I recently retired, but since then the fund has been suspended.I have an accumulation of PF ￡500,000 rupees.
Since PF earns about 8.5% risk-free interest, can I keep the above cumulative amount in my PF account without withdrawing? Moreover, whenever I decide to withdraw it, will such interest on the retirement PF be taxed?
Here we assume that you retired at the retirement age of 58. Under PF rules, if an employee terminates service after reaching the age of 55, the account will be inactive and no further interest will be accrued. If deemed inoperable, the account will stop accruing interest.
Therefore, it is recommended to withdraw the cumulative PF amount as soon as possible according to the prescribed time limit after retirement.
— Answer by Arvind Rao, Founder of Arvind Rao & Associates
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The PF account becomes inactive and does not earn interest after the employee leaves the company
Source link The PF account becomes inactive and does not earn interest after the employee leaves the company