Will there be interest on EPF account even after retirement ?, What do the rules say ?. Can interest be received on epf account even after retirement know rules
If someone leaves the job before the age of 55 or before retirement, they can earn interest on it for the duration of their account.
New Delhi: Employees get a fixed pension after retirement. For this, a part of the salary of the person is credited to the EPF account during the job. Under the Indian Provident Fund (PF) Act, the EPF account pays interest on the pension until the employee reaches the age of 58 years. If someone leaves the job before the age of 55 or before retirement, they can earn interest on it for the duration of their account. (interest can be received on epf account even after retirement know rules)
So for the next 3 years, interest will be credited to the PF account related to that job
According to the rules, an employee who leaves the job after the age of 55 and after the age of 58 or before retirement, will be credited with interest on the PF account related to that job for the next 3 years. Then you have to check if there is any contribution in the account.
Interest will not be available on the inactive account
As per the rules, if an employee does not withdraw money from PF within 3 years i.e. 36 months, the EPF account will be deactivated. No interest is available on such EPF account.
Cannot apply in this situation
If a member has gone abroad permanently or died and in such a case the nominee has not claimed the money within 36 months, the application for withdrawal of the remaining amount cannot be made.
This amount goes to SCWF after 7 years
Inactive PF account is considered inactive for 7 consecutive years. If the funds are not claimed from the account, the amount goes to the Senior Citizens Welfare Fund (SCWF). The amount transferred to the PF account has been maintained in the Senior Citizens Welfare Fund for 25 years. In the meantime PF account holders can claim the amount.
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can interest be received on epf account even after retirement know rules
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