You will get money from PF to build a house, know how
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EPFO: Employees’ Provident Fund Organization (EPFO) has been established to secure the future of employees working in private institutions. In this, some part is deducted from the employee’s salary and deposited in the account and the same amount is also deposited by the company every month. The government gives better interest annually on your deposits. However, if absolutely necessary, you can withdraw some part of this deposited amount. Different categories have been created by EPFO for withdrawal of money. Some rules have been made for complete and partial withdrawal of funds. If you are also thinking of withdrawing money from your EPFO account, then we are helping you in this.
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When can you withdraw the full amount?
Any employee can withdraw the entire amount from his EPFO account after retirement. At the same time, if for some reason the employee remains unemployed for more than a month, he can still withdraw 75 percent of the amount from his account. At the same time, if he does not get a job in the next two months, he can also withdraw 25 percent of the amount deposited in EPFO. In case of death of the employee, the entire money deposited in the EPFO account along with interest is sent to the account of the person nominated by the employee.
You can withdraw money for these works also
You can also make partial withdrawal of money to meet emergency needs. There are some rules for this. Let us know about them.
- Medical Emergency: In case you fall ill or any member of your family falls ill, you can withdraw money from your PF account. You can withdraw six times the basic pay or the total deposit and interest amount in the employee’s share, whichever is less.
- Withdrawal for marriage: You can withdraw money from your PF account for the marriage of yourself, your daughter or your brother or sister. However, for this withdrawal your PF account should be at least seven years old. For marriage, you can withdraw 50 percent of the total deposit.
- To buy or build land or house: You can withdraw money from your PF account to buy land or house. For this, your service must be five years. According to EPFO rules, employees can withdraw up to 24 times their basic and dearness allowance from PF to buy land and 36 times the amount to buy a house.
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