I am 45 years old and resigning from my job to start my own business. I have the following queries: 1. I want to ensure that my EPF account is operative till 58 years old so that I keep getting the high interest that EPF provides. How should this be done? 2. At the same time I want the interest earned yearly to be withdrawn. Can this be done by requesting for partial withdrawal every year in EPFO site? 3. Is it mandatory to fully withdraw within 36 months post resignation in which case the above 2 is not applicable? Request you to clarify as none of the websites clearly states if a partial withdrawal is possible post resignation.
If there are no contributions made to the PF account for 3 years, the account becomes inactive. As per EPFO rule change as on April 2016, all inoperative accounts will be allowed to receive Interest till 58 years. So you can continue the account and not close the same.
2. Usually, PF doesn’t allow these kinds of withdrawals. You can make withdrawals for house purchase, marriage of self or dependent, education of children etc. Otherwise, year on year withdrawal is not permitted.
3. It is not mandatory to withdraw within 36 months post resignation.