The Employment Provident Fund (EPF) scheme, which aims to prepare for retirement, is beneficial to salaried individuals. By this plan, the employee and employer make equal contributions, and the employee receives the total amount accumulated plus interest at retirement.
The Employees Provident Fund Organization is in the role of managing this program (EPFO). However, did you know that you may take money out of your EPF account to use in an emergency if you need money right now and there are no other options?
Financial pressure usually occurs before retirement to save money for a child’s college education, a marriage, a home, and liquid funds for a comfortable lifestyle. A person will first spend funds from their fixed deposit in such a circumstance.
A portion of an EPF account can also be withdrawn to buy a home, land, or other property, funding the further education of one’s children, or even funding marriage. There are some guidelines, nevertheless, when it comes to taking money out of EPF.
Only after working for seven years will you be able to take money out of your EPF account to help pay for your children’s further education. This indicates that the funds need to have been added to your EPF account for seven years in a row. You won’t be able to take out 50% of the total amount placed into your account until after seven years.
When you require the funds to purchase real estate or repair an existing home, the guidelines change. Following five years of service, you can take money out of your EPF account. You may withdraw funds up to a particular amount for home improvements or the purchase of real estate if you and your business have made contributions to the Employee Provident Fund (EPF) for five years running. Usually, after three years of employment, you can take money out of your EPF account to pay off a house loan.
There are several methods for checking your balance or seeing how much money has been placed into your EPF account. By using the Umang app, sending a message, or returning a missed call, you may determine the amount deposited.
To send a message, use your registered number to send the SMS “EPFOHO UAN” to 7738299899. Note down your Universal Account Number (UAN) following EPFOHO. You will receive a message with the total amount transferred into your account after sending the SMS.
Moreover, you may use your registered phone number to place a missed call to 9966044425. The member will receive information about their most recent contribution and PF balance if their UAN is seeded with any of their bank account numbers, AADHAAR, or PAN.
You will soon receive a notice regarding your balance after making a missed call. Additionally, the Umang app allows you to check your balance.
