Dear Friends,
I have been working in a private company for 3 years (continuing with service); my company and I contribute to PF. Now, I need some money, and I have only PF as a source. Is it possible for me to withdraw some money from my account? Please give your suggestions.
Thanks in advance.
Regards,
Srinivas 😕
From India, Bangalore
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I have been working in a private company for 3 years (continuing with service); my company and I contribute to PF. Now, I need some money, and I have only PF as a source. Is it possible for me to withdraw some money from my account? Please give your suggestions.
Thanks in advance.
Regards,
Srinivas 😕
From India, Bangalore
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Hi Samuel,
Withdrawal of PF accumulation while in service is not possible. But there are provisions for taking 'Advance' from PF accumulation while in service. Details mentioned below will help you. Your tenure and reason for which you need advance need to be looked into.
Regards,
Hiten
Advances from PF Account
The members are eligible to withdraw monies as advances from their PF Account for purposes like marriage, education, medical treatment, etc., subject to the prescribed conditions as mentioned here below. Note that the said advance is totally tax-free and interest-free.
Marriage
- only for self, son, daughter, brother & sister
- the member should have completed at least 7 years of service (not necessarily with the same employer, but should have transferred the PF monies from previous employers for a consecutive period of 7 years)
- maximum of 3 times in the entire service
- the maximum amount is 50% of the employee's share at the time of tendering the application.
- the member should apply in Form 31 through the employer
- marriage Invitation card should be submitted along with the form as proof for marriage through the employer.
Education
- only for self, son & daughter
- the member should have completed at least 7 years of service (not necessarily with the same employer, but should have transferred the PF monies from previous employers for a consecutive period of 7 years)
- maximum of 3 times in the entire service
- the maximum amount is 50% of the employee's share at the time of tendering the application
- the member should apply in Form 31 through the employer
- Bonafide certificate duly indicating the fees payable from the educational institution.
For Medical Treatment
- only for self, spouse, son, daughter, dependent father & mother
- applicable for a major surgical operation in a hospital and 1 month or more hospitalization for the operation or suffering from TB, leprosy, paralysis, cancer, mental derangement, or heart ailment.
- For this purpose, no minimum service is required.
- The members should obtain a certificate from ESI or from the employer that E.S.I. facilities are not available for the member.
- A doctor (or registered medical practitioner) of the hospital certifies that a surgical operation or hospitalization for 1 month or more is/was necessary.
- In the case of TB or leprosy, etc., a specialist doctor should certify
- The maximum amount given is 6 times of wages or full employee share, whichever is less.
- A certified proof for the said disease has to be submitted along with the application in Form 31 through the employer.
For Purchase of Site and Construction thereon
- Should have completed 5 years of services
- member's contribution with interest should not be less than 1,000
- Site should be free from encumbrances
- Site should be in the name of the member or spouse of the member or in the joint names of the member and the spouse
- The maximum amount given is the least of Basic+DA for 24 months or total contribution & Interest or the total cost of the site.
Purchase of Flat/House (from agency/promoter)
- Should have completed 5 years of services
- member's contribution with interest should not be less than 1,000
- House/Flat should be free from encumbrances
- Flat/house should be in the name of the member or spouse of the member or in the joint names of the member & spouse.
- The Agreement with the Flat promoter should be registered under the Indian Registration Act.
- The maximum amount given is the least of Basic+DA for 36 months or total contribution & Interest or the total cost of the site.
Alteration / Modification of House
- Should have completed 5 years of services
- only after 5 years of the completion of construction of the dwelling house
- the maximum amount given is 12 months Basic+DA or member share of contribution with interest, whichever is less.
Repayment of outstanding principal / Int. of a loan obtained from State Govt, Regd Co-operative Society, State Housing Board, Nationalized Bank, and Public Financial Institution.
- Should have completed 10 years of services
- Member contribution with interest should be more than 1,000
- The amount will be paid directly to the agency and not to the member
- The maximum amount paid is 36 Months Basic + Member's accumulation with interest or Outstanding Principal plus interest which is sought to be repaid, whichever is less.
From India, New Delhi
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32Withdrawal of PF accumulation while in service is not possible. But there are provisions for taking 'Advance' from PF accumulation while in service. Details mentioned below will help you. Your tenure and reason for which you need advance need to be looked into.
Regards,
Hiten
Advances from PF Account
The members are eligible to withdraw monies as advances from their PF Account for purposes like marriage, education, medical treatment, etc., subject to the prescribed conditions as mentioned here below. Note that the said advance is totally tax-free and interest-free.
Marriage
- only for self, son, daughter, brother & sister
- the member should have completed at least 7 years of service (not necessarily with the same employer, but should have transferred the PF monies from previous employers for a consecutive period of 7 years)
- maximum of 3 times in the entire service
- the maximum amount is 50% of the employee's share at the time of tendering the application.
- the member should apply in Form 31 through the employer
- marriage Invitation card should be submitted along with the form as proof for marriage through the employer.
Education
- only for self, son & daughter
- the member should have completed at least 7 years of service (not necessarily with the same employer, but should have transferred the PF monies from previous employers for a consecutive period of 7 years)
- maximum of 3 times in the entire service
- the maximum amount is 50% of the employee's share at the time of tendering the application
- the member should apply in Form 31 through the employer
- Bonafide certificate duly indicating the fees payable from the educational institution.
For Medical Treatment
- only for self, spouse, son, daughter, dependent father & mother
- applicable for a major surgical operation in a hospital and 1 month or more hospitalization for the operation or suffering from TB, leprosy, paralysis, cancer, mental derangement, or heart ailment.
- For this purpose, no minimum service is required.
- The members should obtain a certificate from ESI or from the employer that E.S.I. facilities are not available for the member.
- A doctor (or registered medical practitioner) of the hospital certifies that a surgical operation or hospitalization for 1 month or more is/was necessary.
- In the case of TB or leprosy, etc., a specialist doctor should certify
- The maximum amount given is 6 times of wages or full employee share, whichever is less.
- A certified proof for the said disease has to be submitted along with the application in Form 31 through the employer.
For Purchase of Site and Construction thereon
- Should have completed 5 years of services
- member's contribution with interest should not be less than 1,000
- Site should be free from encumbrances
- Site should be in the name of the member or spouse of the member or in the joint names of the member and the spouse
- The maximum amount given is the least of Basic+DA for 24 months or total contribution & Interest or the total cost of the site.
Purchase of Flat/House (from agency/promoter)
- Should have completed 5 years of services
- member's contribution with interest should not be less than 1,000
- House/Flat should be free from encumbrances
- Flat/house should be in the name of the member or spouse of the member or in the joint names of the member & spouse.
- The Agreement with the Flat promoter should be registered under the Indian Registration Act.
- The maximum amount given is the least of Basic+DA for 36 months or total contribution & Interest or the total cost of the site.
Alteration / Modification of House
- Should have completed 5 years of services
- only after 5 years of the completion of construction of the dwelling house
- the maximum amount given is 12 months Basic+DA or member share of contribution with interest, whichever is less.
Repayment of outstanding principal / Int. of a loan obtained from State Govt, Regd Co-operative Society, State Housing Board, Nationalized Bank, and Public Financial Institution.
- Should have completed 10 years of services
- Member contribution with interest should be more than 1,000
- The amount will be paid directly to the agency and not to the member
- The maximum amount paid is 36 Months Basic + Member's accumulation with interest or Outstanding Principal plus interest which is sought to be repaid, whichever is less.
From India, New Delhi
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