Sir,
I have been relieved from my earlier organization on 1st March 2011. I worked for 2.7 years in that company. Still, I have not received any communication on my PF withdrawal by HR. My PF contribution was Rs. 1100 per month from my side, and now I am planning to withdraw the full amount. I would like to know whether I am eligible for the increased rate of interest of 9.5% on my PF amount. Till now, I have not filled up the PF withdrawal form. Can you advise me if I can take advantage of the revised and increased interest rate on my accumulated amount? Or if I would like to avail the benefit of the increased interest rate, what should I do?
Regards, Amol Patil
From India, Mumbai
Acknowledge(0)
Amend(0)
I have been relieved from my earlier organization on 1st March 2011. I worked for 2.7 years in that company. Still, I have not received any communication on my PF withdrawal by HR. My PF contribution was Rs. 1100 per month from my side, and now I am planning to withdraw the full amount. I would like to know whether I am eligible for the increased rate of interest of 9.5% on my PF amount. Till now, I have not filled up the PF withdrawal form. Can you advise me if I can take advantage of the revised and increased interest rate on my accumulated amount? Or if I would like to avail the benefit of the increased interest rate, what should I do?
Regards, Amol Patil
From India, Mumbai
Acknowledge(0)Amend(0)
Dear Amol,
Please fill out this form, attach a bank statement, and submit it to your HR department. HR will not initiate this process. Instead, they will submit the form after 3 months from your date of leaving, as per the required period in the PF office. The interest rate you will receive is based on the applicable rate for that financial year according to the PF rules. You have no control over it.
While you have the option to withdraw this amount, it is advisable to save it. My advice is not to withdraw it.
All the best.
From India, Pune
Acknowledge(0)Amend(0)
43Please fill out this form, attach a bank statement, and submit it to your HR department. HR will not initiate this process. Instead, they will submit the form after 3 months from your date of leaving, as per the required period in the PF office. The interest rate you will receive is based on the applicable rate for that financial year according to the PF rules. You have no control over it.
While you have the option to withdraw this amount, it is advisable to save it. My advice is not to withdraw it.
All the best.
From India, Pune
Acknowledge(0)Amend(0)
Hi Amol,
PF interest is calculated on a yearly basis, so it depends on the base year interest rate. The PF interest has been increased to 9.5% this year. If you have made contributions this year, you will also enjoy the benefit of the 9.5% interest rate.
Amiya
From India, Jharsuguda
Acknowledge(0)Amend(0)
PF interest is calculated on a yearly basis, so it depends on the base year interest rate. The PF interest has been increased to 9.5% this year. If you have made contributions this year, you will also enjoy the benefit of the 9.5% interest rate.
Amiya
From India, Jharsuguda
Acknowledge(0)Amend(0)
The minimum time limit stipulated to apply for PF withdrawal is not three months, but two. In case of superannuation, going abroad, etc., even these two months are not required.
If you are presently in another PF applicable service, it is better to transfer by applying in form 13. Subsequently, EPFO will prepare Annexure K in which details of both the EPF and EPS will be incorporated. Whether you have contributed this year or not, you will be entitled to get 9.5% on your entire accumulation from 01.04.2011 for a period up to 31.03.2011 or the date of withdrawal; whichever comes earlier.
Abbas.P.S
From India, Bangalore
Acknowledge(0)Amend(0)
If you are presently in another PF applicable service, it is better to transfer by applying in form 13. Subsequently, EPFO will prepare Annexure K in which details of both the EPF and EPS will be incorporated. Whether you have contributed this year or not, you will be entitled to get 9.5% on your entire accumulation from 01.04.2011 for a period up to 31.03.2011 or the date of withdrawal; whichever comes earlier.
Abbas.P.S
From India, Bangalore
Acknowledge(0)Amend(0)
Dear Amol,
I hope you are aware of the new rule regarding no interest on PF accumulation. This rule has been in effect since April 1, 2011. Inoperative accounts, inactive for 3 years, will no longer accumulate any interest. As of the end of 2009-10, the total amount in inoperative accounts is approximately Rs. 8318.69 crores, with a total of 3 crores inoperative accounts. This situation is primarily due to short-term members.
As Abbas mentioned, it is advisable not to opt for withdrawal if you are currently employed in another PF operative Company or are planning to join one. The interest rate of 9.5% offered is not comparable to that of RD or FD.
I recommend advising your employees against withdrawing their funds at any point in time. Keeping the money for terminal withdrawal is the most prudent decision.
S. Sethupathy, Excellent HR Services, Erode (9715889031)
From India, Selam
Acknowledge(0)Amend(0)
I hope you are aware of the new rule regarding no interest on PF accumulation. This rule has been in effect since April 1, 2011. Inoperative accounts, inactive for 3 years, will no longer accumulate any interest. As of the end of 2009-10, the total amount in inoperative accounts is approximately Rs. 8318.69 crores, with a total of 3 crores inoperative accounts. This situation is primarily due to short-term members.
As Abbas mentioned, it is advisable not to opt for withdrawal if you are currently employed in another PF operative Company or are planning to join one. The interest rate of 9.5% offered is not comparable to that of RD or FD.
I recommend advising your employees against withdrawing their funds at any point in time. Keeping the money for terminal withdrawal is the most prudent decision.
S. Sethupathy, Excellent HR Services, Erode (9715889031)
From India, Selam
Acknowledge(0)Amend(0)
Hi, If you withdraw the accrued PF before 5 years then, tax would be deducted from the amount to be disbursed. It is advisable to transfer the PF account rather than withdrawing. Regards, Balaji
From India, Madras
Acknowledge(0)Amend(0)
From India, Madras
Acknowledge(0)Amend(0)
Dear Amol,
If you are taking up another job with a new employer, I would suggest that you do not apply for withdrawal of your PF but continue it with the new employer through the proper legal process. This will benefit you by allowing you to continue the EPS account, which you would otherwise lose. Additionally, you won't have to pay income tax on the management contribution to your PF since your service is less than 5 years.
Thanks and regards,
From India, Pune
Acknowledge(0)Amend(0)
If you are taking up another job with a new employer, I would suggest that you do not apply for withdrawal of your PF but continue it with the new employer through the proper legal process. This will benefit you by allowing you to continue the EPS account, which you would otherwise lose. Additionally, you won't have to pay income tax on the management contribution to your PF since your service is less than 5 years.
Thanks and regards,
From India, Pune
Acknowledge(0)Amend(0)
Dear all,
I was an employee of a firm called Global Ventage, which was later renamed as Aegis. Despite numerous attempts on my part to submit my application by having it attested by my bank manager and a gazetted officer, every five months they would return it. Every time, after convincing me that this time it would be successful, they would find a new detail to address when I revisited the PF office in Gurgaon. This is the third attempt; initially, I had it attested by an MLA, then a counselor, and finally by the bank manager. However, my PF withdrawal application was still rejected by the PF office.
Please suggest how I can resolve this issue. The form was attested by the bank manager as advised by the PF officer, yet the outcome remains the same. The form has been rejected, and I am awaiting the rejection letter to understand the reason for the rejection. Please help!
From India, Chandigarh
Acknowledge(0)Amend(0)
I was an employee of a firm called Global Ventage, which was later renamed as Aegis. Despite numerous attempts on my part to submit my application by having it attested by my bank manager and a gazetted officer, every five months they would return it. Every time, after convincing me that this time it would be successful, they would find a new detail to address when I revisited the PF office in Gurgaon. This is the third attempt; initially, I had it attested by an MLA, then a counselor, and finally by the bank manager. However, my PF withdrawal application was still rejected by the PF office.
Please suggest how I can resolve this issue. The form was attested by the bank manager as advised by the PF officer, yet the outcome remains the same. The form has been rejected, and I am awaiting the rejection letter to understand the reason for the rejection. Please help!
From India, Chandigarh
Acknowledge(0)Amend(0)
Dear Monika Ji,
It is not clear from your posting why your former employers, the Aegis, could not forward your application to the EPFO. A bank manager, an MLA, or a gazetted officer can only attest an application for the final payment of the PF account when the employer company is shut down, and there is no one to attest it. Even when some firm is shut down, they make arrangements for forwarding applications of their former employees to the EPFO office. You have resigned from Aegis, but the firm is still functioning. Please let us know what prompted you to opt for the extreme step of getting your application attested from an MLA, bank manager, etc., when you could have easily got it done through the Aegis.
From India, Pune
Acknowledge(0)Amend(0)
It is not clear from your posting why your former employers, the Aegis, could not forward your application to the EPFO. A bank manager, an MLA, or a gazetted officer can only attest an application for the final payment of the PF account when the employer company is shut down, and there is no one to attest it. Even when some firm is shut down, they make arrangements for forwarding applications of their former employees to the EPFO office. You have resigned from Aegis, but the firm is still functioning. Please let us know what prompted you to opt for the extreme step of getting your application attested from an MLA, bank manager, etc., when you could have easily got it done through the Aegis.
From India, Pune
Acknowledge(0)Amend(0)
Hello,
I withdrew my PF last month after completing 3 years of employment. I am seeking suggestions on how to avoid paying taxes on the PF amount I have withdrawn. I acknowledge that withdrawing PF before the completion of 5 years was a mistake. Kindly advise me on how to address this situation, considering I am in the 30% tax bracket.
Thank you.
From India, Mumbai
Acknowledge(0)Amend(0)
I withdrew my PF last month after completing 3 years of employment. I am seeking suggestions on how to avoid paying taxes on the PF amount I have withdrawn. I acknowledge that withdrawing PF before the completion of 5 years was a mistake. Kindly advise me on how to address this situation, considering I am in the 30% tax bracket.
Thank you.
From India, Mumbai
Acknowledge(0)Amend(0)Looking for something specific? - Join & Be Part Of Our Community and get connected with the right people who can help. Our AI-powered platform provides real-time fact-checking, peer-reviewed insights, and a vast historical knowledge base to support your search.
PF Calculation Sheet To The Subscribers At the Time Of Provident Fund Withdrawal.pdf
Guide Lines for PF Withdrawal.doc