look news india
EPFO Rules: EPFO has changed the rules related to withdrawal of money from PF account. Account holders have been given relief in the changed rules. Now PF account holders can withdraw up to Rs 1 lakh for the treatment of serious illness of themselves or any of their family members. Earlier this limit was Rs 50 thousand. Now it has been increased to double. The new rules have come into effect from 16 April.
You can withdraw money as per need-
PF account holders can withdraw some amount from their account as per their need. This amount can be withdrawn for expenses related to self or family members, expenses related to construction of house or purchase of house and marriage of children. However, it is not allowed to withdraw the entire amount deposited in the PF account.
EPFO has increased the existing limit from Rs 50 thousand to Rs 1 lakh under paragraph 68J of Form 31 in the new rules. Under this paragraph, PF account holders can withdraw funds for the treatment of serious illnesses of themselves or their family members (mother, father, children, etc.). Keep in mind that the amount you want to withdraw should be in the PF account.
These diseases include-
Under paragraph 68J, PF account holders can withdraw money for the treatment of serious diseases like cancer, mental illness, TB, paralysis etc. To withdraw this amount, it is necessary to attach a certificate signed by the doctor. You can adopt online process to withdraw the amount.
You can withdraw money in PF
Account holders can withdraw some amount from the account by filling Form 31. However, this amount can be withdrawn only for some important purposes. This includes reasons like repaying home loan, buying a house, children's marriage or higher education etc. At the same time, money can also be withdrawn from the PF account to purchase medical equipment for the disabled.
