10 things to know about new EPF rules
1) EPFO subscribers will be able withdraw up to 90 per cent of their accumulations in their provident fund accounts for purchase/construction of houses or purchase of land.
2) To purchase a house under this new scheme, the subscriber has to be a member of a cooperative society or a society registered for housing purpose and such society should have at least ten members.
3) The retirement fund body will make the payment for purchase of the property to the housing agency - not to the provident fund subscribers.
Earlier, only those EPFO subscribers who had completed five years of service were allowed to withdraw provident fund savings for purchase of house/flat/construction including land. They were allowed to withdraw only 36 months of their salary (basic salary and dearness allowance) for this purpose.
4) The new rules also provide that that monthly instalments towards home purchase can also be paid from provident fund deposits.
5) The monthly instalments will be directly paid to to the government, housing agency, primary lending agency or the bank concerned.
6) The subscriber has to apply to the EPFO for availing the new scheme.
7) The withdrawal facility from the provident fund account will be available to only those members who fulfil certain conditions
8) The member should have contributed to the fund for at least three years.
9) The facility will be available only once to every member during his or her lifetime. The rule applies to all those who together with their subscriber spouse have at least Rs. 20,000 in their accounts.
10) If the member fails to get allotted a flat or in the event of the cancellation of an allotment, the amount so withdrawn has to be refunded in one lump sum within a period not exceeding fifteen days from the date of such cancellation or non-allotment. more
2) To purchase a house under this new scheme, the subscriber has to be a member of a cooperative society or a society registered for housing purpose and such society should have at least ten members.
3) The retirement fund body will make the payment for purchase of the property to the housing agency - not to the provident fund subscribers.
Earlier, only those EPFO subscribers who had completed five years of service were allowed to withdraw provident fund savings for purchase of house/flat/construction including land. They were allowed to withdraw only 36 months of their salary (basic salary and dearness allowance) for this purpose.
4) The new rules also provide that that monthly instalments towards home purchase can also be paid from provident fund deposits.
5) The monthly instalments will be directly paid to to the government, housing agency, primary lending agency or the bank concerned.
6) The subscriber has to apply to the EPFO for availing the new scheme.
7) The withdrawal facility from the provident fund account will be available to only those members who fulfil certain conditions
8) The member should have contributed to the fund for at least three years.
9) The facility will be available only once to every member during his or her lifetime. The rule applies to all those who together with their subscriber spouse have at least Rs. 20,000 in their accounts.
10) If the member fails to get allotted a flat or in the event of the cancellation of an allotment, the amount so withdrawn has to be refunded in one lump sum within a period not exceeding fifteen days from the date of such cancellation or non-allotment. more
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Oct 31
I retired in Feb 2000 and for a long time Indian Airlines kept refusing that there was anything left in my EPF. After 16b yeras the company agreed that I had some amount lying in the backlog and that amount was more than Rs 80000/-. The money was paid but without any interest for last 16 years. This is the case of Babudom in the Indian Airlines. Yours etc Capt RK Kapoor.From: "Naveen Goel" Sent: Tue, 25 Apr 2017 14:30:36To: rkkapoor19@rediffmail.comSubject: New post "10 things to know about n..." in [myEPF] more
Apr 25
Aadhaar card is still a voluntary document and still not validated by supreme court , still Govt has enforced it as a compulsory KYC to link with EPF , without which one cannot withdraw his own money , this is absolutely against the Supreme court last verdict . more
Apr 25
