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    Aug 1, 2013

    EPF withdrawn conditions and requirements

    Salaried person must know about employees provident fund (EPF) as most of them need to contribute a fixed percentage of salary monthly. But most of us treat it as a pension plan as the amount can be withdrawn on retirement only. This post is about when and which condition the amount from EPF can be withdraw even before the retirement.

    However it is not similar to saving bank account in which the amount deposited can be withdraw anytime. These are the occasions and conditions in which the amount can be withdraw from the EPF account.

    Reason
    Requirement
    Amount allowed
    No. of times permitted
    Education or marriage
    > The employee should have completed at least 7 years of employment or service.
    50% of the total corpus amount till date
    Permitted thrice only during a person's total service tenure





    > Withdrawal allowed for self, sibling(s) or children's marriage.







    > Withdrawal permitted for self or children's education only.







    > Proof of the education or wedding required to be submitted, such as a valid copy or a bonafide certificate of the payable fees or the wedding invitation.







    > In case of education, the individual needs to apply in Form 31 through his/her employer.






















    Medical treatment
    > Withdrawal permitted for medical treatment of self, spouse, parents and children.
    6 times the monthly salary of an individual or the total corpus amount, whichever is lesser




    Anytime

    > There is no restriction regarding the number of years of service. 







    > The proof of hospitalization for a month or more along with an approved leave certificate from the employer for the corresponding period needs to be produced.







    > The member needs to obtain and deposit a certificate from the employer or ESI stating that ESI facility is not accessible or available to him/her.







    > A certified proof or document of the disease should be submitted in Form 31 while applying for withdrawal.


















































    Purchase of a plot
    > Should have completed at least 5 years of service.
    Up to 24 times the salary of the individual
    Once during entire service tenure





    > The plot or property should be registered in the person's or his/her spouse's name or should be owned jointly. 







    > The plot should not be entangled in any legal issues and the agreement registered under the Indian Registration Act with the Flat Promoter needs to be submitted along with the application form.














    Construction or purchase of a flat, house or plot
    > Should have completed at least 5 years of service.
    36 times the monthly salary of the individual
    Once during entire service tenure





    > The house should be registered in the person's or his/her spouse's name or should be owned jointly.


    Repayment of Home Loan
    > Should have completed at least 10 years of employment.
    36 times the monthly salary of the individual
    Once during entire service tenure





    > The house should be registered in the person's or his/her spouse's name or should be owned jointly.


    Alteration or Renovation of house
    > Should have completed at least 5 years of service.
    Up to 12 times the individual's monthly salary
    Once during entire service tenure





    > The house should be registered in the person's or his/her spouse's name or should be owned jointly.


    Pre-retirement
    > The individual must be at least 54 years old.
    90% of the total corpus amount
    Once during entire service tenure
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