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EPF withdrawal rules you need to know


The Employee Provident Fund (EPF) is a retirement saving scheme managed by the Indian government. Salaried employees contribute a certain amount of money to this fund each month. The employer provides an equal amount. Over the years, the employee earns interest on both these contributions. The scheme is popular because it is an excellent way to create a sufficient corpus for retirement.

In this article, let’s discuss some rules you need to know regarding withdrawal from the fund.

When can you withdraw your EPF

As an employee, you can remove your EPF in the following three cases:

a) At the time of retirement, i.e., 58 years or above

b) Untimely death before the retirement age (benefit goes to family members)

c) In case you are unemployed for a period of two months (75% after the first month of unemployment, and the rest after two months)

Income tax exemptions

In case you have contributed to your EPF for more than five years, the amount you receive at the time of withdrawal is exempt from income tax. However, if you withdraw before five years, the amount you withdraw is liable to be taxed. This means you need to show this amount in your tax return for the next assessment year. The contribution from your employer as well as the interest you earned is added to your income and taxed accordingly.

Sometimes, an employee can be terminated from their job due to specific reasons that are beyond their control: poor health, the shutdown of business by the employer etc. are a few examples. In such situations, your EPF withdrawal is not taxed regardless of how many years you have worked. So, even if you withdraw before five years, the amount would not be imposed in this situation.

EPF contributions after retirement

Many people continue to contribute to their EPF even after quitting their jobs. They may not be employed, but their EPF account is still active. It continues to earn interest each month. In such cases, the interest accumulated after you leave your job is taxable.

In other words, if you leave a job, but you don’t withdraw your EPF balance or transfer it to a new employer, you are eligible to pay tax on the interest earned on your fund.

Easy withdrawal

The Employee Provident Fund Organisation (EPFO) has come out with a simple one-page form that facilitates easy withdrawals. Subscribers who have seeded their EPF account with Aadhaar number and bank account details can submit the claim form directly to the EPFO without requiring the employer’s attestation.

In addition, you don’t need to provide any other document to take advances from your EPF corpus. This single-page document is enough to avail partial withdrawals for specific purposes like medical costs, purchasing a house, funding education or marriage expenses of your children.


With around five crore subscribers in the country, EPF is one of the most popular saving schemes in India. But when it comes to withdrawing from your fund, ensure you are aware of the above rules to minimise your tax outgo and increase your retirement income.

Deferred consumption (i.e., savings) on a gigantic scale is required to keep industrial production going. Savings pay for machines which enable men to produce in a day an amount of goods they would not be able to produce by hand in a year (if at all). This enables the workers in turn to defer consumption and to save some of their income for their future needs or goals. The hallmark of an industrial society is its members’ distance from a hand-to-mouth mode of living; the greater this distance, the greater men’s progress.
—  Ayn Rand
Financial planning tips people in their 40s can follow

The internet is full of clichés about turning 40. ‘40 is the new 20’ or ‘I’m not 40, I’m 18 with 22 years of experience’ and so on. It is a fun way to get over (and ignore) the fact that you are getting older. But the truth is 40 isn’t old. It is a mid-point in your life; both personally and professionally. Moreover, it is a good time to look back on your journey and what lies ahead. In this piece, let’s discuss different financial tips that you can follow in your 40s.

1) Eliminate your debt

As you hit your 40s, you need to eliminate all your existing debt. This includes auto loans, personal loans and gold loans. Your home loan (due to its size) may have a longer tenure so it may take more time. But that said, try and close the loan as quickly as possible. As your salary increases over time, you can pre-pay a portion of the loan each year to reduce your liability. This way, you can ensure you are debt-free as you inch closer to your retirement.

2) Increase your savings

The 40s is a critical phase in one’s life because this is when you hit your peak earning years. By now you would have the necessary qualifications, experience and skill to take you to the next level. This means you have the opportunity to maximise your savings for your future. So if you have been saving 10-15% of your savings until now, you can ramp up your savings to at least 25-30%. It is also a good time for women who took a hiatus from work to take care of children can get back into the workforce and streamline their savings.

3) Ensure you have adequate insurance

Even if you jog daily, work out and eat healthily, you need to be aware of the warning signs that could arise as you age. The need for reading glasses, aches and pains, stress and diabetes are a few health problems that many people experience once they reach 40. And with medical costs on the rise, it is necessary to get adequate health insurance coverage for you and your family. In case of a medical emergency that could impair your ability to work for an extended period, you want to ensure you can take care of your personal and medical expenses. You may wish to consult your financial advisor and find out if you need to take on additional life, medical and disability insurance.

4) Invest for your child’s future expenses

Education inflation in India is rising at the rate of 10-12% on an annual basis, according to a report by the Economic Times. But even if you assume a conservative estimate of 7%, an engineering degree that costs Rs. 10 lakh today would cost you around Rs. 19.6 lakh in another ten years. So if you are planning to send your child to a premier college in the country or abroad, you would have to pay a significant amount as fees. This means you need to invest in avenues like stocks or equity mutual funds to get good returns in the long term.

5) Plan for retirement

While it is critical to take care of your current expenses and your child’s future expenses, you also need to think about your own outlays down the line. Retirement planning is a crucial aspect of financial planning. However, many people do not think about it until they are close to retiring. Once you are in your 40s, it is an excellent time to pause and plan for your future. Identify how you wish to spend your retirement years. For example, you may want to take up a new hobby, travel around the world with your spouse or buy a house on a scenic hill station and spend your days peacefully. However, all of this requires money, and by planning, for it from today, you can make your dreams come true.


The 40s are a great decade as you hit new highs in every aspect of your life. And when you have a prudent financial plan for your future goals, your child’s education and your retirement, you can ride through the different experiences that life throws at you without worrying too much about money or finances.

Film and Culture Festivals

In bigger cities, film festivals are not a super rare occurrence, and oftentimes, they are free, or at least partially free. They are events held by various organizations, such as The Korea Society, or the French Institute: Alliance Française, for cultural film festivals. Such festivals will have viewings of short films or clips of feature length films available to watch to the public. In addition to films, these festivals can also have other events, such as art galleries, or workshops about the craft. These galleries and workshops are usually free as well. At French Institute: Alliance Française‘s NYC Festival of French Animation, they also had an augmented reality and virtual reality exhibition available to the public for free to visit and walk through. They also had a selection of free video games for trial, ranging from a tour version of the popular Assassin’s Creed: Origins, to demos of games from smaller studios, such as A Plague Tale - Innocence. All of these games, in addition to several virtual reality games, were available at the festival for free, for three days over the weekend.

While film festivals and culture festivals are not constantly available to go to, they are a good option for those willing to keep an eye on the goings-ons of their city, especially as a way to have fun without having to spend too much. In addition to being a cheap option, these festivals are also interesting to attend because of the variety of content you get to see there – watching films from directors you’ve never heard of, and being able to see some more experimental filmmaking that we would not be likely to see on Hollywood’s silver screen.