withdrawal form provident fund

Querist : Anonymous (Querist) 28 March 2010 This query is : Resolved
can a persong withdraw a some amount form his provident fund account

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Parthasarathi Loganathan (Expert) 28 March 2010
Surely one can withdraw. Even, Public Sector Banks allows its employees twice in Service under declaration basis on reasons like Marriage of Dependents, House Construction, Medical Expenses, etc.

A V Vishal (Expert) 28 March 2010
A) A member of the provident fund can withdraw full amount at the credit in the fund on retirement from service after attaining the age of 55 year. Full amount in provident fund can also be withdraw by the member under the following circumstance:

A member who has not attained the age of 55 year at the time of termination of service.

A member is retired on account of permanent and total disablement due to bodily or mental infirmity.

On migration from India for permanent settlement abroad or for taking employment abroad.

In the case of mass or individual retrenchment.

B) In the case of the following contingencies, the payment of provident fund be made after complementing a continuous period of not less than two months immediately preceding the date on which the application for withdrawal is made by the member:

Where employees of close establishment are transferred to other establishment, which is not covered under the Act:

Where a member is discharged and is given retrenchment compensation under the Industrial Dispute Act, 1947.

Withdrawal before retirement:
A member can withdraw upto 90% of the amount of provident fund at credit after attaining the age of 54 years or within one year before actual retirement on superannuation whichever is later. Claim application in form 19 may be submitted to the concerned Provident Fund Office.

Raj Kumar Makkad (Expert) 30 March 2010
I do agree with vishal.

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