Members of EPFO: happy news After seven years, you will get these advantages; they won't need to go to banks to collect money

 Members of EPFO: happy news After seven years, you will get these advantages; they won't need to go to banks to collect money

PF Account: You may also withdraw funds from your PF account for marriage if it has been more than 7 years after it was first created. Discover all the details in the news below...

Every employee in the formal sector is in possession of a PF account. The government organization EPFO, or Employees Provident Fund Organization, is in charge of maintaining this account. People who work in the organized sector can satisfy their financial demands thanks to the different services EPFO offers its members. You are still permitted to withdraw funds from your PF account to cover significant costs like a wedding even after working for EPFO for seven years.

Benefits of using retirement funds for marriage:

The EPFO offers its members the option to withdraw money in advance for their own wedding or the wedding of a member of their family. Any PF holder may use this to easily finance large costs like a wedding and avoid going to the bank for a loan, among other things, while also saving himself from the burden of high interest rates.

When is the deadline for PF withdrawals for wedding expenses?

You may take money out of your PF account for marriage once seven years have passed since your account was first opened, per the information provided by EPFO. There are certain restrictions with this, however.

You may only withdraw money for your own marriage and the marriage of your son, daughter, or brother, sister.

You are only permitted to withdraw up to 50% of the contribution, interest included.

You need to have served in PF for seven years.

For school and marriage, money shouldn't be taken out more than three times.

Keep the following in mind while taking out loans for a wedding:

If you have a well-thought-out strategy in place for how you will pay for the wedding. So, there are a few things you should remember.

Your UAN number ought to be operational.

Aadhaar and PF accounts need to be connected.

This service is accessible both online and offline.

Within a few days of applying, the funds are sent to your account.