If you work in a company, then a certain amount must be deducted from your salary account every month for EPF. Some money from your salary and the company is deposited in the Employees Provident Fund. Employees’ Provident Fund-EPF is a retirement plan. This account is managed by the Employees’ Provident Fund Organization (EPFO). Interest is given on EPF by the government. The interest is calculated from time to time. At present, 8.25 percent interest is being given on EPF.
Although EPF has been designed for pension after retirement, but if needed, you can withdraw money from your EPF even before retirement. Before retirement, any person is under pressure to get children’s higher education, children’s marriage or to build a house and extra money is needed for these works. In such a situation, any person first uses his deposits. EPF is also one of those deposits. You can withdraw some amount from your EPF account for land, house, children’s higher education or marriage. There are some rules for withdrawing money from EPF.
First of all, know that you can withdraw money from your EPF account only when you have completed 7 years of service. That means money should have been deposited in your EPF account for 7 consecutive years. After seven years of service, you can withdraw 50 percent of the total amount deposited in your EPF account for the education of children.
If you want to withdraw money from your EPF account for your or your children’s education, marriage or any other financial need, you can do so only after you have completed 7 years of service and you have been contributing to the EPF account for 7 consecutive years. After 7 years of service, you can withdraw up to 50 percent of your contribution from the EPF account.
money for a house
There are different rules for withdrawing money from EPF for buying a house, buying land, paying home loan, repairing the house. If you have completed 5 years of service. You and your company have deposited money in the EPF account for 5 consecutive years, then you can withdraw money within a certain limit for buying or repairing a house.
After working continuously for 3 years, employees can withdraw money from their EPF account to repay the home loan.
How to know EPF account balance
There are many ways to find out how much money is deposited in your EPF account. You can find out the amount deposited in your account by sending a message, making a missed call or through the Umang app. For the message, you have to send an SMS EPFO UAN to 77382-99899 from your registered mobile phone number. You have to write your UAN number in place of UAN. Shortly after sending the message, you will get a message of the total balance deposited in the account.
If you do not want to send SMS, then you will have to give a missed call from your registered phone number to 011-22901406. After giving a missed call, you will get a balance message within some time. Apart from this, you can also check EPF balance with the help of Umang app. You can also get account information by giving a missed call to 9966044425.
Tags: Employees’ Provident Fund (EPF), EPFO account, PF account
FIRST PUBLISHED : February 29, 2024, 15:25 IST