How can you withdraw 100% of your EPFO funds in one go? Learn the easy method.

The Employees' Provident Fund Board has simplified the process for withdrawing money from the Provident Fund. Members will now be able to withdraw up to 100% of their account balance from both the employee and employer funds.

Before Diwali, the Employees' Provident Fund Organization (EPFO) gave employees a significant gift. In fact, the EPFO has announced significant relief for its over 70 million members. At the Central Board of Trustees meeting held on Monday, decisions were taken to simplify PF withdrawal rules and implement several new conditions. The decisions taken at this meeting, chaired by Labor Minister Mansukh Mandaviya, will now give employees greater control over their PF funds. Let us now explain how you can withdraw 100% of your PF funds in one go.

Withdrawal of 100% from the EPFO is now possible.

The EPFO Board has simplified the provisions for partial withdrawals from the Provident Fund. Members will now be able to withdraw up to 100% of the funds deposited in their accounts, both from the employee and employer funds. Previously, there were 13 different rules for partial withdrawals, which have now been divided into three categories.

Essential Needs: Employees will now be able to withdraw 100% of their EPFO funds for essential needs such as illness, education, and marriage.

Housing Needs: Employees will now be able to withdraw 100% of their EPFO funds for home purchase, construction, or repairs.

Special Circumstances: Employees will be able to withdraw 100% of their EPFO funds even in situations like natural disasters, lockdowns, or pandemics. Members will not need to provide a specific reason for withdrawing funds under special circumstances.

Relaxation in Withdrawal Limits and Service Period

EPFO has now increased the withdrawal limits for education and marriage to 10 times and 5 times, respectively. Previously, partial withdrawals were only permitted three times in total. Additionally, the minimum service period for all withdrawals has been reduced to just 12 months. Furthermore, the EPFO has implemented a new rule that mandates that at least 25 percent of the account balance remain with the EPFO. This aims to ensure that members receive the benefit of a high interest rate of 8.25 percent and savings until retirement.

Freedom from Documentation Hassles

The new EPFO system has completely digitized the withdrawal process. As a result, there will be no need to submit any documents, and all withdrawals can be completed online. The deadline for final EPF and pension withdrawals has also been changed. The final EPF withdrawal period has been extended from two months to 12 months, and the final pension withdrawal period has also been extended from two months to 36 months.

How to Withdraw 100% of Your Money from the EPFO?

1. To withdraw money from your PF account, you must visit the EPFO website https://unifiedportalmem.epfindia.gov.in/memberinterface.
2. Then, log in by entering your UAN number and password.
3. Now, go to the online service and select the claim option.
4. After this, enter the last four digits of your bank account number, sign the certificate, and click on Proceed to Online Claim.
5. Now, enter the amount you wish to withdraw.
6. After address verification and entering the OTP, submit the claim.
7. Once the claim is submitted, the money will be transferred to your account.