 "Employees Provident Fund Organisation, EPFO")
The Employees’ Provident Fund is a retirement corpus but its manager allows partial withdrawals known as EPF advances for specific needs. The reasons include medical treatment and certain loan repayments, according to EPFO. Here is more about partial withdrawals:
Are back-to-back PF withdrawals allowed?
Yes, multiple withdrawals are allowed from a EPF account, according to EPFO website. There are rules for the purpose of withdrawal and a subscriber’s years of service. Only partial withdrawals are permitted before retirement, and the entire balance can only be withdrawn under certain circumstances like unemployment or retirement.
Purpose-based withdrawal rules
Medical treatment: You can withdraw up to six months’ basic wages and dearness allowance, or your total contribution with interest, whichever is lower. There’s no limit on the number of times you can claim for medical reasons, and no minimum service period is required.
Education and marriage: After completing seven years of service, you may withdraw up to 50 per cent of your contribution with interest. These withdrawals are allowed only three times during your career.
Home renovation: If you’ve completed five years of continuous service, you can withdraw up to 12 times your monthly salary.
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Home loan repayment: Employees with at least three years of service can withdraw up to 90 per cent of their EPF corpus.
Before retirement: One year before retirement, EPFO permits withdrawal of 90 per cent of the corpus.
For full withdrawal, you must either retire, settle permanently abroad, or be unemployed for at least two months.
How to apply for EPF advance
Online: Submit your claim through the EPFO Member e-Sewa portal using your UAN, Aadhaar, PAN, and bank details.
Offline: Visit the nearest EPFO office and submit the composite claim form along with identity and bank proofs.
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