PF Account: If it has been more than 7 years since your PF account was opened, then you can withdraw money from your PF account for marriage also. Know the complete information in the news below…
Every person working in the formal sector has his own PF account. This account is maintained by the government agency EPFO i.e. Employees Provident Fund Organization. EPFO provides various facilities to its members, through which people working in the organized sector can meet their financial needs. Even after completion of seven years in EPFO, you can withdraw money from the PF account to meet big expenses like marriage.
Benefits of withdrawing money from PF for marriage:
EPFO provides its members the facility to withdraw advance for their marriage or the marriage of someone in their family. Through this, any PF holder can easily afford big expenses like marriage and he does not have to visit banks for loan etc. and he is also saved from the hassle of huge interest.
When can you withdraw money from PF for marriage?
According to the information given by EPFO, after completion of seven years of opening of PF account, you can withdraw money from your PF account for marriage. However there are some conditions with this.
- You can withdraw money only for the marriage of your son/daughter or brother/sister and yourself.
- You cannot withdraw more than 50 percent of the contribution including interest.
- You must have completed seven years in PF.
- Money should not be withdrawn more than three times for marriage and education.
Keep these things in mind while withdrawing money for marriage:
If you have made a complete plan to withdraw money for the wedding. So you should keep some things in mind.
- Your UAN number should be active.
- PF account should be linked to Aadhaar.
- You can avail this facility both online and offline.
- The money comes to your account within a few days of applying.
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