Can I Withdraw My PF Money While Still Working at the Same Company? How Does It Work?

Hi guys,

I want to take out my PF money but I'm working in the same company. Can anyone tell me?

Kapil,

You cannot withdraw your PF during employment; however, you may apply for a loan based on your PF.

Hi Kapil,

You cannot withdraw your PF amount while working, but you can take some advance from your PF amount for the following reasons:

- Marriage / Education
- Treatment
- Purchase or construction of a Dwelling house
- Repayment of Housing Loan
- Purchase of a Plot
- Addition/Alteration of a House
- Repair of a House
- Withdrawal Prior to Retirement

I hope I have clarified your doubt.

Regards,
Rajasekar

I would like to add to Rajashekar that an advance on fulfillment of conditions relating to length of service/membership in PF is available. For the construction of a house, a minimum service of five years is required. Similarly, for marriage, membership in PF for at least seven years is mandatory. For medical treatment, a certification stating that ESI facilities are not available to the member is needed. In case of loss of salary due to a power cut imposed by the government, a certificate to this effect is necessary. Furthermore, for damage caused to property in a natural calamity, a declaration by the Village Officer is required.

Regards,
Madhu.T.K

Hi Madhu,

I need your suggestion on this. We gave the PF cheque (Citi Bank Cheque) to my consultant on 12th March (Friday), and they deposited it with SBI bank on the same day. Since it's another bank, it would have taken two days for clearance, so my cheque would have cleared on 16th March. The challan PF seal is dated 17th March.

My questions are:
1. Will I get an exemption from income tax on this amount?
2. Was this a late payment?

Kindly suggest me.

Regards,
Rajasekar

Payment is cleared before the 20th, i.e., on the 17th. Therefore, it will not attract interest. But if it is remitted any day after the 20th, then interest from the 15th of the month onwards will be recovered. In the same footing, IT exemption can also be claimed.

Regards, Madhu.T.K

Dear,

It is not a late payment at all, and you should get an exemption in income tax as well. But you should have proof that you have deposited on the 12th of March.

Thanks,
J. S. Malik

Hi Kapil,

PF can only be withdrawn after resignation from the service. If you wish to withdraw the same, you may resign and apply for it. Once withdrawn, join the same organization within a gap of one or two months.

Thanks & Regards,

Sumit Kumar Saxena
9899669071, 0120-4131277

The Family Pension Fund is not in existence now. It became the Pension Fund in 1995. As far as the employee is concerned, the Provident Fund represents his contribution (12%) and a share of (3.67%) from the employer, whereas the Pension Fund is constituted by a contribution (8.33%) from the employer alone.

Regards,
Madhu.T.K

Dear Sumit,

The context is absolutely wrong. An employee can withdraw his PF even during his continuation of service with the respected organization. The type of availability is called an advance, and the form used is PF Form 31. A member of the fund may avail the following non-refundable advances:

1. Purchase of the Dwelling site
2. Purchase of Dwelling-house/Flat
3. Construction of a House
4. Addition, Alteration, or Improvement to the House Owned by a member or by a Spouse
5. Repayment of (Housing Loan to State Govt. Housing Board, Municipal Corporation, or a Body similar to Delhi Dev. Authority
6. Closure/Lockout of the Factory & Establishment, for reasons other than a Strike
7. Non-receipt of wages for 2 months
8. Illness of a family member
9. Marriage of Self/Son/Daughter/Sister/Brother
10. Post-Matriculation Education of Son/Daughter
11. Damage to the property due to a Natural Calamity
12. Affected by a cut in electricity
13. Purchase of Equipment for a physically Handicapped Member.

Thanks & Regards,

Maninder Singh
Manager - HR

Hi,

You cannot withdraw your PF amount while working, but if you have worked for 5 years or more in the company, you can apply for an advance from your PF amount for the following reasons:
- Marriage / Education
- Treatment
- Purchase or construction of a dwelling house
- Repayment of a Housing Loan
- Purchase of a Plot
- Addition/Alteration of a House
- Repair of a House
- Withdrawal Prior to Retirement

I hope I have clarified your doubt.

Regards,
Shiva

Dear Friends,

I have been working with my organization for more than a decade. During these years (let's say for 9 years), my PF account was managed by my organization's trust. However, all the trust PF accounts were later transferred to RPFC regional PF accounts.

My question in this regard is whether my account with the RPFC will be treated as a fresh account or if it will be considered an account that has been active for more than a decade.

Please explain.