EPF Withdrawal Rules After Employment Ended

As I understand, if a person stops working, he/she has an option to withdraw the balance amount from the EPF account after 60 days of the last working day. However, I am trying to understand more regarding the rules surrounding the withdrawal. Thanks in advance.

However, if the person doesn't wish to withdraw the money and let it grow for retirement, can he/she do that? Will the government continue paying the interest on the account? Can the person withdraw only half the money and keep the rest in the account for retirement?

Let's say, the government doesn't pay the interest, but will the amount be safe with the government for a long time? If the person doesn't withdraw for some time, will the money be forfeited to the government after a certain number of years? The amount that is withdrawn - is it taxable?

If a person starts working in a different country and becomes an NRI, how does that affect the withdrawal rules?

Dear Krishna Shastry,

I shall answer your queries as follows:

1. Members will receive interest until the completion of 3 years from the date of relieving.

2. When a member is in service, they can withdraw the PF amount for various reasons. After service, partial withdrawal is not possible.

3. Currently, members' funds are secure with the PF, and there will be no forfeiture. However, in the future, these unclaimed amounts may be diverted for various purposes.

4. If the service period is less than 5 years and the accumulated amount is more than Rs. 30,000, it is taxable.

5. I have no experience or knowledge regarding this matter.

Abbas P.S