Rules for withdrawing money from EPFO ​​account changed, know the new rules before withdrawing money.

EPF Withdrawal Rules: If you work, you must be depositing a fixed amount of your salary in EPFO ​​every month. Although the amount deposited in EPFO ​​becomes mature after retirement, money can be withdrawn from EPFO ​​at the time of need.

Yes, EPFO ​​provides its members the facility to withdraw EPF funds at the time of need. However, a limit has been set for partial withdrawal. If you are also thinking of withdrawing money from EPF account, then let us tell you that recently EPFO ​​has amended the withdrawal rules (EPF Withdrawal Rules 2024).

New rules for EPF withdrawal 2024

• For partial withdrawal from EPF, the EPF member has to apply online. Withdrawals can be made only for education, purchase or construction of a house, marriage and medical treatment.
• According to the withdrawal rules of EPFO, an EPF holder can withdraw up to 90 percent of the amount one year before retirement. To withdraw 90 percent of the amount, the member's age should be more than 54 years.
• Nowadays, layoffs are taking place in many companies. In such a situation, according to EPFO ​​rules, if there is retrenchment and the employee becomes unemployed before retirement, then he can withdraw money from the EPF fund.
• The employee can withdraw 75% after one month of unemployment and full withdrawal after remaining unemployed for 2 consecutive months. At the same time, on getting a new job, the employee can transfer the remaining 25% of the funds to the new EPF account.
• If an employee contributes to EPF for 5 consecutive years, he also gets tax benefits at the time of withdrawal. At the same time, TDS will be deducted on withdrawal before maturity. However, TDS is not deducted on withdrawals of less than Rs 50,000.
• If the member has submitted PAN card for withdrawal, 10% TDS is deducted. At the same time, if PAN card is not submitted, a deduction of 30% is made.

Where to apply for partial withdrawal

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