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When can you withdraw your provident fund?


When can you withdraw your provident fund?
An Employees Provident Fund (EPF) can be withdrawn by an employee for some specific purposes only. The purposes for which such withdrawals and loans can be availed and other conditions are as follows:

  • Advance/ Withdrawals may be availed for the following purposes :
  • Marriage /Education
  • Treatment
  • Purchase or construction of Dwelling house
  • Repayment of Housing Loan
  • Purchase of Plot Addition/Alteration of House Repair of House
  • Lockout Withdrawal Prior to Retirement
  • Other Advances

Can it be transferred?

Yes, the fund can be transferred on certain occasions, such as when an employee leaves one job and joins another. In such cases a new account number is allotted. The old balance can be transferred to the new account. Apply in From-13(R) through the NEW Employer at the EPF Office from which transfer is sought. Clearly state New and Old EPF Numbers. New EPF Number will be allotted by New Employer. Not by EPFO. How to transfer an EPF account? Why is it necessary? Should one transfer or close? It is always better to transfer the account rather than closing. After it is our saving which will help us in times of providence.

What are the benefits from the fund?

There are three benefits to the members of the fund. The benefit of Provident fund is saving with interest. You will receive pension. Deposit linked insurance. If one becomes the member of EPF he automatically becomes the member of Employees Pension Scheme 1995 as well as the Employees Deposit Linked Insurance Scheme 1976 (EDLIS). The entire contribution of the employee and 8.33% of the contribution of the employer will go to the EPF. This will fetch annual interest. The rate of interest varies from year to year depending upon the earning of the Fund. The balance contribution of the employer will go to the Employees Pension Fund. The central Government also contributes at the rate of 1.16% to the Pension Fund. The employee need not contribute anything to the Pension Fund. The employer will contribute 0.5% of the emoluments to the EDLIS. Employees are not required to contribute to the EDLIS.

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