If you want to make partial withdrawal from EPF to meet any of your needs, then know here its terms and conditions and which form you will need at the time of withdrawal.
The amount deducted every month under EPF for a job profession is very important because through this its fund is collected and the return on it from the government is also good. The full amount of EPF can be withdrawn in only two situations. Firstly, the employee loses his job and remains unemployed for two months continuously and secondly, after retirement. But if you want, you can also do partial withdrawal of PF funds in the middle of the job. Know what are the terms and conditions for this.
For marriage and Studies
If your sister, daughter, son or any special family member is married or you want to make partial withdrawal from EPF for your own or children’s education, then in both cases you must have 7 years of service. After 7 years of service, you can withdraw up to 50% of your contribution.
For house or land
If the employee is in continuous service for 5 years, he can withdraw the amount for the construction or purchase or repair of the house. But according to a rule, this amount can be withdrawn only up to a certain limit. You can withdraw up to 24 times your monthly salary for the purchase of land for a house and up to 36 times your monthly salary for the purchase or construction of a house.
For medical treatment
There is no condition in case of emergency like treatment of critical illness, permanent disability due to accident at work, closure of company etc. You can withdraw money from EPF account anytime
If the company is closed for more than 15 days, the employee can withdraw the entire amount deposited as EPF at any time. If you have lost your job or you have left and you want to withdraw the fund only after a month; So you can withdraw up to 75% of the amount. The outstanding amount will be transferred to your new EPF account on getting new employment. But after being unemployed for two consecutive months, you can withdraw the full amount of PF.
When is Form 31 and 19 required?
When you withdraw some part of your PF balance or Advance PF to meet the need related to money during the job, then you need PF Withdrawal Form 31. It is also called EPF Claim Form 31.
Wherein when you have to withdraw the entire fund of EPF then you use PF Withdrawal Form 19. It is also called EPF Claim Form 19.
