Withdraw PF advance: Check how much advance you can withdraw from your PF account
- An EPFO customer can take non-refundable PF advance during the period of service
- Under Provident Fund Scheme, you can avail of both refundable and non-refundable loans
The Employees Provident Fund Organization (EPFO) allows customers to take advances from their provident fund collections in some cases. EPFO customers can take non-refundable PF advances during the service period for various purposes like sickness, marriage, education, and home buying. The amount varies and the employee requires to meet specific criteria that are to be eligible to withdraw PF advance. An employee can withdraw up to 90% of the total PF balance within one year before retirement, advances on unemployment up to 75% of the total PF balance, etc. You can make a final withdrawal of your EPF accrual at retirement or after two months to become an employee. You can get a pension even after leaving the service or getting out of service on attaining 50 years of age subject to a 10-year service period.
Under the Provident Fund Scheme, you can get refundable and non-refundable loans by applying in this regard for specific purposes. Refundable loans have to be repaid through monthly installments. Non-refundable loans are like a withdrawal. These loans are not to be repaid.
Illness: You can withdraw PF advance partly for medical purposes. It is applicable for the medical treatment of self, spouse, children, and parents. An employee can withdraw up to 6 months of his original and DA or his/her entire contribution, whichever is less. There is no lock-in period or minimum service period for this type of return.
Marriage: Up to 50% of an EPFO member can withdraw the advance from the EPF account for his or her marriage, the marriage of his/her sister, daughter, son, or brother. However, the person should have completed a contribution to EPF for at least seven years. The EPFO permits three such withdrawals for this purpose and an employee can withdraw up to 50% of his/her share.
Education: EPFO members can withdraw PF advance for their post-matriculation education of their son or daughter after 7 years of service. The person can withdraw up to 50% of the employee’s share with interest. The retirement fund body permits three such withdrawals for this purpose.
Purchase or construction of the house: EPF members having completed five years of service can apply for advance for construction of house / flat or house including the acquisition of the site from the agency under certain conditions. The EPFO permitting only one such PF withdrawal, and the amount permitted for such withdrawal is limited to at least 36 months of the basic pay with dearness allowance (DA), or including the total share interest of the employee and employer, or the total house according to the cost provident fund body portal. In this case, the house is required to be jointly owned by the subscriber, the subscriber’s spouse or owner, and the spouse according to the PF body.
Retirement: An EPFO member can withdraw PF advance of up to 90 percent of his EPF amount at any time after attaining the age of 54 years or after his retirement within one year before the actual retirement on superannuation, whichever is later.
Unemployment: EPFO permits an advance against your EPF corpus to the tune of 75% on job loss and unemployment of a month.