PF account is a very important source of investment for any employee. In this, one can make huge savings by contributing every month and interest is given to the PF holder every year by the government. Employees are also given the facility to withdraw money if needed by the EPFO, the organization that maintains the PF account. You can withdraw money from it for everything from education to marriage.
Withdrawal from EPF account for marriage
It was informed by tweeting from EPFO that any member can easily withdraw money for the marriage of his/her son/daughter or brother/sister. The amount of withdrawal cannot exceed 50 percent of the total contribution including interest. However, there are some conditions for this, which must be followed by the withdrawing members. You should have at least seven years of membership in EPFO. Earlier you should not have taken more than three withdrawals for marriage and education.
Withdrawal from EPF account for education
Along with marriage, you can also withdraw from your PF account for education. For this also some conditions have to be followed. You can withdraw from PF account only for post-matriculation education. The amount of contribution to the member’s PF account along with interest should not exceed one thousand rupees. Like marriage, here also the member should have completed at least five years of being associated with EPFO. Also, in this also you cannot withdraw more than 50 percent amount.
money will be received in a week
If you meet the conditions, you can apply for withdrawal of funds by visiting the EPFO website. Generally, applying online, the process is completed in just 72 hours and the money comes into your account in a week.
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