You can withdraw money from EPF account for children’s education and for these purposes.

If you work in a company, definitely a certain amount should be deducted from your salary account for EPF every month. Your salary and some amount contributed by the company to the Employees Provident Fund. Employees Provident Fund-EPF is a retirement plan. This account is managed by Employees Provident Fund Organization (EPFO). Interest on EPF is paid by the government. Interest is calculated from time to time. Currently, the interest rate on EPF is 8.25%.

Although EPF is designed for post-retirement pension, you can withdraw money from your EPF even before retirement if required. Before retirement, one is under pressure of higher education of children, marriage of children or building a house and additional money is required for these activities. In such a situation, a person first uses his savings. EPF is also one of these deposits. You can withdraw some money from your EPF account for land, house, children’s higher education or marriage. There are certain rules for withdrawing money from EPF.

First, know that you can withdraw money from your EPF account only when you have completed 7 years of service. This means that you should have accumulated money in your EPF account for 7 consecutive years. After seven years of service, you can withdraw 50 percent of the total amount deposited in your account from your EPF account for children’s education.

This scheme is a good way to earn extra income, the income will be in EMI, 20 days of the month will pass smoothly.

If you want to withdraw money from the EPF account for your or your children’s education, marriage or any other financial need, you can do so only after you have completed 7 years of service and you have been continuously in the EPF account. Been there for 7 years. Have been contributing. After 7 years of service, you can withdraw up to 50% of your contribution from the EPF account.

Money for the house
There are different rules for withdrawing money from EPF for house purchase, land purchase, home loan repayment, house repair. If you have completed 5 years of employment. If you and your company have contributed to the EPF account for 5 consecutive years, you can withdraw money within a certain limit to buy or repair a house.
After 3 years of continuous employment, employees can withdraw money from their EPF account for home loan repayment.

How to know EPF account balance
There are several ways to check how much money is deposited in your EPF account. You can check the amount credited to your account by sending a message, making a missed call or using the Aming app. For the message, you need to send an SMS EPFO ​​UAN to 77382-99899 from your registered mobile number. Instead of UAN you have to write your UAN number. Shortly after sending the message, you will receive a message about the total balance deposited in your account.

If you don’t want to send SMS then you have to miss call 011-22901406 from your registered phone number. After a missed call, you will get a balance message shortly. Apart from this you can also know the EPF balance with the help of Aming app. You can also get account information by miss calling 9966044425.

Tags: Employees Provident Fund (EPF), EPFO account, PF Account