I resigned from my job with a private firm after 15 years in December 2017 to work as a freelance consultant. Since I don’t have any immediate requirements for the funds, I don’t want to withdraw the EPF money now. I would appreciate it if you could clarify the following questions in this regard:
Interest on EPF Account
1. Will the balance in my EPF account earn interest, even if no fresh contributions are made?
2. How long will it continue to earn interest if there is no change in my employment status?
3. Is the interest earned during the period when there are no contributions taxable?
Withdrawal of EPF Funds
4. Can I choose to withdraw the money only after I am 58? What are the implications? I am 50 years now.
From India, Bengaluru
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Interest on EPF Account
1. Will the balance in my EPF account earn interest, even if no fresh contributions are made?
2. How long will it continue to earn interest if there is no change in my employment status?
3. Is the interest earned during the period when there are no contributions taxable?
Withdrawal of EPF Funds
4. Can I choose to withdraw the money only after I am 58? What are the implications? I am 50 years now.
From India, Bengaluru
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Please find the reply to your queries as follows:
1. Will the balance in my EPF account earn interest, even if no fresh contributions are made?
After contributions towards the PF account stop, interest will be paid only up to the next 3 years.
2. How long will it continue to earn interest if there is no change in my employment status?
Up to the next 3 years.
3. Is the interest earned during the period when there are no contributions taxable?
Non-taxable if you have a minimum service of 5 years.
4. Can I choose to withdraw the money only after I am 58? What are the implications? I am 50 years old now.
Yes, you can do so.
Thank you.
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3841. Will the balance in my EPF account earn interest, even if no fresh contributions are made?
After contributions towards the PF account stop, interest will be paid only up to the next 3 years.
2. How long will it continue to earn interest if there is no change in my employment status?
Up to the next 3 years.
3. Is the interest earned during the period when there are no contributions taxable?
Non-taxable if you have a minimum service of 5 years.
4. Can I choose to withdraw the money only after I am 58? What are the implications? I am 50 years old now.
Yes, you can do so.
Thank you.
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One emp one EPF Account.docx
EPF INTEREST HIKE 9.5 %.pdf
PF WITHDRAWAL RULES.zip