Categories: BusinessNews

When can you withdraw money from EPFO, know what are the terms and conditions

EPFO

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.

EPFO

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.

EPFO

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 The amount withdrawn from this cannot be deposited again.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.

EPFO

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 Whereas, up to 90 percent of the deposited amount can be withdrawn to repay the loan.

EPFO

medical expense

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.

EPFO

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.

EPFO

when unemployed

If you lose your job due to any reason, you can easily withdraw your EPFO ​​money.

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Mayank

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