EPF Withdrawal – Covid cases are rising rapidly across India as more and more people have started getting infected by the highly contagious Coronavirus. At this juncture, people are worried over treatment cost for Covid. In a relief for salaried class, employees having the Employees’ Provident Fund (EPF) account can withdraw money or take loan on medical ground.
According to norms laid down by the Employees’ Provident Fund Organisation (EPFO), employees can withdraw money for medical emergency, construction or purchase of new house, renovation of house, repayment of home loan, and wedding purposes.
EPF Withdrawal Rules
Those, who want to withdraw money for the Covid treatment purpose, will be able to withdraw under the ground of medical emergency for spouse, or member or parent or children.
In fact, if an employee or his/her parent, spouse or children fell sick due to Covid, the member can withdraw amount.
An employee can withdraw six times the monthly salary or employee’s share with interest (whichever amount is lesser) from the EPF for medical treatment including that of Covid.
On this type of the EPF withdrawal, no lock-in period or minimum service period is applicable.
Documents Required For EPF Withdrawal for Covid Treatment
Employee needs to have Universal Account Number (UAN).
Employee’s bank account details must match with his or her EPF account.
Always remember the EPF withdrawal fund won’t be transferred to bank account of the third party.
One must make sure that father’s name and employee’s date of birth should match clearly with the id proof that borrower decides to submit.