Learn when the full amount of PF withdrawn, now it will come out in just 3 days
The Employee Provident Fund Organization (EPFO) has started online facility for the withdrawal of provident fund deposits. The benefit of online facility will be to more than 50 million shareholders. According to a senior official, after filing the application, the entire process of withdrawal of PF from PF transfer to PF completed in 3 days. Sources said that all such shareholders, whose PF and bank accounts linked to Aadhaar number,able to avail of this facility. At the moment, members take months and sometimes even months after paperwork in getting money.
How many years later and when can you get the full amount of Employee Provident Fund
The amount of PF extracted in the state of emergency. In 7 situations you can withdraw the amount of PF. In some circumstances, you withdraw the whole part of the PF and in some, only a certain portion of PF’s total money withdrawn. Let us know which are these 7 situations in which the amount of PF withdrawn-
1- Medical Treatment-
=> You can also do PF withdrawal for the treatment of your wife, your children or parents.
=> In this situation, you can do PF withdrawals at any time, that is, it is not necessary how long your service has been done.
=> There is a proof of hospitalization for one month or more.
=> Also, for this time the applicant has to give the license request certification.
=> To get medical treatment from PF money, the person has to give a certificate from the applicant or his application by the ESI. It announced in this certificate that medical treatment should not be provided to ESI or it is not provided to ESI.
=> Under this, for the purpose of removing the PF money under Form 31, the certificate of sickness or other such document is to be given, to verify the truth.
=> For any medical treatment, any person can withdraw 6 times his salary or the entire PF money, whichever is less.
2- Education / marriage-
=> The amount of PF can be withdrawn for the marriage of your brother or sister or for your children.
=> You can also remove the amount of PF for your studies or children’s education.
=> This should be at least 7 years old job.
=> You must give proof of the relevant reason.
=> In the case of education, you have to apply under your employer under Form 31. You can withdraw 50 percent PF of the total deposits till the date of withdrawal of PF.
=> Any person can use PF for education only three times during his entire career.
3- To buy a plot
=> Your tenure must be completed for 5 years to use PF money to buy a plot.
=> Plot should be registered on your name, your wife or both.
=> Plot or property should not be stuck in any kind of dispute nor should any legal action be initiated on it.
=> Any person can purchase PF money up to 24 times his salary to buy a plot.
=> In such a situation, you can withdraw PF money only once in the total time of your job.
4- home making or flat
In this situation, 5 years of your job must completed. Under this, any person can withdraw PF’s money upto 36 times his salary. For this, only PF funds used only once in the course of your job.
5- Re-payment of home loan
For this, your job should be 10 years. Under this, any person can withdraw PF’s money upto 36 times his salary. For this, only PF funds used only once in the course of your job.
6- House Renovations
In this situation, your job should be at least 5 years old. Under this, any person can withdraw PF’s money upto 12 times his salary. For this, only PF funds used only once in the course of your job.
You must be 54 years old. In this situation, you get up to 90 percent of the total PF balance, but this done only once.
Whether PF withdrawdra is taxable or not
If you consistently perform PF withdrawals before 5 years of service, then it will be taxable. Continuous service here does not mean that service for 5 years in a single institution. You can change the service and any organization can join. You can transfer your PF account to a new employer.
Finance Year EPF Interest Rate PPF Interest Rate
2013-14 8.75 percent 8.7 percent
2014-15 8.75 percent 8.7 percent
2015-16 8.80 percent 8.7 percent
2016-17 8.65 percent 8.1 percent
2017-18 8.55 percent 7.6 percent