Provident Fund (PF) is a means of saving for the future of employed people. EPFO members get many facilities. One of these is advance withdrawal from the account for marriage and education. However, some conditions have been set for this.
Provident Fund (PF) is a means of saving for employed people. A part of the basic salary of any employed person is deposited in the PF fund and interest is received annually from the government on this amount. The government has increased the interest rate on deposits in PF for the current financial year. In the financial year 2022-23, now the PF account holder will get interest at the rate of 8.15 percent.
EPFO had reduced the interest on EPF to 8.1 per cent for 2021-22 in March. PF account holders can easily withdraw the money deposited in their account if needed. EPFO members can also withdraw advance from the fund for their marriage.
How much money can be withdrawn?
As per EPFO, members can withdraw advance from FIF fund for their marriage. Apart from this, the member can also make advance withdrawal for the marriage of his son and daughter. Also, for the marriage of his brother and sister, he can withdraw money in advance from his PF fund. But the thing to keep in mind is that members can withdraw only 50 percent of the amount deposited in their fund including interest. But the condition for this is that the provident fund should have a membership of seven years.
Withdrawal limit
However, many EPF members also have to keep in mind that they cannot make advance withdrawals more than three times for marriage and education. You can easily withdraw PF money sitting at home. According to EPFO, you can withdraw money online only in 72 hours. Its online process is very easy. To withdraw money online, you must have a PF account linked to your Aadhaar card. Along with this, the UAN number should also be activated.
How much is the deduction?
12% deduction on the basic salary of any employee is for EPF account. 8.33 percent of the deduction made by the employer in the salary of the employee reaches the EPS (Employee Pension Scheme), while 3.67 percent reaches the EPF. You can check the current balance of your PF account in easy ways sitting at home. Many options have been given for this. You can find out through the Umang app, website or by sending an SMS from your mobile phone. There are about 6.5 crore EPFO subscribers across the country.
Check balance from EPFO portal
- Go to the official website of EPFO (www.epfindia.gov.in).
- Then click on the E-PassBook option.
- On the new page, enter UAN, password and captcha code and click on login.
- After logging in, select the Member ID option to view the passbook.
- Now you will get the passbook in PDF format, which can be downloaded.
- You can also see the passbook directly by visiting https://passbook.epfindia.gov.in/.
- Now the complete information will be open in front of you.
