EPFO Withdrawal : The EPFO has divided this into several categories: illness, education, marriage, and housing needs. According to the new rules, 100% of your PF funds can be withdrawn for these purpose.
How much money can you withdraw for marriage?
According to the new EPFO rules, members can withdraw up to 100% of their PF account balance for their own, their children’s, or their siblings’ weddings. Previously, only three withdrawals were allowed, but this has now been increased to five.
In India, weddings are a significant financial expense. Previously, withdrawals for weddings were limited to three times. However, given the challenges faced by account holders, the EPFO has now increased this limit to five. However, a minimum balance of 25% is required for withdrawals. Suppose you have Rs 4 lakh in your PF account, you can withdraw all but Rs 1 lakh.
This 25% is kept to keep your account active. This Rs 1 lakh will earn you compound interest at 8.25%, which you can use for your future or retirement. You can also withdraw the entire amount upon retirement at age 58. Furthermore, you can withdraw the entire amount if you have been unemployed for two months or are permanently relocating abroad.
How to Withdraw PF Money?
Step 1- First of all go to the official website of EPFO.
Step 2- Here you have to log in through password and UAN.
Step 3- Now enter the Aadhaar number and enter the OTP received on the reserved number.
Step 4- After this, give the reason for withdrawal and submit the final form.
How to apply through Umang App?
In addition to the website, you can also apply for PF withdrawal through the Umang app. Follow the steps below.
Step 1- First of all you have to register in the app through Aadhar or mobile number.
Step 2- After this, click on the given EPFO service option.
Step 3- Now log in using Aadhaar or mobile number.
Step 4- After this enter the OTP number received on the mobile.
Step 5- Then go to the PF Withdrawal option and click on Claim Form.
Step 6- After this fill the asked details.
Step 7- You will then need to enter your mobile number and OTP once more, after which it will be submitted.
