Withdrawing PF Amount in Advance - 2024 (2024)

FAQs

Withdrawing PF Amount in Advance - 2024? ›

Withdrawal Limits: According to the updated regulations, PF account holders can withdraw an amount equivalent to three months of their basic salary plus dearness allowance or 75% of the net balance in their EPF account, opting for the lower of the two.

Withdrawal Limits: According to the updated regulations, PF account holders can withdraw an amount equivalent to three months of their basic salary plus dearness allowance or 75% of the net balance in their EPF account, opting for the lower of the two.

After the withdrawal request has been duly submitted and approved by the employer, it takes around 15-20 days for the money to reach your bank account.

Under Employee Provident Fund Act 1952, you can withdraw the full PF amount if you retire from your service after having attained the age of 58 years and you can also claim the EPS amount (Employees' Pension Scheme amount) at the same time.

Marriage: An account holder can withdraw up to 50% of the employee's share to pay for necessary expenses for his/her marriage, or the marriage of the account holder's son, daughter, brother, or sister. However, this provision is applicable only after completing seven years of PF contribution.

During service, you can withdraw PF for specific purposes like illness, buying a house, education, or marriage. You can withdraw up to three times with a minimum interval of five years from the previous withdrawal. For PF advance for illness, you can apply up to 6 times a year.

Partial withdrawal can be applied online and is applicable under emergencies such as medical treatment, higher education, purchase of residential house or construction. EPFO allows withdrawal of 90% of the EPF corpus 1 year before retirement, provided the person is not less than 54 years old.

The various reasons that allow you to avail an early extraction of your PF are: marriage, medical treatment, education, home loan repayment, house repair or alteration, purchase/construction of house and lockout etc.

Withdrawals before completing five years of continuous service are taxable. The amount is added to your income for the year and taxed according to your income tax slab. After 5 Years of Continuous Service: Withdrawals after completing five years of continuous service are exempt from tax.

Withdraw EPF balance and full pension after 58 years of age

After the age of 58, you can withdraw the full EPF amount as well as the pension. You need to fill and submit Form 10D to claim your full pension.

What happens if I withdraw my PF before 5 years? ›

TDS is deducted @ 10% on EPF balance if withdrawn before 5 years of service, and the amount is above Rs. 50,000. Remember to mention your PAN at the time of withdrawal. If PAN is not provided, TDS shall be deducted at the highest slab rate of 30%.

Completion of seven years: According to PPF partial withdrawal rules, you can withdraw up to 50 percent of the amount in your PPF Account after seven years, starting from the end of the year you made your first contribution. You can make only one partial withdrawal each year.