I have retired from a company on 1st August 2023, and PF contributions have been deducted regularly since February 1988 under EPFO.
Now, my question is: If I withdraw my total fund now, how and when will EPFO provide me with the interest for the period 2022-23 and 2023-24 on my total contributions up to July 2023? I ask because as far as I know, EPFO has not yet credited the interest for 2022-23. Additionally, the interest rate for 2023-24 will be declared next year. How will I receive the interest for 2023-24 for my contribution period from March 2023 to July 2023?
From India, Kolkata
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Now, my question is: If I withdraw my total fund now, how and when will EPFO provide me with the interest for the period 2022-23 and 2023-24 on my total contributions up to July 2023? I ask because as far as I know, EPFO has not yet credited the interest for 2022-23. Additionally, the interest rate for 2023-24 will be declared next year. How will I receive the interest for 2023-24 for my contribution period from March 2023 to July 2023?
From India, Kolkata
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After the withdrawal of the available funds, the PF account will not be permanently closed. Instead, it will remain open for the member to withdraw any interest credited at any time. Therefore, you can periodically check the balance, and if any interest is credited, you can withdraw it using the same process.
From India, Kannur
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4483From India, Kannur
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Hi,
Thank you for reaching out to us regarding your EPFO withdrawal query. As per the EPFO guidelines, the interest on your total contribution will be calculated up to the date of withdrawal. Therefore, the interest for the period 2022-23 and 2023-24 will not be credited to your account as it will be calculated only up to the date of withdrawal.
In addition, the interest rate for the year 2023-24 will be declared next year, and the interest for your contribution period from March 2023 to July 2023 will be calculated based on the interest rate declared for that year.
Thanks,
From India, Bangalore
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Thank you for reaching out to us regarding your EPFO withdrawal query. As per the EPFO guidelines, the interest on your total contribution will be calculated up to the date of withdrawal. Therefore, the interest for the period 2022-23 and 2023-24 will not be credited to your account as it will be calculated only up to the date of withdrawal.
In addition, the interest rate for the year 2023-24 will be declared next year, and the interest for your contribution period from March 2023 to July 2023 will be calculated based on the interest rate declared for that year.
Thanks,
From India, Bangalore
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Circular on PF Damage & Interest Calculations.pd f
PF Interest calc.xls