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How Long Can I Keep My Inactive PF Account?

Milind Vadjikar |1116 Answers |Ask -Follow

Insurance, Stocks, MF, PF Expert - Answered on Oct 18, 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

Question by Sriraman on Oct 18, 2024Hindi

Money

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.

Best wishes;

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 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 I have not withdrawn my pf amount as i dont need it now.Plus I am getting good interest rate without tax.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.

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Question by Ratna - Dec 04, 2024Hindi

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Hi - I worked for a company for about 15+ years and came out in 2017 and started something on my own. My PF account continues to exist with no contributions and interest amount is deposited every year. Questions: 1) Can I continue to keep the account and get the interest deposited till the age of 58. Am currently 50 years old. 2) Is the interest income tax free or taxable? 3) Should I withdraw from the account and invest the funds elsewhere? Please advise. Thank you.

Ans: 01. You may keep your PF Account & earn interest.
02. Interest earned on PF account is tax free, but you have to disclose the same in your ITR.
03. You may withdraw the amount & deposit the same in PPF account, with any bank or Post Office & keep earning interest. This account would be for 15 years & you can get it renewed under certian conditions.
Please note that in case of EPF Interest is not paid after 3 years, if there is no further contribution.
Most welcome for any further clarifications. Thanks

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