Withdrawing one’s EPF (Employee’s Provident Fund) balance has hitherto been a tedious task. You need to fill several forms, arrange documents, visit the EPF office (EPFO) and follow up continuously. Not any more. The entire process is now online, which enables you to apply for EPF withdrawal from the comfort of your home. The proceeds are credited directly into your bank account. There are a few things, though, that you need to keep in mind.
TIMING OF WITHDRAWAL
Changes in rules since 2016 have reduced the time an individual has to wait for after leaving employment to withdraw EPF balance. “If an EPF subscriber has been unemployed for over a month, they can withdraw up to 75 per cent of the EPF corpus and have the remaining 25 per cent transferred to a new EPF account when they start working again,” says Suresh Sadagopan, founder, Ladder7 Financial Advisories. However, if you wait one more month, you can withdraw more. “Employees below 58 can withdraw the entire EPF balance after two or more months of leaving a job,” says Archit Gupta, founder & CEO, Cleartax.
This story is from the May 04, 2020 edition of India Today.
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This story is from the May 04, 2020 edition of India Today.
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