India’s retirement
fund body EPFO lets its subscribers withdraw non-refundable advance from their EPF account under certain conditions. The EPF rules state that an EPFO member can take out up to 75 per cent of the outstanding EPF balance or three months basic pay plus Dearness Allowance (DA), whichever is lower. Here, EPF outstanding balance means employees' share, employers' share and EPF interest.According to the frequently asked questions available on the EPFO website, the PF regulator claims that non-refundable EPF advance is three working days, provided the online claim forms has been filled properly and the claimant fulfills the eligibility condition.
EPF members can apply for non-refundable EPF advance for the following reasons:
* Housing loan/purchase of site/house/flat or for construction/addition, alteration in existing house/ repayment of housing loan
* Lockout or closure of factory
* Illness of member/family
* Marriage of self/son/daughter/brother/sister
* Post matriculation education of children
* Natural calamity
* Cut in electricity in establishment
* Purchasing equipment by physically handicapped
One year before retirement
* Investment in varistha pension bima yojana (VPBY)
* Unemployment of not less than 1 month
* Outbreak of pandemic (COVID-19)
Claiming non-refundable EPF advance online
Steps to claim non-refundable EPF advance withdrawal:
1] Login at unified EPFO portal — unifiedportal-mem.epfindia.gov.in/memberinterface;
2] Go to online service claim (Form 31, 19, 10C & 10D);
3] Upload bank cheque leaf with your name mentioned on it;
4] Submit the form by clicking at 'submit' option.
