I HAVE WORKED FOR 2 YEARS AND NOW I WANT TO CLOSE MY PF ACCOUNT AND WITHDRAW MONEY.
I HEARD I F WE WITHDRAW IT BEFORE 55 YEARS OF AGE THERE IS HUGE PENALTY.
CAN ANY BODY TELL ME HOW MUCH WILL BE THE PENALTY
From India, Mumbai
I HEARD I F WE WITHDRAW IT BEFORE 55 YEARS OF AGE THERE IS HUGE PENALTY.
CAN ANY BODY TELL ME HOW MUCH WILL BE THE PENALTY
From India, Mumbai
Hello friend,
Sorry I dont know your name. It is just your misconception that there is huge penalty if u withdraw ur PF fund before the age of 55. There is no such clause. You may withdraw your PF fund any time after 60 days of leaving the organisation. However if you are thinking of getting withdrawal while serving in the organisation then its not possible once you are member of PF you cant stop the contribution till the time you leave the organisation. But ofcourse you may apply for partial withdraw as per the provisions.
Amit Goyal
9811558950
From India, Delhi
10Sorry I dont know your name. It is just your misconception that there is huge penalty if u withdraw ur PF fund before the age of 55. There is no such clause. You may withdraw your PF fund any time after 60 days of leaving the organisation. However if you are thinking of getting withdrawal while serving in the organisation then its not possible once you are member of PF you cant stop the contribution till the time you leave the organisation. But ofcourse you may apply for partial withdraw as per the provisions.
Amit Goyal
9811558950
From India, Delhi
Hi,
Are u assuming that or someone told you? i have resigned from my previous company after 3 years of services. In three months of time i got my PF amount credited to my bank account. Pls check with your company people on exact formailites of PF Withdrawal.
Regards,
Sridevi
From India, Hyderabad
Are u assuming that or someone told you? i have resigned from my previous company after 3 years of services. In three months of time i got my PF amount credited to my bank account. Pls check with your company people on exact formailites of PF Withdrawal.
Regards,
Sridevi
From India, Hyderabad
Guys, thats right that u can’t close ur PF account till the age of 55, but u can withdraw ur money after u leave an organisation and u get ur money within 3 to 6 months.
From India, Gurgaon
From India, Gurgaon
hi,
Friends,
I agree with Mr. Amits view and in addition to that I want to mention some important thing of PF:
Pf contribution can be tranfer to present employer or can be withdrawn this is 100% option of employees.
Yes here is two part one is PF fund and other is pension contribution, this pension contribution is deposited to sub regional office always but the Pf fund varies it might be Pf office of Pf trustee board i.e whether the company is excemted or unexgemted.
One thing is very very impotant that there is a provision of scheme certificate which employees can take for clame of pension and my personal advised to all of the working people like us to tranfer or to take a scheme certificate for the pension contribution for our futher need and uncertainty.
One thing more after leave the organisation withdrawn can be made any time and we will get the refund with interest as once I have heard that after 03 years the calculation of interest is stoped but till date no body has confirmed even the PF office.
If any one has some some addition suggestion please feel free to write and if any ones wants to know some thing more then i give my contact no.
rrtpan (HR)
Friends,
I agree with Mr. Amits view and in addition to that I want to mention some important thing of PF:
Pf contribution can be tranfer to present employer or can be withdrawn this is 100% option of employees.
Yes here is two part one is PF fund and other is pension contribution, this pension contribution is deposited to sub regional office always but the Pf fund varies it might be Pf office of Pf trustee board i.e whether the company is excemted or unexgemted.
One thing is very very impotant that there is a provision of scheme certificate which employees can take for clame of pension and my personal advised to all of the working people like us to tranfer or to take a scheme certificate for the pension contribution for our futher need and uncertainty.
One thing more after leave the organisation withdrawn can be made any time and we will get the refund with interest as once I have heard that after 03 years the calculation of interest is stoped but till date no body has confirmed even the PF office.
If any one has some some addition suggestion please feel free to write and if any ones wants to know some thing more then i give my contact no.
rrtpan (HR)
DEAR FEIND
LET ME KNOW WHAT IS PENSION scheme certificate AND WHAT IS THE PROCEDURE TO GET IT.
MY PF account is inoperation for last 2.5 yrs. willit be a problem when i withdraw.
kindly reply me at
From India, Mumbai
LET ME KNOW WHAT IS PENSION scheme certificate AND WHAT IS THE PROCEDURE TO GET IT.
MY PF account is inoperation for last 2.5 yrs. willit be a problem when i withdraw.
kindly reply me at
From India, Mumbai
Hi,
Plz find the reply to your query as under:
Scheme Certificate
This Certificate shows the service & family details of a member
This is issued if the member has not attained the age of 58 while leaving an establishment and he applies for this certificate
Member can surrender this certificate while joining another establishment and the service stated in the certificate is added with the service he is gaining from the new establishment.
After attaining the age of 50 or above, the member can apply for Pension by surrendering this scheme certificate (if total service is atleast 10 years)
This is a better choice than Withdrawal Benefit, as a member dies holding a valid scheme certificate, his family will get pension (Death when NOT in service)
Amit Goyal
9811558950
From India, Delhi
Plz find the reply to your query as under:
Scheme Certificate
This Certificate shows the service & family details of a member
This is issued if the member has not attained the age of 58 while leaving an establishment and he applies for this certificate
Member can surrender this certificate while joining another establishment and the service stated in the certificate is added with the service he is gaining from the new establishment.
After attaining the age of 50 or above, the member can apply for Pension by surrendering this scheme certificate (if total service is atleast 10 years)
This is a better choice than Withdrawal Benefit, as a member dies holding a valid scheme certificate, his family will get pension (Death when NOT in service)
Amit Goyal
9811558950
From India, Delhi
In this context, i want to ask u ppl, one more question. I've resigned from my previous company around 1 and half year back and i don't know my PF account number. My present company does not have any PF deductions, so i did not bother to find out the number and the amount was small so i did not withdraw the same. Now i'm getting into another company which has PF deductions. How will i get to know the PF account number? and Can i open a new PF account again?
Plzz Help.
Regards
Lakshmi Sriram.
From India, Hyderabad
Plzz Help.
Regards
Lakshmi Sriram.
From India, Hyderabad
Hi Lakshmi,
Yes ofcourse you may get new PF account opened with your new employer. Also if you want you can get your PF funds with your previous employer transfered to new employer's account. For transfer you need to fill form 13 which is attached. You need to specify your old PF account number which you may get from your ex- employer. After filling the form just submit it to your new employer. Rest other things will be taken care by this new employer and you funds will get transfered to the new account.
Amit Goyal
9811558950
From India, Delhi
Yes ofcourse you may get new PF account opened with your new employer. Also if you want you can get your PF funds with your previous employer transfered to new employer's account. For transfer you need to fill form 13 which is attached. You need to specify your old PF account number which you may get from your ex- employer. After filling the form just submit it to your new employer. Rest other things will be taken care by this new employer and you funds will get transfered to the new account.
Amit Goyal
9811558950
From India, Delhi
Hi,
I worked with my previous employer for 3.5 yrs n left the job 2 yrs back, n have not been working ever since. I have a fair amount of PF which i haven't withdrawn till date coz of the interest i might be earning. Can someone plz clarify whether an interest would still be adding every month on the balance amount, even if I left the job n there is no more savings adding every month to the PF a/c. Also, as I read in one of the responses the interest stops getting added after 3 yrs. Is that true? Is it a good idea to wait for another year (to complete the 3yrs having left contributing to the pf a/c) to withdraw the money? Will my previous employer still process my form 10c if i delay the withdrwal? And what if the previous employer company ceases to exist due to unforeseen circumstances? I m really confused coz I wanted to continue the same a/c later when i join a new job after a year or so. Plz suggest.
Also, since I was a regular tax payer, should I continue to submit my tax return showing Rs. 0 as earning, every year for my pan card a/c until I resume work again. How can I change my last name n address on the pan a/c due to marriage? Plz clarify.
From India, Indore
I worked with my previous employer for 3.5 yrs n left the job 2 yrs back, n have not been working ever since. I have a fair amount of PF which i haven't withdrawn till date coz of the interest i might be earning. Can someone plz clarify whether an interest would still be adding every month on the balance amount, even if I left the job n there is no more savings adding every month to the PF a/c. Also, as I read in one of the responses the interest stops getting added after 3 yrs. Is that true? Is it a good idea to wait for another year (to complete the 3yrs having left contributing to the pf a/c) to withdraw the money? Will my previous employer still process my form 10c if i delay the withdrwal? And what if the previous employer company ceases to exist due to unforeseen circumstances? I m really confused coz I wanted to continue the same a/c later when i join a new job after a year or so. Plz suggest.
Also, since I was a regular tax payer, should I continue to submit my tax return showing Rs. 0 as earning, every year for my pan card a/c until I resume work again. How can I change my last name n address on the pan a/c due to marriage? Plz clarify.
From India, Indore
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HC All - Trainees not covered for PF -2010.pdf
PF Ledger.xls