EPFO is necessary
If you are employed, then some money must be deducted from your salary and deposited in the account of Employees Provident Fund Organization. This money is very important for your secure future. EPFO also gives you pension after retirement.
EPF will help when needed
However, many times in life such a situation arises when there is no money in the pocket, but it is desperately needed. In such a situation, you can withdraw some money from the amount deposited in your EPFO account.
Do not use it as a savings account
But the thing to note is that it does not have a savings bank account. The amount withdrawn from this cannot be deposited again. Therefore, withdraw money only when absolutely necessary.
Will get money to buy land
You can withdraw money from EPFO to buy land or repay home loan. For land, you can withdraw up to 36 times of one month’s deposit amount. Whereas, up to 90 percent of the deposited amount can be withdrawn to repay the loan.
You can withdraw money from EPF in case of treatment of any serious illness, disability or closure of the company. You can withdraw money more than once in a month for medical expenses.
You will get help in marriage or studies
You can withdraw money for your sister’s or daughter’s marriage or children’s education. However, for this withdrawal it is necessary to have contributed for at least seven years.
If you lose your job due to any reason, you can easily withdraw your EPFO money.