Documents Required to Withdraw Provident Fund Balance: The account holder is allowed to withdraw cash from EPF during medical, marriage, home loan payment, home repair, retirement or unemployment. It varies from 25% to 90%.
Documents Required to Withdraw Provident Fund Balance: The Employee Provident Fund is one of our largest source of EPF account requirements. It often happens that we need money and contact our friends or relatives to fulfill this need. For some reason they are not able to help us. In such a situation, we have some options, one of which is withdrawal from EPF account.
This account helps people who are employed. How much withdrawal can be done from PF depends on the purpose for which you are withdrawing money. For example, cash withdrawal from EPF is allowed to the account holder during medical, marriage, home loan payment, home repair, retirement or unemployment. It varies from 25% to 90%.
A question often arises in the mind of PF account holders is what documents are sought for withdrawal. So let us tell you that while applying for withdrawal the account holder has to give the claim form, two revenue stamps, address proof, identity proof, bank account statement and father’s name, date of birth. In addition, a cancel blank check is also required to be attached.
How many withdrawals can be made? If an account holder is unemployed, he gets 75% withdrawal after 1 month. After getting this amount, he can withdraw the remaining 25 per cent of the amount a month. On the other hand, if someone has to withdraw for medical expenses, then he is allowed to claim a small portion of the total amount or six times the monthly salary.
At the same time, the highest withdrawal is available on home loan payments. Withdrawal under this category allows the account holder to withdraw 90% of the total deposits. At the same time, this limit has been kept 50 percent for marriage. All funds can be withdrawn at one time only at the time of retirement.