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New Delhi. Now EPFO has made PF rules easier by making some changes in its rules. If you want to buy your new first house, then you can now withdraw your PF money more than before. It goes on to say that the Employees Provident Fund Organization (EPFO) has made some changes in the rules of extracting PF. This change will be more beneficial for those who are planning to buy their new first house. Under the new rules, those EPF members who are thinking of buying their first house can withdraw more money from PF account. The job of EPFO is to take care of the PF of the employees working in the private sector. Under the EPF, an employee collects 12% of his salary and dearness allowance every month. The company also collects the same money. Out of the company’s deposited money, 8.33% of the employees go to the Pension Scheme (EPS) and the remaining 3.67% goes to EPF. Currently, the interest rate on EPF is 8.25% per year. According to the new EPF rules, employees will now be able to withdraw up to 90 percent of the money from their PF to buy their first house. These changes have been made under the Para 68-BD of the EPF scheme 1952.

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New rules of EPF
1-According to new rules EPF members can remove up to 90% of their PF for home- needs. This includes down payment, new house building or repayment of home loan EMI.
2-According to the new rules, members can withdraw money only after three years of opening their EPF account.
3-Member can use this PF advanced withdrawal option only once in your life.

These changes in EPF
The name of the bank account holder is verified while connecting the EPF account with the Universal Account Number (UAN), so no longer needs a verified copy of the check or passbook, so now the user has got rid of this ruckus. This simple process of EPF will also benefit all those members who want to update the details of their current bank account. They can now do this by entering their new bank account number and IFSC code, which will be confirmed through Aadhaar OTP, while the auto-settlement limit has also been increased for the advance claim. This will give people money within 72 hours. Apart from this, now its amount has been increased from 1 lakh to 5 lakh rupees.

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