Friday, June 14, 2024

EPFO: New rule of EPFO: Now withdraw double amount

[author title=”जयदीप नार्वेकर ” image=”http://”][/author]

EPFO i.e. Employees Provident Fund Board has changed the rules related to withdrawal from PF account. The changed rules have given relief to the account holders. Now PF account holders can withdraw Rs 1 lakh for treatment of critical illness of themselves or any member of their family. Earlier this limit was 50 thousand rupees. Now it has been doubled. The new rules came into effect from April 16.

You can withdraw money as needed

PF account holders can withdraw some amount from their account as per their requirement. This amount can be withdrawn for expenses related to self or family members, construction or purchase of house and marriage of children. However, withdrawal of the entire amount deposited in the PF account is not allowed. EPFO has increased the existing limit under paragraph 68 of Form 31 from Rs 50 thousand to Rs 1 lakh in the new rules. Under this paragraph the PF account holder can withdraw funds for treatment of critical illness of himself or his family members (mother, father, children etc.). Note that the amount you want to withdraw should be in the PF account.

These diseases include:

Under Section 68J, PF account holders can withdraw money for treatment of serious illnesses like cancer, mental illness, TB, paralysis etc. A doctor's signature certificate must be attached to withdraw this amount. You can follow the online process to withdraw the amount.

You can withdraw money for this

PF account holders can withdraw some amount from the account by filling Form 31. However, this amount can be withdrawn only for some important works. This includes reasons such as repayment of home loan, purchase of house, marriage of children or higher education. Also, money can be withdrawn from the PF account to purchase medical equipment for the disabled.

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