Employees’ Provident Fund Organisation (EPFO), the retirement fund body lets in subscribers to withdraw cash from the Employees’ Provident Fund for unique functions. Partial withdrawal is allowed for marriage, training, purchase or creation of a house, buy of land, domestic protection, repayment of home loans and twelve months before retirement.
1) Marriage: An EPFO member can withdraw up to 50% of the cash from the EPF account for their personal marriage, the marriage of his or her daughter, son, sister or brother. However, the character must have finished contribution to EPF for seven years.
2) Education: EPFO contributors can withdraw money for the post-matriculation training of his or her son or daughter underneath positive conditions. The member is required to have finished seven years’ club of the EPFO.
Three) Purchase or creation of a house: EPFO contributors can withdraw money for the construction of a residence or buy for website online of the house. The member is required to have finished five years’ membership of the EPFO.
Four) Home Renovation
The member can withdraw in part from PF whilst she or he wants to restore or modify the residence. It can be availed two times:
a) Five years from of entirety of house
b) Ten years from availing the above
5) Medical functions
PF cash may be partially drawn for scientific functions. It is applicable for medical treatments of self, partner, children, and dad and mom. There isn’t any lock-in length or minimal service period for this sort of withdrawal.
6) Repayment of domestic loans
The EPF subscriber is permitted to withdraw from the corpus for compensation of super major and interest closer to a domestic mortgage beneath positive conditions.
However, to withdraw the quantity, at least 10 years of a carrier of entirety is required
A character can withdraw his or her entire provident fund corpus after finishing fifty-eight years of age. The employee is allowed to withdraw up to 90% of the provident fund balance
The process to withdraw Employees’ Provident Fund (EPF)
The method of chickening out Employees’ Provident Fund has been made short and clean. It can be accomplished in methods
Submission of a bodily utility for withdrawal
To observe for such withdrawal online, the subscriber must have an active UAN (Universal Account Number) and the cell variety used for activating the UAN number ought to be in running condition.
Submission of an internet utility
Single Page Composite Claim Form has been added by using EPFO to replace multiple claim shape like Form 19, Form 10C, Form 31 and many others. These declare bureaucracy are prevalent and processed on the self-attestation foundation without the need for attestation via the organization.
State-owned Punjab National Bank (PNB) has put on sale six non-appearing loans amounting to over ₹1,000 crore, which includes two bills of Vandana Vidyut and Visa Steel.
Asset reconstruction groups (ARCs), non-banking economic organizations (NBFCs), other banks and financial establishments can publish binding bids until 26 June. The bids might be opened on tomorrow.
“We intend to place the (six money owed) on the market to ARCs/NBFCs/Other Banks/FIs and so on,” stated a word placed up by means of PNB.
The reserve rate for the six non-performing belongings (NPA) has been fixed at ₹342 crore.
Bhopal-primarily based Vandana Vidyut Steel owes ₹454.02 crore, at the same time as Kolkata located Visa Steel has an extremely good balance of ₹443.76 crore.
The rest four NPAs – Temptation Foods, Helios Photovoltaic, Cabcom Cables, and Zoom Vallabh Steel – are Delhi based.
The sale manner is to be handled through the Stressed Assets Targeted Resolution Action (SASTRA) Division of the financial institution. The submission of economic bids will be best thru e-public sale technique, if you want to take area at the portal of the bank, it stated.
Punjab National Bank (PNB), which changed into a hit by a large ₹14,000-crore scam allegedly perpetrated by way of jeweler duo Nirav Modi and Mehul Choksi, has superior its recuperation mechanism by way of forming the Stressed Asset Management Vertical (SAMV) and SASTRA.