While an EPF account cannot be treated like any other saving bank account implying that there are certain specified criteria under which withdrawal is permitted from an EPF account. An individual needs to furnish all relevant documents and satisfy the necessary requirements in order to be eligible for premature withdrawal of EPF.
Here are the categories and other details with respect to premature withdrawal from EPF.
Education or marriage
- 7 years of employment or service required.
- For self, sibling(s) or children's marriage.
- For self or children's education only.
- Proof of the education or wedding required to be submitted, such as a valid copy or a bonafide certificate of the payable fees or the wedding invitation.
- In case of education, the individual needs to apply in Form 31 through his/her employer. 50% of the total corpus amount till date
- Permitted only three times during a person's total service tenure
Medical treatment
- Withdrawal permitted for medical treatment of self, spouse, parents and children.
- There is no restriction regarding the number of years of service.
- The proof of hospitalization for a month or more along with an approved leave certificate from the employer for the corresponding period needs to be produced.
- The member needs to obtain and deposit a certificate from the employer or ESI stating that ESI facility is not accessible or available to him/her.
- A certified proof or document of the disease should be submitted in Form 31 while applying for withdrawal. 6 times the monthly salary of an individual or the total corpus amount, whichever is lesser
Anytime
Purchase of a plot
- 5 years of service required.
- The property should be registered in the person's or his/her spouse's name or should be owned jointly.
- The plot should not be entangled in any legal issues and the agreement registered under the Indian Registration Act with the Flat Promoter needs to be submitted along with the application form. Up to 24 times the salary of the individual
- Permitted only once during entire service tenure
- 5 years of service.required
- The house should be registered in the person's or his/her spouse's name or should be owned jointly.
- 36 times the monthly salary of the individual
- Permitted only once during entire service tenure
Repayment of Home Loan
- Should have completed at least 10 years of employment.
- The house should be registered in the person's or his/her spouse's name or should be owned jointly.
- 36 times the monthly salary of the individual
- Permitted only once during entire service tenure
Alteration or Renovation of house