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Great News People can withdraw advance from PF for marriage upto 50%, but have to accept this condition

PF Advance Money: Provident Fund (PF) is a means of saving for employed people. The employee also contributes in this and the company too.

PF Advance Money: Provident Fund (PF) is a means of saving for employed people. The money added to this fund helps people in difficult times. The government pays interest on a part of the basic salary of the salaried people which is added to the PF fund every year. The government has fixed an interest rate of 8.1% for the current financial year. If needed, you can withdraw money from your PF account immediately. At the same time, any EPFO ​​member can also withdraw money from the fund as an advance for marriage.

Is it possible to withdraw money in case of marriage

The rules for withdrawing money from PF are strict and one can hardly withdraw money before time. But marriage is one of the few reasons in which you can withdraw money from PF.

To withdraw money, the bride and groom should be either related persons or should be the son, daughter, brother or sister of the account holder. However, even under this provision, if you have not contributed to PF for 7 years, then you cannot withdraw money from it.

How much amount can be withdrawn?

The main question that arises is how much money the employees can withdraw from their PF account. As per EPFO, members can withdraw 50% of the total amount put into their fund including interest. However, the criteria for this is that the membership of the provident fund should be of seven years.

In addition, there is a limit of three withdrawals for advance money for school and marriage. You can easily withdraw PF funds sitting at home. EPFO says that you can withdraw money online within 72 hours.

Source

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