Can i withdraw pf amount

The employer will have to approve the withdrawal request and then only you will receive money in your bank account. It usually takes days to get the money credited to the bank account. You can follow the procedure given below to apply for a home loan based on your EPF account balance. Apply for a home loan through the housing society and send the application to the EPF Commissioner in the format specified in Annexure 1.

You can borrow up to 36 times your last monthly contribution to purchase a home. If you are purchasing a land, you can borrow up to 24 times your last monthly contribution.

You must be in service for five consecutive years to avail of the loan. Step 3: Member details will be displayed. The corresponding options will only be displayed if you are eligible from the years of service perspective. Step 7: Click on the certificate and submit the application.

If prompted, you may be required to upload relevant documents. Step 8: EPFO processes your application. On approval, EPFO makes the payment to the housing society directly. This is called VPF. Yes, on meeting certain conditions, you are allowed to make premature withdrawals, and you need to produce documentary evidence for the same. Once you quit the job or leave a company and join elsewhere, the EPF account will no longer receive any monthly contributions. However, it does not mean that the account will become inactive.

In case you do not join a new employer, your EPF account will continue to earn interest on the available balance until you attain the age of 55 years. An additional grace period of three years will be provided for you to withdraw your EPF balance in full. If you fail to do so, your EPF account will be declared inactive. You may have to go through complex procedures to get access to this money. Employee Provident Fund Organisation. On completing their verification, they will process your claim application, and the amount will be credited to the bank account linked with your UAN.

For those looking to withdraw their PF amount to grow their savings, investing in a safe and reliable instrument like Bajaj Finance Fixed Deposit can be a great choice. Investing in this FD can help you grow your savings quickly, to ensure a steady retirement corpus. Subscribers and users should seek professional advice before acting on the basis of the information contained herein. In case any inconsistencies observed, please click on reach us.

Home Insights How to withdraw PF amount online in 5 simple steps. This fund is set in place as a corpus fund for said employees to fall back on after their retirement. As per the guidelines of the EPF, the employee must contribute 12 per cent of their basic salary to this fund every month.

Along the same line, the employer will also contribute a mirror amount. The funds in the PF account gradually gains interest on an annual basis. This amount can be partially or fully withdrawn depending on a few conditions which have to be met.

These can be career-wise or circumstantial situations. To withdraw said amount completely, the individual needs to be either retired or be unemployed for a period of more than two months.

Upon which, the amount can be withdrawn pending an attestation from a gazetted office.