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EPF Partial Amount Withdrawal: A large fund can be added to the EPF account through monthly contributions from the EPFO member's salary and employer's contribution. Generally people prepare this money as retirement fund and pension fund. But during job, if you need money for children's education, marriage or land etc. then you can also make partial withdrawal. Know what are the rules for partial withdrawal and which form is required to withdraw EPF funds?
Withdrawal of 50 percent amount for children's education
If you want to withdraw money from EPF account for your or children's education, then you can do so only when your service has completed 7 years and you have been contributing to the EPF account for 7 years continuously. After 7 years of service, you can withdraw up to 50 percent of your contribution from your EPF account.
Partial withdrawal can be done in these situations
If your sister, daughter, son or any special family member is getting married and you need money, you can still partially withdraw money from EPF. For this also it is necessary to have 7 years of service. After 7 years of service, you can withdraw up to 50 percent of your contribution.
If the employee is in continuous service for 5 years, he can also withdraw the amount for construction or purchase or repair of house. But as per rules, this amount can be withdrawn only up to a certain limit.
After continuously contributing to EPF for 5 years, you can also withdraw money for house renovation. This amount can be up to 12 times the monthly salary. If the employee has completed minimum 3 years of service, he can withdraw the amount for home loan payment. In such a situation, he can withdraw up to 90 percent of the total contribution (contribution of both employee + employer) in the EPF account.
If you have lost or quit your job and want to withdraw funds after a month; So you can withdraw up to 75 percent of the amount. On getting a new job, the outstanding amount will be transferred to your new EPF account.
Form 31 for partial withdrawal
When you make partial withdrawal from your PF balance to meet financial needs during job, you need PF Withdrawal Form 31. It is also called EPF Claim Form 31.
In these situations you can withdraw the entire money
Money can be withdrawn from EPF in case of treatment of serious illness, permanent disability due to accident at workplace, company closure or such emergency. In such a situation, there is no condition regarding duration and money. If an EPF account holder wants to withdraw the entire EPF amount for the treatment of himself or his family, he will have to provide proof of hospitalization for a month or more.
If the company remains closed for more than 15 days, the employee can withdraw his entire share deposited as EPF at any time. At the same time, if you remain unemployed for two consecutive months then you can withdraw the entire amount of PF. Apart from this, you can withdraw the entire amount of your EPF fund after retirement.
Form 19 for withdrawal of entire fund
When you want to withdraw the entire EPF fund, PF Withdrawal Form 19 is required. It is also called EPF Claim Form 19.