EPF Withdrawal You can withdraw money from your EPF for various purposes. It is important to note here that you cannot deposit the money withdrawn from EPF again. According to EPFO rules, you can withdraw EPF money in advance i.e. in advance, but for this you have to fill Form 31 to your employer.
The PF (Provident Fund) money deducted from your salary is not only useful in your retirement but it also becomes your support during any financial crisis in your life. You can withdraw money from your EPF (Employees’ Provident Fund) for various purposes.
The withdrawn money cannot be deposited again in EPF.
Here it is important for you to note that whenever you take EPF advance, take only as much as required because you will not be able to deposit the money withdrawn from EPF again.
According to EPFO rules, you can withdraw EPF money in advance i.e. before time, however, you will have to submit Form 31 to your employer for this. If your application is accepted then the money is transferred directly to your bank account.
For what purposes can you withdraw money from PF?
You can withdraw your PF money in case of medical emergency, education, marriage, buying land, building a house or being unemployed. To withdraw money for marriage, you can avail the benefit of EPF advance only after completion of seven years of EPF membership.
For whose marriage can you withdraw money?
You can withdraw marriage advance from EPAP either for your own marriage or for the marriage of your son or daughter or for the marriage of your brother or sister.
How much money can be withdrawn?
There are two types of money in PF, one is the money deducted from your salary i.e. your contribution and the same amount is deposited by the company which is called company’s contribution.
You can withdraw 50 percent of your PF contribution for marriage . Interest is also given to you by adding it to this. Let us tell you that you cannot take more than three advances for marriage and education.