EPF Claim Status: The money deducted from your paycheck is not only valuable in retirement, but it also serves as a lifeline in the event of a financial emergency. Every year, the government receives interest on a portion of the employee’s basic income that is put in the PF fund. If necessary, PF account holders can readily withdraw the funds put in their accounts. EPFO members can also take money from the fund in advance for marriage.
How much advance can be withdrawn from the Pf account online?
Members can take advance money from their EPF fund for marriage, according to EPFO. Aside from that, the member may take advance funds from the PF fund for the marriage of his or her son, daughter, brother, or sister. But keep in mind that members may only take 50% of the money placed in the fund with interest.
However, there is a need that one be a Provident Fund member for seven years. Furthermore, you are not permitted to take more than three advances for marriage and school.
Money withdrawn cannot be re-deposited in EPF form
It is important to note that while withdrawing EPF advance, just withdraw what is necessary because you will not be able to re-deposit the money removed from EPF. You can withdraw money from your PF account ahead of time, according to EPFO guidelines, but you must submit Form 31 to your employer. If your application is approved, the funds are sent immediately into your bank account.
Fixed limit for withdrawal of money
EPF members are only allowed to withdraw advance money three times for marriage and schooling, and you may simply withdraw PF money while sitting at home. According to EPFO, money may be withdrawn online in as little as 72 hours, and the process is also fairly simple. To make online withdrawals, your PF account must be connected to you’re aadhar card. Activate the UAN number as well.
How much Pf is deducted from salary in India
The EPF account is funded with 12% of the employee’s pay. 8.33% of the employer’s deductions from employee wages go to EPS, whereas 3.67% goes to EPF. Meanwhile, you may quickly check the balance of your PF account from the comfort of your own home. There are several alternatives. You may check your PF balance by sending an SMS from the Umang app, website, or cell phone.