The wedding season is about to start. Everyone spends lavishly on marriages. In such a situation, when the budget goes over, people withdraw money from their PF account as per their need. If you also need money for your marriage or the marriage of any family member, then you can withdraw money from PF account. Here we are telling you in detail how and how much money can be withdrawn from the PF account.
Rules for withdrawing money from PF for marriage
According to EPFO rules, an employee can make partial withdrawal from the PF account for his marriage, marriage of son-daughter or marriage of brother-sister. However, for this it is necessary to fulfill some conditions.
The most important condition is that the employee’s EPF membership should be at least 7 years old. That is, if you have contributed to the PF account for seven years or more, only then you can avail this facility.
How much amount can be withdrawn?
For marriage, an employee can withdraw a maximum of 50 percent of his employee contribution and the interest received on it from the PF account.
For example, if the total amount of your employee contribution and interest received on it is Rs 8 lakh, then you can withdraw a maximum of Rs 4 lakh for marriage.
The thing to note is that the withdrawal is calculated only on the basis of employee’s contribution and interest. The employer’s contribution is not included in this.
How often is this facility available?
EPFO allows its member to make partial withdrawal maximum three times for purposes like marriage or education. That means, if you have not used this facility before, you can still take advantage of it if needed in future.
How to apply online?
EPFO has made the entire process online. Members can apply for advance withdrawal through Form-31 by logging into the Unified Member Portal of EPFO. For this, it is necessary to link Aadhaar, PAN and bank account with EPF account. After the application is approved, the amount is sent directly to the bank account.
great help in emergency
Experts say that PF advance can be a better option than taking expensive personal loans for big expenses like marriage. Since this is your own deposit, you do not have to pay any interest on it.
However, before making a withdrawal, it should also be kept in mind that this may reduce the total amount to be deposited for retirement. Therefore, the decision to withdraw money from PF should be taken only when there is real need.