EPF withdrawal rules for marriage: Check steps and conditions to withdraw money
By Lokmat English Desk | Published: August 12, 2023 12:58 PM2023-08-12T12:58:57+5:302023-08-12T12:58:57+5:30
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Employed people invest in Employee Provident Fund as savings. On which they are paid interest by the government. Part of the salary is invested in this. The government has increased the PF rates this year.
Account holders (EPF) will earn interest at the rate of 8.15 percent. In its first year 2021-22, interest was reduced. Which was 8.1 percent. But did you know that PF account holders can withdraw money from their account if needed.
Account holders can withdraw money in advance for their own wedding or wedding of family members. Family members include sons and daughters as well as brothers and sisters.
That is, advance money can be withdrawn from the PF account for the marriage of siblings. You can withdraw 50 percent of the amount deposited in the PF account for marriage.
You can withdraw fifty percent from your PF account only after completing seven years of your account. PF account can be withdrawn only three times for education and marriage.
Your UAN number should be active for withdrawal. PF account must be linked with your Aadhaar card. You can also apply online for withdrawal from PF account. You can withdraw money in just 72 hours through a simple online process.
To Check Balance - Agorate you need to visit the official website epfindia.gov.in. Now go to e-passbook option. Now you have to enter UAN number, password and captcha code. You can view passbook through membership ID. It can also be downloaded.
PF account holders also have to keep in mind that they cannot withdraw more than three times as an advance for marriage and education. You can easily withdraw PF money from home. According to EPFO, you can withdraw money online in just 72 hours.
12 percent of the basic salary of any employee goes into the EPF account. 8.33 per cent of the deduction made by the employer from the employee's salary is contributed to EPS (Employee Pension Scheme) and 3.67 per cent to EPF.
