EPFO Rules Changed: Now more money can be withdrawn from PF account to buy a house than before. Know how much money a PF account holder can withdraw from his PF account now?
Almost all the employed people in India have PF accounts. In which a part of the salary is deposited every month in PF i.e. Provident Fund. This money is for your future security. In which apart from you, your company also contributes.
A good amount of interest is also received on the amount deposited in the PF account. This account also works as a savings account. You can withdraw the amount deposited in it anytime as per the need for various purposes.
If there is a medical emergency in your life. Or you need money for children’s education. Or you have to build a house. Then you can withdraw money from the PF account for this. Now EPFO has changed the rules for this and has given a lot of convenience to PF account holders.
90% of the PF fund can be withdrawn for needs like buying or constructing a house or paying down payment and EMI. Earlier, a minimum of 5 years of job was required for this. But now this money can be withdrawn only after 3 years.
90% of the PF fund can be withdrawn for needs like buying or constructing a house or paying down payment and EMI. Earlier, a minimum of 5 years of job was required for this. But now this money can be withdrawn only after 3 years.
But there is an important condition in this. Let us tell you that you can use the PF advance withdrawal option only once. That means it is necessary to take a decision after thinking well. Apart from this, two more changes have been made by EPFO. In which, in case of emergency, an advance of up to one lakh rupees can be withdrawn immediately.
This will make it easier to get money in situations like medical or personal emergency. Apart from this, EPFO has also said that soon PF funds can be withdrawn from UPI and ATM as well. This will make the process faster.
