You can easily withdraw money from your marriage pf accountIt is possible to withdraw the advance amount from your EPF before the marriage. There are, however, some conditions attached. Withdrawing money from your PF account online is easy.
People who work in the private sector can save through the provident fund (PF account). This fund is helpful to people in difficult times. Salaried employees deposit part of their basic salary into PF fund and the government receives annual interest on that amount.
The rate for the current financial year has been set by the government at 8.1%. You can easily withdraw the funds deposited into your PF whenever you need to. EPFO allows members to withdraw prepayments for their wedding.
Money can be withdrawn for the marriage of brother and sister.
EPFO tweeted that early withdrawal can be made before marriage in certain cases. According to EPFO, members can withdraw money from the FIF fund upfront before their wedding. In addition, the affiliate can also take out an advance for the marriage of his son and daughter. He is also eligible for withdrawal from his PF fund for the marriage of his siblings.
How much amount can be withdrawn?
Now it is up to the participant to determine how much money can be drawn from the PF fund. Under EPFO rules, members can withdraw 50 percent of their fund balance along with interest. This is only possible if the provision fund has been an active member for seven years. In addition, up to three pre-recordings can be done for marriage and education.
It’s easy to withdraw your PF money from the comfort of your home. It takes 72 hours for EPFO to allow you to withdraw money online. There is no problem using the online process.
TDS on withdrawal from PF
As part of the Union budget for Fiscal Year 2023-2024, the government has announced that TDS will be reduced from 30% to 20% upon withdrawal from EPF. Account holders whose PAN card has not been updated in their PF accounts will benefit from this announcement.
The TDS rate used to be 30% on withdrawals if one’s PAN card has not been updated in the EPFO records, but now it will be 20%. PF account holders must pay TDS within five years when withdrawing money from their account.
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