kgirish72347@gmail.com
Hi,
I have recently changed my company and wanted to withdraw my PF and I have more than 05 years of contineous service. Hence, I request you to advice me about my withdrawal is better or holding the PF Account..? And also I wanted Know whether I will get full amount on withdrawl or they will be retaining any money in that for pension fund.
Please advice.
Thankss
Girish

From India, Bangalore
abbasiti
517

Dear Girish,
PF and EPS are seperate accounts. If you are very much in need of money, then you withdraw both the amounts after two months from the relieving by applying in form 19 and form 10 C respectively.
But it is advisable to transfer the EPF and EPS, by submitting a single form 13 to the previous RPFC office through your present employer.
Abbas.P.S

From India, Bangalore
kgirish72347@gmail.com
Dear Sir,

I Sincerely thank for your kind respond to my Post.

I Wanted know

Firstly, if I continue with the EPF by transferring by Form 13(R) How I will be benefited. Since I will be getting the same amount (As pension) after retirement also, which I will be getting now. (Only thing is that Interest; which is 8.5%; when compared to Market its very less)

Second, Apart from Interest any amount will be contributed by the Govt. for the Pension (like Govt. Employees...they will be getting revision of their pension regularly)...?

Third, I heard that after 5 Years the withdrawn PF amount is exempted from Income tax. I am holding a previous PF account in my earlier company which is not transferred due to some technical problem for older than 5 Years. Since, I don't have contineous contribution for that PF account; whether it will be taxed or not...?

Fourth, in case any person need of money and wants to withdraw the PF amount during in between his service (means neither retired nor resigned) any chance to get the money withdrawn except loan (bcoz for loan it 'll be long process generally).

Please help me....

Regard,

Girish

From India, Bangalore
abbasiti
517

Dear Girish,
1. Now the interest is 9.5% which I feel reasonable compared to the market rate. If withdrawal is more beneficial, you can proceed so.
2. In addition to the employer contribution of 8.33%, Central Govt contribute a nominal amount @ 1.16%.
3. I think it will not affect income tax. However make it confirm.
4. While in service there is no provision to withdraw PF, other than loan.
Abbas.P.S

From India, Bangalore
kgirish72347@gmail.com
Dear Sir,
Thank you again for your valuable reply.
From when the Interest Rate is 9.5% is effected ...? Because I saw in my PF Slip it was showing Interest Rate @ 8.5% till 2009-10. I believe it is effected from 01.04.2010.
And, If in case I cross the minimum years for getting eligible for Pension ie; 10 years, whether Can I avail the pension before retirement period or 58 years...?
Say for Eg., I am holding a PF A/c since from 10 years I have resigned my Job and joined another company in this case Can I go for the pension for my previous PF A/c instead of transferring the amount in earlier PF to my new PF Account...? And also Can I open a new PF A/c in that new Company..... like that...? any possibilities... ? is it worth..?
Pls advaice.
Regards,
Girish
Regard,
Girish

From India, Bangalore
kdccorp
Dear girish
my advice is...always keep your pf as it is without touching it unless there is dire emergency...it is not just about interest rates but it is about saving. Usually....you will see the benefits only after sizeable amount is accumulated inyour pf account.
Regdsdipak

From India, Rajkot
Reje
Dear All, May i know wat is the max limit of PF deduction also i got the confusion regarding the PF transfer form 13 or 13R. Regards, Reje
From India, Madras
abbasiti
517

The interest rate of 9.5% is for the year 2010-'11.
To avail pension before the age of 58 years, there are certain condition.
1. The applicant should not be in PF applicable service.
2. For below the age of 58 years, 4% will be deducted from pensionable amount for each year.
3. Minimum age to avail reduced pension is 50 years.
Also EPFO will not review the pension once released (unless due to their mistake) or will not allot more than one pension from EPS.
Hence presently if you are not in service, you may avail pension from the age of 50 years onwards.
Abbas.P.S

From India, Bangalore
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