EPF Claim Status: The money deducted from your salary is not only useful in retirement but it becomes your support during any financial crisis that comes in your life. A part of the employee’s basic salary is deposited in the PF fund and interest is received on this amount every year from the government. PF account holders can easily withdraw the money deposited in their account if needed. EPFO members can also withdraw advance money from the fund for marriage.
How much advance can be withdrawn from PF account?
According to EPFO, members can withdraw advance money from EPF fund for marriage. Apart from this, the member can withdraw advance money from PF fund for the marriage of son, daughter, brother or sister. But the thing to remember is that members can withdraw only 50 percent of the amount deposited in the fund with interest. However, there is a condition that one must be a member of the Provident Fund for seven years. Additionally, you cannot take more than three advances for marriage and education.
Money withdrawn cannot be re-deposited in EPF
Note that when you withdraw EPF advance, withdraw only what is required as you will not be able to re-deposit the money withdrawn from EPF. According to EPFO rules, you can withdraw money from the PF account before time, however, you will have to submit Form 31 to your employer. If your application is accepted, the money is transferred directly to your bank account.
fixed limit for withdrawal of money
EPF members cannot withdraw advance money more than three times for marriage and education and you can easily withdraw PF money sitting at home. According to EPFO, money can be withdrawn online in just 72 hours and the online process is also very easy. To withdraw money online, your PF account should be linked to your Aadhar card. Also activate the UAN number.
How much PF is deducted from salary?
12% of the employee’s salary is deducted in the EPF account. Of the employer’s deductions from employee salaries, 8.33% goes to EPS, while 3.67% is deposited in EPF. Meanwhile, you can easily check the balance of your PF account sitting at home. There are many options. You can check the amount in your PF account by sending SMS from Umang app, website or mobile phone.
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