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How to withdraw PF including pension after 11 years in a private company?

Milind

Milind Vadjikar  |241 Answers  |Ask -

Insurance, Stocks, MF, PF Expert - Answered on Sep 26, 2024

Milind Vadjikar is an independent MF distributor registered with Association of Mutual Funds in India (AMFI) and a retirement financial planning advisor registered with Pension Fund Regulatory and Development Authority (PFRDA).
He has a mechanical engineering degree from Government Engineering College, Sambhajinagar, and an MBA in international business from the Symbiosis Institute of Business Management, Pune.
With over 16 years of experience in stock investments, and over six year experience in investment guidance and support, he believes that balanced asset allocation and goal-focused disciplined investing is the key to achieving investor goals.... more
Asked by Anonymous - Sep 22, 2024Hindi
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Hi Sir iam working in private org almost 11 year and having 2 PF account with same UAN, now I left the org and want to withdraw complete Pf amount including PF pension , is that possible?already transferred amount from previous to current company , but I want complete amount withdrawal including pension amount , is that possible

Ans: No.

The pension(EPS) amount is withdrawable only if the employee's service period is less than 10 years.
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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I’m working woman around 35 age living in Chennai with my son aged 6. How can I save tax on my salary income through investments in mutual funds and other tax-saving instruments under Section 80C?
Ans: Understanding Section 80C
Section 80C of the Income Tax Act offers a deduction of up to ?1.5 lakh on your taxable income. This can be claimed by investing in various financial instruments. Here are some popular options that align with your goals:
1. Public Provident Fund (PPF):
• Pros: Safe, long-term investment with guaranteed returns.
• Cons: Lock-in period of 15 years.
2. Equity Linked Saving Scheme (ELSS):
• Pros: Potential for higher returns, shortest lock-in period (3 years).
• Cons: Market-linked risks.
3. National Pension Scheme (NPS):
• Pros: Tax benefits, pension income, additional deduction of ?50,000 under Section 80CCD(1B).
• Cons: Early withdrawal penalties.
4. Sukanya Samriddhi Yojana (SSY):
• Pros: Dedicated for a girl child, tax-free interest.
• Cons: Limited to two children, long-term investment.
5. Employee Provident Fund (EPF):
• Pros: Employer contribution, tax-free interest.
• Cons: Limited control over investment.
6. Tax-Saving Fixed Deposits:
• Pros: Relatively safe, fixed interest rate.
• Cons: Lower returns compared to other options.
Additional Tips:
• Diversify: Consider a mix of investments to manage risk and potentially maximize returns.
• Consult a financial advisor: Seek professional advice tailored to your specific financial situation and goals.
• Consider your risk tolerance: Choose investments that align with your comfort level.
• Review regularly: Periodically assess your investments to ensure they meet your evolving needs.
Remember: The best tax-saving strategy depends on your individual circumstances. It's essential to evaluate your financial goals, risk appetite, and time horizon before making investment decisions.

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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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