Your Ultimate Guide to EPF withdrawal

Employees' Provident Fund (EPF), often known as PF (Provident Fund), is a required savings and retirement scheme for qualifying employees. Employees can rely on the fund's corpus once they retire.

Employees must contribute 12% of their base pay to this fund each month, according to EPF guidelines. The company matches the employee's contribution to the PF account. Annual interest is paid on funds put in EPF accounts.

Employees who retire can withdraw the whole amount collected in their EPF. However, this article describes how to make premature withdrawals from an EPF account if specific circumstances are met.

When can you withdraw money from EPF?

You can withdraw your EPF money at the age of 55 years and above.

You can also withdraw your EPF money if you have completed 5 years of continuous service, or 60 years of age, followed by marriage to another person.

If you are suffering from a terminal illness and have applied for treatment through a medical practitioner or hospital under section 3(2) of The Employees' Provident Fund & Miscellaneous Provisions Act 1952 (EPF Act), where your claim for treatment has been accepted by the Fund Board in its decision/order/award within six months from such acceptance on the ground that such disease is likely to cause death within one year from the date on which it becomes apparent that death is likely to occur due to such disease; then after undergoing treatment prescribed by doctors for curing or controlling such condition, but not exceeding six months since receiving all necessary treatment including surgery, operation, etc., if still unable to walk normally without assistance; and also after three years has elapsed since any surgical operation performed on him/her in connection with his/her disability

How to withdraw your money online?

To withdraw your money online, visit the EPF website and register for a new account if you don't have one. Fill in your details and submit. You will get a password sent to your email address. This lets you log in using this secure password and provide all the necessary information again when prompted by their system (name, address, etc.).

What documents are required for EPF withdrawal?

You will be required to submit the following documents while doing EPF withdrawal:

1. An EPF withdrawal form.

2. Your PAN card, along with a copy of it if you do not have one.

3. Aadhaar card and documentation supporting your bank account details necessary for depositing the corpus in your chosen bank (if applicable).

What is the amount that you are eligible to withdraw from EPF?

The amount that you are eligible to withdraw from EPF depends on your contribution and the number of years you have contributed.

For example, if you have made an annual contribution of Rs 40 lakh over a period of 10 years, then after withdrawing the money from EPF, your taxable income will be Rs 40 lakh x 60% = Rs 24 lakh per annum. In this case, it will be illegal for you to earn more than Rs 24 lakh annually as well as invest any more money in stocks or mutual funds because these investments would also increase your taxable income by another 10%. So make sure that whatever money is being withdrawn from EPF should not exceed 60% of total contributions made by an individual during their lifetime (including both salary withdrawal and EPF).

How long can it take to get the money in your account?

Once you've submitted the form, it will take 3-5 days to process. This is an online procedure and can be completed from your smartphone or computer.

Once approved, you will receive a notification in your inbox confirming that your EPF withdrawal has been approved. You'll also receive a letter from EPFO which tells you how much money is being deducted from your salary every month.

What you need to know before withdrawing your EPF money.

Before you withdraw your EPF money, it's important to know the rules. The EPF board has set a limit of Rs 1 lakh per withdrawal for employees who are above 60 years of age. If you're below 60 years of age and want to withdraw more than Rs 1 lakh from your EPF account, then you will have to get the written permission from an officer in-charge of the department concerned.

In case there is any discrepancy between what was given as proof by an employer or employee during application forms or previous withdrawals, then employers should immediately inform their respective branches regarding this issue so that proper action can be taken against them for violating rules and regulations laid down by Central Government Employees' Provident Fund Organisation (CGEPFO).