EPF Advance Withdrawal: EPF members are allowed by the Employees Provident Fund Organisation (EPFO) to withdraw money from their EPF accounts for various purposes. Last week, the EPFO shared an information booklet for its members mentioning details of various advances that can be withdrawn from the Provident Fund (PF) account.

In this article, we will discuss how much amount an individual can withdraw from their PF account and under what conditions.

Construction Or Purchase of house

To be eligible for this withdrawal, members need to have completed five years of membership. The maximum permissible withdrawal amount is limited to 24 times the monthly salary for buying the house site or 36 times the monthly salary when it is for the purchase or construction of a house. The facility can only be availed if the purchase or construction is in the name of the PF account holder and their spouse.

Medical treatment

When it comes to medical treatment, individuals are allowed to withdraw money from their EPF account at any time. The maximum amount that you can withdraw is equal to the employee’s share with interest or six times his/her monthly salary, whichever is lower. This amount which you are withdrawing for medical treatment can be for your own medical treatment or the treatment of your parents, spouse or children.

Withdrawal within 1 year of retirement

For this, the EPF member should be due to superannuate in a year. The maximum permissible amount that can be withdrawn should be 90% of the amount in a person’s PF account. This facility is only applicable within one year of retirement.

Home Renovation

For this withdrawal, you need to complete five years of membership. The maximum amount that can be withdrawn is equal to 12 times the monthly salary. This facility is applicable only for the house in the name of the PF account holder and his/her spouse.

Wedding Or Post Matriculation education

If you want to withdraw the money for a wedding or education, you should have completed seven years of membership. The maximum amount that can be withdrawn is 50% of the employee’s contribution with interest. It is applicable for your wedding expenses or siblings and children, and the education of children.

Some money from your EPF can be withdrawn for educational purposes also. This advantage can be availed only for post-matriculation educational expenditures. This means, if you admit your daughter or son to any university or college then you will be able to draw money from the EPF account.