EPFO: If you are employed and contribute to EPFO, then in many situations you are allowed to make partial withdrawal from PF. Know here how much money you can withdraw for treatment.
EPFO: Medical conditions can occur to anyone at any time. It cannot be said how much money you will have to spend in such situations. Sometimes even the insurance amount falls short in such cases. If you are employed and contribute to EPFO every month, then you can get help in such situations. EPFO members get the facility of partial withdrawal from their provident fund in many situations. Let us know how much money you can withdraw from EPF for treatment.
Know how much money you can withdraw for treatment?
If you want to withdraw money from EPFO for your own treatment or for the treatment of any disease of spouse, children and parents, then you can do so. There is no lock-in period for withdrawing it and there is no minimum service period either. For treatment, EPFO members can withdraw six times the amount of contribution along with interest or six times the monthly salary (whichever is less).
Partial withdrawal can be done even in these situations
- If your sister, daughter, son or any family member is getting married or you want to make partial withdrawal from EPF for your or your children’s education, then in both the cases you must have worked for 7 years. After 7 years of service, you can withdraw up to 50% of your contribution along with interest.
- After contributing continuously to EPF for 5 years, you can also withdraw money for renovation of the house. This amount can be up to 12 times the monthly salary. But for this, the house should be in the name of the EPFO member or jointly with the spouse.
- If the employee has served for a minimum of 3 years, he can withdraw the amount to pay for home loan. In such a case, he can withdraw up to 90% of the PF balance.
- If you want to withdraw money from PF to buy a plot or house, you can withdraw up to 24 times your monthly salary and up to 36 times your monthly salary for both buying and building a house.
- If the company is closed for more than 15 days, the employee can withdraw his entire share of the money deposited as EPF at any time. If you have lost your job or have quit it and you want to withdraw the fund after a month; then you can withdraw up to 75 percent of the amount. The remaining amount will be transferred to your new EPF account when you get a new job. But if you remain unemployed for two months continuously, you can withdraw the entire amount of PF.
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