Important news for EPFO members. Especially if you are going to get married soon, then this article is for you. The Provident Fund, managed by EPFO, is a social security program that helps you save for retirement and provides financial support during emergencies. You can also make partial withdrawals from your PF account.
This means you can take out some of the money you’ve deposited for various reasons. For instance, if you need to pay off a loan, you can use your PF funds for that. However, there are specific rules governing these withdrawals.
You can withdraw money, but there are guidelines on how often and for what reasons you can do so. If you’re planning to get married and need to make multiple withdrawals, it’s important to understand the conditions involved. Let’s break it down for you.
PF subscribers can make partial withdrawals after a certain period. For example, if you’re looking to build a house, pay off a loan, cover medical expenses for serious illnesses, or fund a family member’s wedding, you can access your PF money. There are also other valid reasons for making a withdrawal.
Just a heads up, while the EPFO allows you to make partial withdrawals for various reasons, there are quite a few conditions attached. Generally, you can only withdraw money once for certain purposes, but there are exceptions where you can withdraw multiple times for the same reason.
For instance, if you’re looking to take out money from your PF for your sibling’s or child’s wedding, you can actually make partial withdrawals up to three times. Just keep in mind that your PF account needs to be active for at least 7 years before you can do this.