As per the rules of the Employees' Provident Fund Organization (EPFO), an individual who is unemployed for a continuous period of two months or more can withdraw from their provident fund account. The withdrawal is allowed up to a maximum of 75% of the total balance in the account.
However, it is important to note that there are certain conditions attached to the withdrawal of provident fund. For example, if you are still under the age of 58, you cannot withdraw the entire balance in your account. Additionally, if you have not completed at least 5 years of continuous service, the amount withdrawn will be subject to tax.
Regarding the number of times you can withdraw from your provident fund account, there is no limit on the number of times you can make withdrawals, as long as you meet the eligibility criteria. However, it is important to remember that the funds in your provident fund account are meant for retirement and should ideally be used only in case of emergency or other unforeseen circumstances.
If you have already made two withdrawals from your provident fund account and need to make another withdrawal, you may have to provide additional documentation to prove that you are unemployed and need the funds for a specific purpose.
It is recommended that you consult with a financial advisor or an EPFO representative to understand the rules and regulations regarding provident fund withdrawal in detail and ensure that you are making an informed decision.
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I am unemployed since July 2022 after a service of 5+ years. I want to know that how many times can I withdraw my Provident fund now and more specifically, can I withdraw more than 2 times?
yashkaotiya
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2 Year
2023-05-11T09:19:12+00:00 2023-05-11T09:37:45+00:00Comment
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