EPFO New Rules: If you are a PF account holder, this news might be especially important for you. The EPFO has provided significant relief to account holders through a special facility. According to the new EPFO rules, any PF member can now withdraw up to 100 percent of the amount deposited in their PF account for personal purposes such as marriage. This money can be used not only for your own marriage but also for the marriage of your children or siblings.
It is worth noting that organizing a wedding in India involves considerable expense. Typically, a wedding costs between 5 lakh and 20 lakh rupees. Therefore, this decision by the EPFO has been taken for the benefit of middle and low-income earners. This decision by the EPFO will greatly help people.
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Increased Limit for Marriage Withdrawals
Previously, the limit for withdrawing money from PF for marriage was only three times, but now the EPFO has increased this limit to 5 times. This means that during their service, account holders can make withdrawals up to 5 times for marriage or other personal purposes. It has also been stipulated that 25 percent of the money must remain in the account after withdrawal, so that the PF account remains active and continues to earn interest.
Who Can Withdraw Money for Marriage?
According to EPFO rules, the conditions for partial withdrawal have now been simplified. Previously, five years of service were required for partial withdrawal, but now this has been reduced to just 12 months. This means that even if you have worked for only one year, you can still withdraw money from your PF account for needs such as marriage, illness, education, or housing.
Which Documents are Required?
If you are going to withdraw money from your PF account for marriage, you need to provide the wedding invitation card as proof. This also needs to be scanned and uploaded during the online application process.
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Online Process for PF Withdrawal for Marriage
The process of withdrawing money from the PF is completely online and can be done from home. First, you need to visit the official EPFO website unifiedportal-mem.epfindia.gov.in. You will need to log in by entering your UAN, password, and captcha.
After logging in, go to the ‘Online Services’ section and select the option related to the Claim Form. Then, you will need to fill in your bank account details, which should be linked to your PF account. For partial withdrawal, select Form 31.
When asked for the reason in the application, select the ‘Marriage’ option from the drop-down menu. After that, upload the wedding invitation card, accept the terms and conditions, and submit the application.