EPFO: Your PF account is very useful, by following these conditions, you can easily withdraw money for marriage and studies.
New Delhi : PF account is a very important source of investment for any employee. In this, huge savings can be made by contributing every month and interest is paid annually by the government to the PF holder. Employees are also given the facility to withdraw money if needed by the PF account maintenance organization EPFO. You can withdraw money from it for everything from studies to marriage.
Withdrawal from EPF account for marriage
EPFO tweeted 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 the members have to follow. You should have at least seven years of membership in EPFO. First you should not have more than three withdrawals for marriage and education.
Withdrawal from EPF account for education
Along with marriage, you can also withdraw money from your PF account for studies. For this also some conditions have to be followed. You can withdraw money from PF account only for post matric studies. The amount of contribution including interest in the member’s PF account should not exceed one thousand rupees. Like marriage, here also the member has to complete at least five years of association with EPFO. Also, in this also you cannot withdraw more than 50%.
money will be received in a week
If you meet the conditions, you can apply for withdrawal by visiting the EPFO website. Generally, the process of applying online is completed in just 72 hours and the money reaches your account within a week.