EPF Withdrawal Rules 2024 By investing in EPFO, you can accumulate a huge fund after retirement. Although the EPFO fund matures after retirement, in some cases, there is also a facility of partial withdrawal in it. EPFO has amended the withdrawal rules. If you are also thinking of withdrawing from EPF fund, then you must read this news.
If you do a job, then you will submit a fixed amount of your salary in EPFO every month. Although the amount deposited in EPFO is matured after retirement, but money can be withdrawn from EPFO in times of need.
Yes, EPFO facilitates its members to withdraw from EPF funds at the time of need. However, a range of partial withdrawal has been set. If you are also thinking of withdrawing money from EPF account, then let us know that recently the EPFO has amended the rules of withdrawal (EPF withdrawal Rules 2024).
EPF withdrawal new Rules 2024 (New EPF withdrawal Rules 2024)
EPF member will have to apply online for partial withdrawal from EPF. Withdrawal can be done only for education, home purchase or construction, marriage and treatment.
According to EPFO’s withdrawal rules, EPF holder can withdraw up to 90 per cent 1 year before retirement. The age of the member should be more than 54 years for withdrawal of 90 percent.
In today’s time, many companies have to be trimmed. In such a situation, according to the rules of EPFO, if the pruning is required and the employee becomes unemployed before retirement, then he can withdraw money from EPF funds.
The employee can do full withdrawal after one month unemployment and for 2 months of unemployed after one month. At the same time, after the new job, the employee can transfer the remaining 25 % funds to the new EPF account.
If an employee contributes to EPF for 5 consecutive years, then he also gets tax benefits at the time of withdrawal. At the same time, TDS will be deducted on withdrawal before maturity. However, TDS is not deducted on withdrawal of less than Rs 50,000.
Explain that if the PAN card has been deposited in the member for the withdrawal, then there is a reduction of TDS of 10 percent. At the same time, there is a reduction of 30 per cent for not depositing PAN card.
Where to apply for partial withdrawal
For partial withdrawal, the EPF member has to apply on the EPF portal and Umang app. After getting approval from the employer, the money is transferred to the member’s bank account. After applying for partial withdrawal, the member can also check the status.