Introduction
The Employees’ Provident Fund (EPF) is a retirement savings scheme that allows employees to save a portion of their salary each month. It is a great way to save for retirement and provides a number of benefits. One of the benefits of the EPF is the ability to withdraw a portion of the funds in advance. This article will discuss how many times you can withdraw PF advance online in a year. It will also provide information on the process of withdrawing PF advance online and the documents required for the same.
How Many Times We Can Withdraw PF Advance Online in a Year
You can withdraw PF advance online only once in a year.
The number of times that an EPF member can withdraw PF advance amount will vary with each reason of PF advance withdrawal. There is no limit if EPF member withdraw PF for illness reason, and for construction of house only 1 time, and for the marriage 3 times, and for higher education 3 times, and for power cut only 1 time and for physically handicapped persons no 2nd advance will be given until 3 years from the last advance payment date.
Note: Don’t withdraw your PF advance amount unnecessarily because you will miss the interest amount on the withdrawn PF amount. ( At present EPFO is paying 8.65% of annual interest on PF amount)
How much time will it take to receive PF advance amount
The maximum time to process PF advance withdrawal claim by EPFO is 30 days, but if you submit your claim online at the UAN member portal then you can get your PF loan amount even within 15 days also.
Read this: If you don’t receive your PF claim amount even after 30 days.
How Many Times Can We Withdraw PF Advance Online in a Year?
Employees who are members of the Employees’ Provident Fund (EPF) can withdraw a portion of their EPF savings as an advance for certain specified purposes. This advance is known as the Provident Fund (PF) Advance. The EPF members can withdraw the PF Advance online through the EPFO portal.
The EPFO has set certain rules and regulations for the withdrawal of PF Advance. According to the EPFO, an EPF member can withdraw the PF Advance online only once in a year. This means that the EPF member can withdraw the PF Advance only once in a year, irrespective of the number of times the member has applied for the PF Advance.
The EPFO also specifies the maximum amount that can be withdrawn as PF Advance. The maximum amount that can be withdrawn as PF Advance is the lesser of the following two amounts:
- 50% of the employee’s total EPF balance; or
- The amount required for the purpose for which the PF Advance is being taken.
The EPFO also specifies the documents that need to be submitted along with the PF Advance application. The documents required for the PF Advance application are:
- A copy of the employee’s identity card;
- A copy of the employee’s bank passbook;
- A copy of the employee’s salary slip; and
- A copy of the employee’s EPF passbook.
The EPFO also specifies the time period within which the PF Advance must be repaid. The PF Advance must be repaid within 36 months from the date of withdrawal. The repayment of the PF Advance must be made in equal monthly instalments.
In conclusion, an EPF member can withdraw the PF Advance online only once in a year. The maximum amount that can be withdrawn as PF Advance is the lesser of the two amounts specified by the EPFO. The documents required for the PF Advance application are also specified by the EPFO. The PF Advance must be repaid within 36 months from the date of withdrawal.
