Understanding PF Interest and Account Status After Resignation at 48: What Should You Do?

Kindly clarify on the below points:

PF Query

Facts:
- A person at the age of 48 resigned from regular private company employment.
- After this, he has not joined any other organization.
- There is no further PF contribution after his resignation from regular employment.

Queries:
- Till when will he continue to receive interest on his PF balance?
- Is the PF interest received after the resignation tax-free or not?
- Also, suggest any restrictions on this interest.
- How long will the PF account remain active if there is no PF contribution after the resignation at the age of 48?
- What is the recommended action for this person regarding this PF account, whether to hold or withdraw from this account?
- Also, suggest implications on the EPS balance.

Please let me know if you need any specific info for answering this query.

Also, please share specific circulars or sections from the act to support your view.

PF Account and Interest

The employee who has left an establishment will continue to be a member of the PF until he has fully withdrawn the PF accumulations. As such, he will receive interest on the accumulations until he withdraws the amount. The PF account will not become dormant because every year the PF account is credited with interest.

So long as the fund is not required, it is safer to keep the amount in the PF itself because no bank can give you an interest higher than the one offered by EPFO.

Pension Scheme and Eligibility

If the employee has had 10 years' membership in the Pension Scheme, he would get a monthly pension when he attains 58 years of age. Early pension is available from 50 years of age, but it is recommended to take full pension upon attaining 58 years of age. Since the pension fund cannot be withdrawn for an employee with 10 years of service, there is no other option but to apply for pension when he turns 58.