Sir,
I have been relieved from my earlier organisation on 1st March 2011. I worked for 2.7yrs in that company. Still I have not received any communication on my PF withdrawl by HR. My PF contribution was Rs.1100/- per month from my side & now I am planning to withdraw all amount. I would like to know that weather I am eligible for the increased rate of Interest of 9.5% on my PF amount. Till now I have not filled up PF withdrawl form. Can you advise me if I can get the advantage of revised & increased interest rate on my collected amount. Or if I would like to avail the advantage of increased rate of interest, what should I do?
Regards,
Amol Patil
From India, Mumbai
I have been relieved from my earlier organisation on 1st March 2011. I worked for 2.7yrs in that company. Still I have not received any communication on my PF withdrawl by HR. My PF contribution was Rs.1100/- per month from my side & now I am planning to withdraw all amount. I would like to know that weather I am eligible for the increased rate of Interest of 9.5% on my PF amount. Till now I have not filled up PF withdrawl form. Can you advise me if I can get the advantage of revised & increased interest rate on my collected amount. Or if I would like to avail the advantage of increased rate of interest, what should I do?
Regards,
Amol Patil
From India, Mumbai
Dear Amol,
Please fill this form and attach a bank statement and submit it to your HR dept.
HR will never initiate this. However they will submit this form after 3 months from your date of leaveing, this is the required period in the PF office.
The interest rate you will get is as per applicable in that financial year as per the PF rules. You have no control on it.
You can withdraw this amount however you should try to save here, my advise is to not to withdraw.
All the best.
From India, Pune
43Please fill this form and attach a bank statement and submit it to your HR dept.
HR will never initiate this. However they will submit this form after 3 months from your date of leaveing, this is the required period in the PF office.
The interest rate you will get is as per applicable in that financial year as per the PF rules. You have no control on it.
You can withdraw this amount however you should try to save here, my advise is to not to withdraw.
All the best.
From India, Pune
Hi Amol,
PF interest is calculate on yearly basis , so it depend on base year interest rate. PF interest is increase to 9.5% in this year. If u have the contribution in this year then u also enjoy the cream of 9.5%.
Amiya
From India, Jharsuguda
PF interest is calculate on yearly basis , so it depend on base year interest rate. PF interest is increase to 9.5% in this year. If u have the contribution in this year then u also enjoy the cream of 9.5%.
Amiya
From India, Jharsuguda
The minimum time limit stipulated to apply for PF withdrawal is not three months, but two. In case of superannuation, to go abroad etc., even this two months is 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 & EPS will be incorporated. Whether you have contributed in this year or not, you will be entitled to get 9.5% on your entire accumulation from 01.04.2011 for a period upto 31.03.2011 or the date of withdrawal; which one falls earlier.
Abbas.P.S
From India, Bangalore
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 & EPS will be incorporated. Whether you have contributed in this year or not, you will be entitled to get 9.5% on your entire accumulation from 01.04.2011 for a period upto 31.03.2011 or the date of withdrawal; which one falls earlier.
Abbas.P.S
From India, Bangalore
Dear Amol
Hope you are confused with the new rule of no interest on PF accumulation, I think.
This is applicable from 1st April 2011. the inoperative account for 3 years will not added with any interest henceforth. Inoperative accounts amounts for about Rupees 8318.69 crores at the end of 2009-10. No of inoperative Accounts 3 crores.This is mainly because of short term members.
As Abbas mentioned don't opt for withdrawal if you are in another PF operative Company or about to join one such. Becouse the rate of interest 9.5 is no way match with RD or FD.
Please advice your employees not to go for withdrawal at any point of time. Keep the money for terminal withdrawal is the wise thing.
S.Sethupathy,
Excellent HR Services,
Erode
(9715889031)
From India, Selam
Hope you are confused with the new rule of no interest on PF accumulation, I think.
This is applicable from 1st April 2011. the inoperative account for 3 years will not added with any interest henceforth. Inoperative accounts amounts for about Rupees 8318.69 crores at the end of 2009-10. No of inoperative Accounts 3 crores.This is mainly because of short term members.
As Abbas mentioned don't opt for withdrawal if you are in another PF operative Company or about to join one such. Becouse the rate of interest 9.5 is no way match with RD or FD.
Please advice your employees not to go for withdrawal at any point of time. Keep the money for terminal withdrawal is the wise thing.
S.Sethupathy,
Excellent HR Services,
Erode
(9715889031)
From India, Selam
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
From India, Madras
Dear Amol,
If you are taking up another job with some employer, I would suggest you not to apply for withdrawal of your PF but continue it with the new employer by due process of law. This will benefit you by continuing the EPS account which otherwise you lose. Moreover, you don't have to pay income tax on management contribution to your PF as your service is less than 5 years. Thanks and regards,
From India, Pune
If you are taking up another job with some employer, I would suggest you not to apply for withdrawal of your PF but continue it with the new employer by due process of law. This will benefit you by continuing the EPS account which otherwise you lose. Moreover, you don't have to pay income tax on management contribution to your PF as your service is less than 5 years. Thanks and regards,
From India, Pune
Dear all.
I was the employee of a firm Global Ventage, renamed as Aegis and after so many applications from my side by getting it attested by my bank manager, gazetted officer every now and then after convincing me that this time i will get it so on and so forth , every time after every 5 months they send it back.And when i again visit the PF office gurgaon they come up with new detail, that it has to be attested by another officer.Its my third time first i got it attested from MLA, then counsellor and then by bank manager .my PF withdrawl application was still rejected by the PF office. Pls suggest what is the way to get this thing sorted. The form as attested by the bank manager as suggested by the PF officer. Still the result is same. The form has been rejected and i am waiting for the rejection letter to know the reason for the rejection. Please Help!!
From India, Chandigarh
I was the employee of a firm Global Ventage, renamed as Aegis and after so many applications from my side by getting it attested by my bank manager, gazetted officer every now and then after convincing me that this time i will get it so on and so forth , every time after every 5 months they send it back.And when i again visit the PF office gurgaon they come up with new detail, that it has to be attested by another officer.Its my third time first i got it attested from MLA, then counsellor and then by bank manager .my PF withdrawl application was still rejected by the PF office. Pls suggest what is the way to get this thing sorted. The form as attested by the bank manager as suggested by the PF officer. Still the result is same. The form has been rejected and i am waiting for the rejection letter to know the reason for the rejection. Please Help!!
From India, Chandigarh
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, a gazetted officer can only attest an application for final payment of 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 MLA, bank manager etc. when you could have easily got it done through the Aegis.
From India, Pune
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, a gazetted officer can only attest an application for final payment of 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 MLA, bank manager etc. when you could have easily got it done through the Aegis.
From India, Pune
Hello,
I have withdraw my PF last month. I had completed 3 years of my employment. I need some suggestions on how could I avoid paying tax on the PF that I have wothdrawn.
I agree I have done a mistake by withdrawing PF before 5 years. Kindly suggest way to get out of this. I am in 30% bracket.
From India, Mumbai
I have withdraw my PF last month. I had completed 3 years of my employment. I need some suggestions on how could I avoid paying tax on the PF that I have wothdrawn.
I agree I have done a mistake by withdrawing PF before 5 years. Kindly suggest way to get out of this. I am in 30% bracket.
From India, Mumbai
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PF Withdrawl.doc
Online PF Withdrawl Process.pdf