nathraoTax aspect during withdrawal needs to be kept in mind.
Keeping fund in PF will increase your corpus on which one gets tax free compound interest.By withdrawal of amount one looses the power of compound interest.
I would strongly advice -no withdrawal of PF,obtain an UAN and keep accumulations in the fund for longest period of time possible.
From India, Pune
gopinath varahamurthiDear Friend,
PF Withdrawal : You have money for immediate dispose, you can have a nice bike to ride and expenses, marry and spend the amount for future benefits, you can start a small business and proceed, It will help you that you have some amount in hand and plan accordingly, immediate medical expenses of elders/parents etc., if you want to spend towards fees to your brother/sister if you want to pay etc., ....
PF Transfer : Your money will get saved with cumulative effect for good number of years, pension benefits after 10 years of service and the benefits get effected on attaining 58 age as pension you will also get lumpsum, there you feel some money is saved after so many years of working, disability pension is admissible after met with an accident, Insurance is available with the scheme, your spouse may feel protected by you while on service or after retirement, pension to nok is admissible, you can with draw for building a house(home loan) provided necessity arise, the benefits are cumulative..
Both are in your hands..
best of luck .......
From India, Arcot
sumitk.saxenaDear Prateek, Greetings for the day, Better to get your accumulation transfer, as because withdrawal will attract TDS liablity, Thanks & Regards, From, Sumit Kumar Saxena
From India, Ghaziabad
saswatabanerjeeActually you do not have a choice.
The law requires you to transfer your PF from previous employer to the new one.
You can withdraw only if you are no longer working.
The current procedure has the concept of unique ID which means that your PF number will remain the same irrespective of whether you are changing your job.
If you do not have the unique number, then you need to go online to the PF portal and initiate the transfer.
From India, Mumbai
S B PandeyTransferring the PF amount from old Employer is more beneficial because once money is withdrawn it would be exhausted. Further, investment benefit is not much than PF department is offering.
It is very easy way to get the same transferred. Just fill the form 13 and give it to your present employer for necessary proceedings. Also, there is provision of getting pension for the person who has been regular contributor of PF at least 10 years may be it different companies also.
From India, Lucknow
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