|Govt notification on EPF withdrawals by members|
GUWAHATI, May 17 - The Government of India vide Gazette Notification No. G.S.R 351(E) dated 12.04.2017 inserted the provision under Para- 68BD in the EPF Scheme, 1952, allowing contributing members of EPF to withdraw up to 90 per cent of EPF accumulations to make payment to buy houses, use their accounts for payment of EMIs of home loans, construction of house by a group of members registered as a society, etc., an official release said.
The purposes for which withdrawal under Para-68 BD is available include withdrawal of and financing from the fund for purchase of dwelling house or flat or construction of dwelling house. The eligibility criteria are that a member should have at least three years of membership of the fund, and only one withdrawal under the scheme is available. A member should have at least Rs 20,000 balance in his/her PF account together with his/her spouse who should also be a member of the fund.
The maximum withdrawal limit will not exceed 90 per cent of the employer’s share of contribution and interest thereon and employee’s share of contribution and interest thereon, it added.