EPFO has changed the rules for withdrawal from the account, know the new rules before withdrawing money
2 min readIf you do a job, then every month you must be depositing a fixed amount of your salary in EPFO.Although the amount deposited in EPFO matures after retirement, but money can be withdrawn from EPFO at the time of need.
Yes,EPFOfacilitates its members to withdraw from 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).
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New EPF Withdrawal Rules 2024
- For partial withdrawal from EPF, the EPF member has to apply online. Withdrawal can be made only for education, house purchase or construction, marriage and treatment.
- According to the withdrawal rules of EPFO, an EPF holder can withdraw up to 90 percent of the amount 1 year before retirement. To withdraw 90 percent, the age of the member should be more than 54 years.
- In today’s time, there is retrenchment in many companies. In such a situation, according to the rules of EPFO, if there is a retrenchment and the employee becomes unemployed before retirement, then he can withdraw money from the EPF fund.
- The employee can withdraw 75% of the fund after one month of unemployment and full withdrawal after remaining unemployed for 2 months continuously. At the same time, after getting a new job, the employee can transfer the remaining 25% of the fund to a new EPF account.
- If an employee contributes to EPF for 5 consecutive years, then he also gets tax benefit at the time of withdrawal. At the same time, TDS will be deducted on withdrawal before maturity. However, TDS is not deducted on withdrawal of less than Rs 50,000.
- Please note that if the member has submitted his PAN Card for withdrawal, then 10% TDS is deducted. However, if the PAN Card is not submitted, then 30% TDS is deducted.
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.
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