The same limit applies when one withdraws their PF in advance to pursue their post-matriculation education. One can only make a one-time PF advance claim when they wish to use the amount to purchase a plot or house or wish to construct a house.
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What is the rule of advance withdrawal of PF?
Advance PF Withdrawal: The rules of EPFO say that money can be withdrawn from the PF account many times before retirement, but the reason will have to be given for that. For example, if there is a marriage of son or daughter in the house, then you can easily withdraw money from PF but not more than 3 times.
– We all know that advance PF can be withdrawn while in job. Advance PF Withdrawal ) can. But do we know when and how many times we can withdraw. Provident Fund ( PF ) is our future deposits, which by law should be kept in reserve for retirement only. But what to do when a difficult situation comes on the forehead.
For the same time, the rule of advance withdrawal or advance withdrawal of PF has been made. Employees Provident Fund Organization ( EPFO ) helps you fully in this. All you have to do is to tell the reason for withdrawing money. Only then does the withdrawal process begin.
If the job is lost and there is no money in hand, then this can also be a reason for PF withdrawal. Apart from this, money can be withdrawn in advance for marriage, higher education, building a house to live in, purchase of land to build a house, etc. Now it comes to how much money you can withdraw and how many times you can withdraw money.
pf withdrawal process online 2021 | pf advance limit and how many times advance pf can be withdrawn
If you open your PF account on the EPFO website, then both the company’s money and your deposited money are visible there. That is, the company and your share appear together in the passbook.
How many times can I withdraw PF to buy a house?
PF Withdrawal for Home Loans – EPF members can utilize the fund accumulated in their EPF account to facilitate their housing needs after three years of account opening. As per the newly added Para 68-BD in the EPF Scheme, 1952, EPF members can apply for a withdrawal of up to 90% of the accumulated corpus for either making the down payment of the house or for the payment of EMIs or for the construction of a new house.
Earlier, the maximum withdrawal amount was limited to the total contribution of the employee and the employer with the interest of 36 months or the cost of the property, whichever was less. The member was also not required to be a member of the housing scheme to avail this facility. He just had to be a member of the EPF for five years.
After the insertion of Para 68-BD in the EPF Scheme, 1952, the members got more options to utilize their funds. The time limit (from account opening) has also been reduced to 3 years, The minimum PF balance of the member should be more than ₹ 20,000 either individually or including that of the spouse in case he/she is also a member of the EPFO.
- The applicant should be a member of a registered housing society having at least 10 members
- The bank can use the Commissioner’s certificate of PF contributions to calculate EMIs for withdrawal
- Composite claim forms can be used to avail this facility
- The member has to provide the letter of authorization for paying EMI from PF
- The facility can be clubbed with Pradhan Mantri Awas Yojana (PMAY) to avail subsidy on housing
How many times can I withdraw money from my EPF account?
There is no limit for withdrawal of money from EPF account but the withdrawal is permitted only for specific purpose only. The purpose is house construction,medical expenses of self and/or dependent, domestic function. So based on the reasons given you can decide number of times withdrawal can be done. You’ve done it.
How many times can I withdraw my Provident Fund?
Eligibility on Various Types of EPF Withdrawals –
- For Medical Purposes-
- An employee is allowed to withdraw employee’s share with interest or six times the monthly salary (whichever is lower) from the provident fund for the purpose of medical treatment
- This EPF withdrawal is applicable for medical treatments of self, spouse, children, and parents
- There is no lock-in period or minimum service period for this type of withdrawal
- For Repaying Home Loan-
- For the purpose of repaying the outstanding home loan, the PF member is allowed to withdraw up to 90% of the corpus if the house is registered in his or her name or held jointly
- However, to withdraw the amount, at least 3 years of complete service is required
- For Wedding-
- At least 7 years of service must be completed in order to be eligible for the withdrawal
- 50% of the employee’s contribution with interest can be withdrawn
- An employee can withdraw funds for his own, siblings or child’s marriage
- For Renovating and Reconstructing a House-
- The employee can withdraw funds from his EPF account for the purpose of renovation and reconstruction
- The house should be held in his/her name or held jointly with the spouse
- The employee must complete at least 5 years of total service
- The member can withdraw 12 times his monthly salary from his Provident fund account
- For Purchasing or constructing a New House-
- A PF member can withdraw a partial amount from his employee provident fund for the purpose of purchasing a plot and/or constructing it
- The property should be registered in his or her name or held jointly with the spouse
- An employee should have completed a minimum of 5 years of total service
- 24 times of the monthly salary for purchasing a plot/36 times of the monthly salary for purchasing or constructing a house or the cost of the property or the total of employee’s and his employer’s share along with the interest amount (whichever is less) can be withdrawn
- Withdrawal is allowed only after completing 5 years of service
- Withdrawal for the purpose of purchasing a plot and constructing it can be done only once in the entire service tenure
- Retirement-
- A person can withdraw his or her entire provident fund corpus after completing 58 years of age
- The employee is allowed to withdraw up to 90% of the provident fund balance
- Unemployment-
- A person can withdraw 75% of his or her provident fund if he/she is unemployed for more than a month
- For unemployment of more than 2 months, the remaining 25% of the corpus can be withdrawn
How long does it take to get PF advance withdrawal?
How Many Times We Can Withdraw PF Advance Online in a Year The number of times that an EPF member can withdraw PF advance amount will vary with each reason of PF advance withdrawal. There is no limit if EPF member withdraw PF for illness reason, and for construction of house only 1 time, and for the marriage 3 times, and for higher education 3 times, and for power cut only 1 time and for physically handicapped persons no 2nd advance will be given until 3 years from the last advance payment date.
| PF Advance Withdrawal Reason | No Times PF Avance Will be Given | Min Service | Maximum Advance |
|---|---|---|---|
| Illness | No Limit | NA | 6 times of employee basic salary (or) employee PF contribution whichever is less |
| For Construction of the house | 1 Time | 5 years | 36 times of monthly basic wage |
| Marriage of self or family member (brother/sister/son/daughter) | 3 Times | 7 years | 50% of employee share |
| Marriage of self or family member (brother/sister/son/daughter) | 3 Times | 7 years | 50% of employee share |
| No work during the power cut | 1 Time | NA | 1-month basic wage |
| For physically handicapped persons to purchasephysically handicapped equipment. | No 2nd advance until 3 years from the date of last advance payment | NA | 6 times of employee basic salary (or) employee PF contribution whichever is less |
Note: Don’t withdraw your PF advance amount unnecessarily because you will miss the interest amount on the withdrawn PF amount. ( At present EPFO is paying 8.65% of annual interest on PF amount)
How much time will it take to receive PF advance amount The maximum time to process PF advance withdrawal claim by EPFO is 30 days, but if you submit your claim online at the UAN member portal then you can get your PF loan amount even within 15 days also. Read this:,
: How Many Times We Can Withdraw PF Advance Online in a Year
How long does it take to settle an EPF withdrawal?
How to withdraw PF? – You can make PF withdrawal in two ways – online and offline. While an offline EPF claim may take up to 20 days to be settled, online claims for PF withdrawals are settled within three working days. Online withdrawals are made either via EPFO Member Portal or the UAN site.
