When you're eligible to withdraw from your Provident Fund

🔷House Construction or purchase of plot for self, spouse or joint - Minimum 3 years of service - Amount that can be withdrawn -90% of PF balance Wow what plans next?

🔷Home Loan Repayment of self, spouse or joint - Minimum 3 years of service required - Amount that can be withdrawn -90% of PF balance

🔷House renovation or alteration of self, spouse or joint - Minimum 5 years from completion of house - 12 times of the basic salary or employee share with interest (whichever is lower)

🔷Marriage of self, siblings and children -
Minimum 7 years of service required - 50% of PF balance can be withdrawn

🔷Medical treatment of self, parents, spouse and children- Minimum duration of service not required - 6 times of his or her monthly salary or total corpus (whichever is lower) can be withdrawn

Apart from the above mentioned the other reasons for partial withdrawal can be made are,

Lockout or closure of factory year
👉🏻Post Matriculation education of children
👉🏻Natural calamity
👉🏻Cut in electricity in establishment
👉🏻Purchasing equipment by physically handicapped
👉🏻One year before retirement
👉🏻Investment in Varistha Pension Bima Yojana

Here are ten important rules about EPF withdrawal:

Money from the EPF account cannot be withdrawn during employment, unlike a bank account. EPF is a long-term retirement savings scheme. The money can be withdrawn only after retirement.

Partial withdrawal from EPF accounts is permitted in the case of an emergency such as medical emergency, house purchase or construction, and higher education. Partial withdrawal is subject to limits depending on the reason. The account holder can request online for partial withdrawal.

Although the EPF corpus can be withdrawn only after retirement, early retirement is not considered until the person reaches 55 years of age. EPFO allows withdrawal of 90% of the EPF corpus 1 year before retirement, provided the person is not less than 54 years old.

The EPF corpus can be withdrawn if a person faces unemployment before retirement due to lock-down or retrenchment.

The EPF subscriber has to declare unemployment in order to withdraw the EPF amount.

As per the new rule, EPFO allows withdrawal of 75% of the EPF corpus after 1 month of unemployment. The remaining 25% can be transferred to a new EPF account after gaining new employment.

As per the old rule, 100% EPF withdrawal is allowed after 2 months of unemployment.

EPF corpus withdrawal is exempted from tax but under certain conditions. Tax exemption on EPF corpus is permitted only if an employee contributes to the EPF account for 5 continuous years. The EPF amount is taxable if there is a break in the contribution to the account for 5 continuous years. In that case, the entire EPF amount will be considered as taxable income for that financial year.

Tax is deducted at source on premature withdrawal of the EPF corpus. However, if the entire amount is less than Rs.50,000, then TDS is not applicable. Keep in mind, if an employee provides PAN with the application, the applicable TDS rate is 10%. Otherwise, it is 30% plus tax. Form 15H/15G is a declaration form, which states that a person's total income is not taxable and thus, TDS is avoidable.

An employee does not have to await approval from the employer for EPF withdrawal anymore. It can be done directly from the EPFO, provided the employee's UAN and Aadhaar are linked, and the employer has approved it. EPF withdrawal status can be checked online

[aravindkaasu]

🔷House Construction or purchase of plot for self, spouse or joint - Minimum 3 years of service - Amount that can be withdrawn -90% of PF balance Wow what plans next?

🔷Home Loan Repayment of self, spouse or joint - Minimum 3 years of service required - Amount that can be withdrawn -90% of PF balance

🔷House renovation or alteration of self, spouse or joint - Minimum 5 years from completion of house - 12 times of the basic salary or employee share with interest (whichever is lower)

🔷Marriage of self, siblings and children -
Minimum 7 years of service required - 50% of PF balance can be withdrawn

🔷Medical treatment of self, parents, spouse and children- Minimum duration of service not required - 6 times of his or her monthly salary or total corpus (whichever is lower) can be withdrawn

Apart from the above mentioned the other reasons for partial withdrawal can be made are,

Lockout or closure of factory year
👉🏻Post Matriculation education of children
👉🏻Natural calamity
👉🏻Cut in electricity in establishment
👉🏻Purchasing equipment by physically handicapped
👉🏻One year before retirement
👉🏻Investment in Varistha Pension Bima Yojana

Here are ten important rules about EPF withdrawal:

Money from the EPF account cannot be withdrawn during employment, unlike a bank account. EPF is a long-term retirement savings scheme. The money can be withdrawn only after retirement.

Partial withdrawal from EPF accounts is permitted in the case of an emergency such as medical emergency, house purchase or construction, and higher education. Partial withdrawal is subject to limits depending on the reason. The account holder can request online for partial withdrawal.

Although the EPF corpus can be withdrawn only after retirement, early retirement is not considered until the person reaches 55 years of age. EPFO allows withdrawal of 90% of the EPF corpus 1 year before retirement, provided the person is not less than 54 years old.

The EPF corpus can be withdrawn if a person faces unemployment before retirement due to lock-down or retrenchment.

The EPF subscriber has to declare unemployment in order to withdraw the EPF amount.

As per the new rule, EPFO allows withdrawal of 75% of the EPF corpus after 1 month of unemployment. The remaining 25% can be transferred to a new EPF account after gaining new employment.

As per the old rule, 100% EPF withdrawal is allowed after 2 months of unemployment.

EPF corpus withdrawal is exempted from tax but under certain conditions. Tax exemption on EPF corpus is permitted only if an employee contributes to the EPF account for 5 continuous years. The EPF amount is taxable if there is a break in the contribution to the account for 5 continuous years. In that case, the entire EPF amount will be considered as taxable income for that financial year.

Tax is deducted at source on premature withdrawal of the EPF corpus. However, if the entire amount is less than Rs.50, 000, then TDS is not applicable. Keep in mind, if an employee provides PAN with the application, the applicable TDS rate is 10%. Otherwise, it is 30% plus tax. Form 15H/15G is a declaration form, which states that a person's total income is not taxable and thus, TDS is avoidable.

An employee does not have to await approval from the employer for EPF withdrawal anymore. It can be done directly from the EPFO, provided the employee's UAN and Aadhaar are linked, and the employer has approved it. EPF withdrawal status can be checked online

[prakashr]

Lakhs and thousands la yella pesa mattinga pola.... only crores tha

[gowrir]

Only 3 crores in PF? I have 103 crores😂

[esakkimurugan]

Amazon pay later service yapdi deactivate pannanum nu solluga bro

[abhi]

I have not contributed to my epf since 2016. How long will I continue to get interest on my epf?

[Devaindra_Prabu]

3 cr PF aa, then what will be the basic salary who works in corporate company ??🤔🤔🤔

[Grace_]

Anna government salary la eruthu income tax ku kasu pidikiraga and GST nu thaniya ketrom atha last ta thirupi vagalam nu solraga I mean salary bill vachi atha pathi

[bharathr]

Bro my addarcard update panuna anan 60sonailng enum akla enna pana

[dhananatarajan]

Bro, Entha age la full ef amount eduka mudiyum?

[sandrinjoy]

Hey bro, i am going abroad next year. So i left my job in september. when can i withdraw my pf ?

[raghup]

Bro i have pf issue can i delete UAN is there any option and if I deleted will i get any issue

[janakikrishnan]

How to withdraw the balance pf amount for Permanent NRI.

[vinothkumarvsubbu]

can i withdraw pf fully for buying home?

[jayaprakash_radiationthera]

Bro na vela pakka hospital la pf enakku pudikkavea illa enna panrathu!

[sarath.kumar_fficial]

Bro nps la erunthu withdrawal pana mudiuma reels podunga broo

[rajkumarrk]

Bro IDFC bank la 10, 000 FD credit card apply pani vangunin....8 month use panitu eppo close paniten...FD close panunin...But enakku 10, 000 successful refund nu mail panunga..but enoda account ku amount just 324 rupees mattum than vanthu irukku...Ethu samanthama customer care la ketta thelivana reason solla mattikuranga...enna bro panrathu

[anandravichandrancad]

Medical expenses also we couldn't withdraw 100%

[ziyathonline]

Thambi. Konjam realistic number ah solluda. This number is not at all possible. One people out of 10000 have this money in PF especially may be very seniors.

[nirmala]

Dai onnum theriyalana ethukku video podura

[gopinathd]

Yan da 3 crore ah da vachrukenga pf a yan da ipdi pandrenga aayiram latcham lam solla matemga straight ah kodi la than dealing😂