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Jinal Mehta |97 Answers |Ask -Follow

Financial Planner - Answered on Mar 08, 2024

Jinal Mehta is a qualified certified financial professional certified by FPSB India. She has 10 years of experience in the field of personal finance.
She is the founder of Beyond Learning Finance, an authorised education provider for the CFP certification programme in India.
In addition, she manages a family office organisation, where she handles investment planning, tax planning, insurance planning and estate planning.
Jinal has a bachelor's degree in management studies. She also has a diploma in in financial management from NMIMS, Mumbai.
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Asked by Anonymous - Feb 06, 2024Hindi

Money

Hi experts, I am still waiting for a response. Asking the question for the 3rd time. Reposting Hi, Question with regards to EPF My wife quit working in 2015 and post that there hasn't been any EPF contribution. We haven't withdrawn her EPF as we didn't need the money. Please can you let us know if the below A. Is our money safe since its been 10 years and there hasn't been any contribution B. Will she be getting any interest? C. If we withdraw the amount now and will there be any tax implication on the withdrawal? Somewhere in one article I read that the money not withdrawn within 36 months will be given away to senior welfare fund. This has got us all worried as the only reason we didn't withdraw is we didn't need the money and kept it for a rainy day. Please can you answer this question at the earliest as we are really worried about our EPF money post reading the article. Also, could you help us out with the process to withdraw the PF amount.

Ans: Please withdraw your PPF balance. Your wife's account must have been frozen. please do it asap.

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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Hello Sir, What are the latest guidelines for withdrawing the EPF amount? Is there a maximum limit for the amount that can be withdrawn? For how long can the amount be left in the EPF account after the contribution stops?

Ans: 1. You can withdraw up to 75% of the net balance in your EPF account, or three months of your basic salary plus dearness allowance, whichever is lower.
2. You can withdraw 100% of your EPF amount if you are unemployed for more than two months as per old rule.
3. You can withdraw up to 50% of your EPF amount for the marriage of your child or for their education after class 10.
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There is no maximum limit for the amount that can be withdrawn from your EPF account. However, you will need to pay income tax on the amount withdrawn if you have not contributed to your EPF account for at least five years.

The amount can be left in your EPF account after the contribution stops for an indefinite period of time. However, if you do not withdraw the amount after a certain period of time, it will be transferred to the Employees' Pension Scheme (EPS).

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Asked by Anonymous - Jan 31, 2024Hindi

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Hi experts, I am still waiting for a response. Reposting Hi, Question with regards to EPF My wife quit working in 2015 and post that there hasn't been any EPF contribution. We haven't withdrawn her EPF as we didn't need the money. Please can you let us know if the below A. Is our money safe since its been 10 years and there hasn't been any contribution B. Will she be getting any interest? C. If we withdraw the amount now and will there be any tax implication on the withdrawal? Somewhere in one article I read that the money not withdrawn within 36 months will be given away to senior welfare fund. This has got us all worried as the only reason we didn't withdraw is we didn't need the money and kept it for a rainy day. Please can you answer this question at the earliest as we are really worried about our EPF money post reading the article. Also, could you help us out with the process to withdraw the PF amount.

Ans: EPF account turns inoperative after 36 months of consecutive NO contribution. Hence no interest accrues on such inoperative accounts. Your spouse needs to visit nearest EPF and complete formalities to activate and withdraw the EPF balance. You may need KYC documents and letter from her last employer.

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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