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2.8 Years PF Inactive - What Are My Options?

Milind Vadjikar | Answer |Ask -Follow

Insurance, Stocks, MF, PF Expert - Answered on Sep 09, 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 - Aug 17, 2024Hindi

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This query for a Regional PF expert. I was having my PF contributed for more than 15+ years at a stretch, however 2.8 years ago I took a work sabbatical and since then no contribution nor any transaction is being made to my PF A/c. Since the PF investment is giving me a very attractive rate of 8.25% p.a. I wish to continue with the same as it is, and enjoy the benefits of this very safe investment tool. I read that the PF A/c cannot be inactive for more 3 years. Kindly advise the best way forward, as I am unclear on this 3 year rule.

Ans: If there are no contributions to an EPF account for three consecutive years, it will stop earning interest after that time and become inactive hence it is recommended that you withdraw it and invest in other avenues.

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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Question by Vishwadeep - Sep 20, 2024Hindi

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Hello Sir, In one of your earlier answers, you have mentioned that " 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". I can’t add the URL for the previous answer as Rediff is not allowing to add URLs in the response. The above statement seems to be outdated. As per FAQ page on EPF website - If no contribution is received into a PF account for 3 consecutive years the account shall not earn any interest after 3 years from the stopping of contribution. In the previous answer it was also mentioned that "It is not mandatory to withdraw within 36 months post resignation". But as per EPF website, the account will be inoperative after 3 years if no further PF contributions are made. So, if no further PF contribution after leaving job, it's better to apply for PF withdrawal before the end of the 36-month period from leaving the last job as no interest will be paid after 36 months and the account will become inoperative. Just wanted to bring this to your notice for public awareness. Thanks.

Ans: We always maintained that EPF account becomes inactive after 36 months of continuous non contribution and doesn't draw interest after that so it is advisable for complete withdrawal before the same.
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Question by Sriraman - Oct 18, 2024Hindi

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what is the period that we can keep the PF account after no contribution ? will it gain interest and be tax free ?

Ans: Hello;

After 36 consecutive months of NO contribution, except interest, the EPF account becomes inoperative.

Once it is inoperative it won't earn interest.

Withdrawals will be tax-free but the account will have to reactivated.

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Dear Sir, I am now 60 years old and still employed. My company continues to contribute to my PF as I am still working. I was told that there is no interest for PF 3 years after 58 years age. If I am not getting any interest in my PF account, please advice what I should do. Thanks a lot for your advice. Vijay

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EPS closes at 58 but you may keep contributing to pf as long as you stay in active employment.

You will get interest on all your contributions. No need to worry.

Ensure entire 12% of employer contribution is credited to your pf account.

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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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