PF Money Withdrawal: All the people who are employed in India. They all have a PF account. This service run by EPFO is in a way a savings plan for the future. Every month 12 percent of the salary is deposited in this account. On which interest is also given by the government. PF account is not just used as a savings plan for your future.
Rather, you can withdraw money from it anytime if needed. For that you have to follow some rules and regulations. And some important conditions have to be fulfilled. Only after this you can withdraw the amount from your account. So let us tell you on which occasions and up to what amount you can withdraw money from your PF account.
For treatment
Health is an important part of everyone’s life. If a PF account holder needs money as an emergency for treatment. So he can withdraw it from the PF account. For this, Form 31 has to be submitted and C certificate has to be submitted along with it. On which the signatures of the doctor and the account holder are required. Up to Rs 100,000 can be spent at one time for treatment.
to buy a house
Often people need money to buy a house. In such a situation, you can withdraw money from your PF account. The essential condition for this is that your PF account should be 3 years old. You can withdraw 90 percent of the total amount to buy a house. Let us tell you that you can avail the benefit of this facility only once.
home renovation For
Apart from buying a house and buying land, if you are getting your flat or house renovated. So for that also you can withdraw money from PF account. For this, it is necessary that you have contributed to your PF account for 5 years. For renovation, you can withdraw up to 12 times your monthly salary. You can avail this facility only twice.
For home loan repayment
If you have taken a home loan and you are facing shortage of money in paying EMI. So you can withdraw money for this from PF account. For this, you are required to contribute for at least 3 years in your PF account. For this you can withdraw total 90% of PF fund.
Can also be taken out for wedding
Often people do not have enough money even for marriage. In such a situation, PF account can help them. Any employee can withdraw up to 50% of the contribution for marriage from the account with interest. For this, service for 7 years is required. Apart from their own marriage, employees can withdraw money for the marriage of brother and sister.
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