EPFO Withdrawal Rules: Increased Medical Withdrawal Limit To Rs 1 Lakh

The Employees’ Provident Fund Organization (EPFO) has recently made some important updates to its withdrawal rules, helping you access your savings with greater ease. Let’s learn about the new rules and how you can make the most of your EPF funds.

Major Changes in EPFO ​​Withdrawal Rules in 2024

Higher Medical Withdrawal Limit: You can now withdraw up to ₹1 lakh for medical emergencies affecting you or your family. This is a significant increase from the earlier limit of ₹50,000.

Easy withdrawal rules: EPFO ​​has relaxed the rules for partial withdrawal, which means you can now access your money without fulfilling the strict contribution period. This makes it easier to get your money when you need it.

When can you withdraw from your EPF account? Medical emergency

Maximum limit: ₹1 lakh
Eligibility: No minimum offer period
Wedding expenses

Maximum limit: 50% of your contribution (including interest)
Eligibility: Minimum 7 years contribution
Frequency: Available thrice
Education of children

Maximum limit: 50% of your contribution (including interest)
Eligibility: Minimum 7 years contribution
Frequency: Available thrice
Buying or building a house

Maximum limit: 90% of employee and employer contribution (including interest)
Eligibility: Minimum offer period required
Conditions: The property must be in your or your spouse’s name
Frequency: Available once
Home renovation

Maximum limit: 12 times your monthly salary (Basic + DA)
Eligibility: Minimum 5 years contribution
Frequency: Available twice with a duration of 10 years
Conditions: The property must be in your or your spouse’s name
Home loan repayment

Maximum Limit: Salary (Basic + DA) for three years
Eligibility: Minimum 10 years contribution
Conditions: The property must be in your or your spouse’s name
Frequency: Available once
Withdrawal before retirement

Eligibility: Age above 54 years
Maximum Limit: 90% of Total PF Balance
Losing work

Maximum limit: You can withdraw 75% of your contribution immediately (plus employer’s share and interest). The remaining 25% can be withdrawn in the next two months.
Tax Consequences: No tax is charged on this withdrawal.

How to Apply for EPFO ​​Withdrawal

You can apply for EPFO ​​withdrawal online through a comprehensive portal. Here’s a quick guide to the process:

Register on the portal: You create an account using your Universal Account Number (UAN) and Aadhaar number.

Submit Claim: Fill the online claim form providing the required details and documents.
Verification: Your claim will be verified by your employer and EPFO ​​officials.

Disbursement: Once approved, the withdrawal amount will be credited to the bank account linked to your UAN.

These changes are designed to give you more flexibility to access your EPF savings when you need them most.