PF Withdrawal in Emergency: Provident Fund (PF) is very important for a common working man. With this, apart from getting a huge amount in future, money can also be withdrawn in emergency.
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If your son-daughter or brother-sister is married and you need money in emergency, then you can withdraw money from PF account. However, there are some rules for this, which need to be fulfilled.
How much money can be withdrawn from PF?
Any person can withdraw advance money from PF account for his marriage as well as for the marriage of son-daughter or brother-sister. As per EPFO rules, you can withdraw 50 percent of the total amount deposited in your fund including interest. However, the most important condition for this is that it has been at least 7 years since your PF account was opened.
How many times can I withdraw money?
Advance money cannot be withdrawn more than 3 times for marriage and studies. Explain that 12% of the basic salary (basic salary) of the employee goes to the PF account. Apart from this, 8.33% of the deduction made by the employer in the employee’s salary goes to EPS (Employee Pension Scheme), while 3.67% goes to EPF. Your PF is deposited every month, but interest is earned on an annual basis.
8.15 percent interest will be available in 2022-23:
In the financial year 2022-23, the PF account holder will get interest at the rate of 8.15 percent. Interest will be transferred at the rate of 8.15 percent on the amount deposited in the account of any PF account holders. If one has Rs 1 lakh deposited in one’s PF account, then at the rate of 8.15%, you will get Rs 8,150 as annual interest. On the other hand, if Rs 10 lakh is deposited in the PF account, then Rs 81500 will be transferred to your account as interest.
Can withdraw money online in just 72 hours?
If you want, you can also apply for money online from EPFO’s website. With this, you will not even need to go to the EPFO office. Money can be withdrawn online in just 72 hours. However, to withdraw money online, it is very important to have PF account linked with Aadhaar card. Apart from this, your UAN number should also be activated only then you can withdraw money.
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