If you are also planning to withdraw money from PF account, then we are telling that in how many days money is transferred from PF account to your account.
PF account is a good means of investment and savings for the employed people, who prepare for retirement. But, if you need money during the job, then you can also withdraw this money at some point of time. Often people withdraw their money to build a house or on the basis of medical emergency. After applying to withdraw money, we wait for our money, so today we are telling you how many days the money gets in the account.
Also, we will tell you that when money is deposited in PF, then on what basis the interest is available on it. Although the rate of interest is fixed every year by the government, but there is a special way of calculating it, on the basis of which interest is earned on the money deposited in PF. If you are also going to withdraw money, then from this news you will get an idea that when you will get money and on what basis will you get interest…
In how many days does the money come?
Often people withdraw money from their PF account during their job before retirement. In such a situation, if you are applying to withdraw money from PF account, then your claim will be processed in 20 days. However, due to the corona virus, many rules have been changed. If you withdraw money from PF account due to the conditions related to corona virus, then money is received in the account in 7 days or even 3 days.
Normally it takes 20 days to settle a claim or release the PF amount, if the same is submitted to concerned EPFO Office in complete.
— EPFO (@socialepfo) June 22, 2021
How is interest calculated?
Interest is calculated on the basis of the monthly running balance deposited in the EPF account every month, but, it is deposited in the account at the end of the year. According to the rules of EPFO, if any amount is withdrawn in a year from the balance amount as on the last date of the current financial, then it is deducted 12 months interest. If any amount is withdrawn during the current financial year, then the interest amount is charged from the beginning of the year to the month immediately preceding the withdrawal.
If I do not withdraw from my PF account , will I get interest till age of retirement.
— Naveen Arichwal (@naveenarichwal) June 20, 2021
For how long do you get interest?
As per the information given by EPFO, till you do not settle your account, you get interest. But, there are many conditions in this too. For example, suppose you deposited money in your PF account till retirement and you do not withdraw that money even after retirement, you will continue to get interest. However, if you do not make any settlement for three years, you will get interest, but after three years your account becomes inactive. In such a situation, withdrawing money from PF after retirement is the right option.
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