Dear mohan, Yes. It is allowed in specific cases like major medical expenditure, construction of house etc., rgds vishwanath
From India, Bangalore
3From India, Bangalore
Viswanathji,
If it is allowed to withdraw PF money in the middle of the service as you have mentioned in a specific cases........Could you please throw some light on the procedure of the same.....like which forms to be filled up and all
I was not aware of this clause...
Regards,
Chaitali
From India, Vadodara
If it is allowed to withdraw PF money in the middle of the service as you have mentioned in a specific cases........Could you please throw some light on the procedure of the same.....like which forms to be filled up and all
I was not aware of this clause...
Regards,
Chaitali
From India, Vadodara
What is the procedure for withdrawal of PF ?
A member of the PF can withdraw the full amount on retirement from service after attaining the age of 55. The full amount can also be withdrawn if:
1.
A member who has not attained the age of 55 at the time of termination or resignation from the service.
2.
Member is retired on account of permanent and total disablement due to bodily or mental infirmity.
3.
On migration from India for permanent settlement or employment abroad.
4.
In case of mass or individual retrenchment.
A member can withdraw up to 90% of the amount of PF after attaining the age of 54 years or within one year before actual retirement, whichever, is later.
A member of provident fund can avail nonrefundable advance for the following purposes:
1.
For acquiring or construction of immovable property or for repayment of loans taken from specified agencies for the said purpose.
2.
Advances in special cases such as lock out in factory/establishment.
3.
For treatment of illness.
4.
For marriages or post matriculation education of children.
5.
Financing of member's life insurance policy.
6.
Where moveable/immovable property gets damaged by a calamity of exceptional nature or accident.
7.
For purchase of an equipment required to minimize the hardships on account of handicap.
Advances/loans for building/ purchase of flat or house site/ educational purposes requires a minimum completion of 5 years and 7 years of membership of the fund. In other cases there is no requirement of any membership but grant of loans in such cases is subject to some conditions specified in the scheme.
From India, Bangalore
A member of the PF can withdraw the full amount on retirement from service after attaining the age of 55. The full amount can also be withdrawn if:
1.
A member who has not attained the age of 55 at the time of termination or resignation from the service.
2.
Member is retired on account of permanent and total disablement due to bodily or mental infirmity.
3.
On migration from India for permanent settlement or employment abroad.
4.
In case of mass or individual retrenchment.
A member can withdraw up to 90% of the amount of PF after attaining the age of 54 years or within one year before actual retirement, whichever, is later.
A member of provident fund can avail nonrefundable advance for the following purposes:
1.
For acquiring or construction of immovable property or for repayment of loans taken from specified agencies for the said purpose.
2.
Advances in special cases such as lock out in factory/establishment.
3.
For treatment of illness.
4.
For marriages or post matriculation education of children.
5.
Financing of member's life insurance policy.
6.
Where moveable/immovable property gets damaged by a calamity of exceptional nature or accident.
7.
For purchase of an equipment required to minimize the hardships on account of handicap.
Advances/loans for building/ purchase of flat or house site/ educational purposes requires a minimum completion of 5 years and 7 years of membership of the fund. In other cases there is no requirement of any membership but grant of loans in such cases is subject to some conditions specified in the scheme.
From India, Bangalore
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PF Withdrawl.doc
Online PF Withdrawl Process.pdf