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Can I Keep My PF Amount After Retirement at 62 Without Withdrawing?

Ramalingam Kalirajan |9126 Answers |Ask -Follow

Mutual Funds, Financial Planning Expert - Answered on Aug 30, 2024

Ramalingam Kalirajan has over 23 years of experience in mutual funds and financial planning.
He has an MBA in finance from the University of Madras and is a certified financial planner.
He is the director and chief financial planner at Holistic Investment, a Chennai-based firm that offers financial planning and wealth management advice.... more

Question by Rajesh on Jun 10, 2024Hindi

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I am retired from company last year at age of 62. I have not withdrawn my pf amount as i dont need it now.Plus I am getting good interest rate without tax. Till what time can i keep this amount in pf

Ans: After cessation of employment at 62, the account will be classified as an "inoperative account." While it will continue to earn interest, it will be taxable. It's advisable to consider withdrawing or transferring the amount to a safer investment option before the tax implications kick in.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in

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 retired from a PSU in January 2021 on attaining 60 years. I have not withdrawn my PF amount. Some people have advised me not to withdraw, as it will earn interest for 3 years. Is it correct?

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Hi, I retired on 31 March 2024. I turned 60 years in November 2023. I have not yet with drawn my PF funds. Will the total accumulation be eligible for interest payment for 3 years post March 2024. Kindly advice.

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Hello Sir, Greetings. My name is Anil. I quit my last job in Sept 2021 and did not withdraw my PF amount till today. I will complete my 60 years in the next year. I have a continuous service af more than 22 years all PF account have transferred time to time when I joined the new organization. Please let me know whether I should continue to keep my PF balance in PF account and will I get the interest every year? Also please let me know when should I start with my PF pension? Thanks in advance for your guidance

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You should withdraw your EPF corpus immediately and invest elsewhere.

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Asked by Anonymous - Nov 26, 2024Hindi

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I have retired from private job 7 years ago at the age of 44. I have not withdrawn my pf and getting interest every year on the same. Is it correct to continue the pf or should I withdraw?

Ans: Hello;

Your EPF account will continue to get interest upto 58 years of age so you may hold it till that time.

Although EPFO has a rule that epf accounts will become inoperative after 36 consecutive months of no contribution except interest but they have a policy decision of honouring interest payment on corpus till member age of 58, despite this rule.

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Sir, I got retired on 30-Jun-24 after attaining the age of 58. I do not have any further contribution to PF. I would like to know if PF gives interest for next 3 years. In other words, when I withdraw PF at the age of 61 in Jun-2027, would PF have paid interest for 3 years from Jul-24 to Jun-27.

Ans: If no contributions are made for more than three years after retirement, the account becomes inoperative.
It stops earning interest.
The existing balance remains safe.

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