If the EPF member has submitted his PAN card for withdrawal, then 10% TDS is deducted. However, if the PAN card is not submitted, then 30% TDS is deducted.

Where to apply for partial withdrawal?

EPF member has to apply for partial withdrawal on EPF portal and Umang app. After getting approval from the employer, money is transferred to the member’s bank account. After applying for partial withdrawal, the member can also check the status.

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