Team-BHP - The "Provident Fund" Thread

Quote:

Originally Posted by ravradha (Post 5886586)

I have left my company but do not know when I'll take the next job. Can I shift my EPF account away from my previous employer without another job. I do not want to withdraw.

But where do you want to shift it to while you're yet to start on a new job? To my knowledge, the PF tranfer requires two PF accounts both of which are linked to an establishment that contributes to EPF.

Out of curiosity, why do you not want to leave your PF as-is with the last organisation account for now? It is not like they can do anything with it unilaterally. The actual corpus is with the PF department anyway.

Quote:

Originally Posted by ravradha (Post 5886586)

I have left my company but do not know when I'll take the next job. Can I shift my EPF account away from my previous employer without another job. I do not want to withdraw.

Quote:

Originally Posted by vijaykr (Post 5886644)

Out of curiosity, why do you not want to leave your PF as-is with the last organisation account for now? It is not like they can do anything with it unilaterally. The actual corpus is with the PF department anyway.

Vijay is spot on. It is YOUR money, while a current employer can add to your PF pool, they cannot handle it in any other way.

Read point #13

Quote:

Originally Posted by Jebs (Post 5921123)

I've recently purchased an old property and I'd like to avail the pf withdrawal facility for its renovation. Is it possible to do it?

Yes, you can do it. I had withdrawn from my PF recently using this option.

Quote:

Originally Posted by Everlearner (Post 5880208)

I had submitted a partial claim request online on 29-Oct and received the money in my account yesterday 19-Nov. Turn around time of 20 days is impressive I would say.

The request was for the category of house renovation for which you can claim upto 12 months of your basic salary(not 12 months of PF contribution) and doesn't require any proofs or documents. Only a scanned copy of your cheque leaf is required for account verification.

The turn around time for other categories might be different.

Quote:

Originally Posted by Everlearner (Post 5921309)

Yes, you can do it. I had withdrawn from my PF recently using this option.

Thank for your response. I have opted for plot purchase 10 years ago and I'm trying to get a PF loan for my very recently purchased flat (a month ago). I heard there's a rule saying property must be 5 years old from the the date of ownership. Please throw some lights as I need this information urgently.

Quote:

Originally Posted by Jebs (Post 5921384)

I had bought a house 3 years back. However, when I applied for PF advance for the house renovation category, no proofs were asked regarding the home ownership. Only the cheque image was asked for bank details.

https://www.msn.com/en-in/money/news...147470509&ei=6

Good news indeed. EPFO withdrawals to get easier with UPI integration via gPay, Phone pe etc.

There was news earlier about PF withdrawal being enabled thru ATM's, not sure if they continue to progress with executing that idea.

Quote:

Originally Posted by Ananthc (Post 5935098)

Hi Everyone- Still interest is yet to be credited for 2023-2024 year. Anyone else not yet got the interest credit? Thanks!

Yes, mine has got credited sometime over the past 2 months. For many of my colleagues, it got credited much sooner.

Quote:

Originally Posted by Ananthc (Post 5935098)

Hi Everyone- Still interest is yet to be credited for 2023-2024 year. Anyone else not yet got the interest credit? Thanks!

It generally gets credited by August of the year for the previous year. The interest rates get announced in March of every year. However this year there is no news as yet reg the PF interest rates announcement or has it been already announced?

One withdrawal query. PF can be withdrawn for doing the interiors of a new house. Now the dilema is whether to withdraw from PF or MF. My simple understanding is that, PF would give approx 7.75% annual returns whereas MF is being giving more than 12% annual returns. Considering MF would beat PF returns in a long term, it will be wise to withdraw the PF for interior designing expenses of a new house?

Quote:

Originally Posted by VWAllstar (Post 5946392)

One withdrawal query. PF can be withdrawn for doing the interiors of a new house. Now the dilema is whether to withdraw from PF or MF. ..

Liquidating the lower returns holding (i.e.PF) appears to be beneficial at first cut. BUT, please factor in these aspects base the withdrawal decision.
1. A large PF withdrawal gives taxfree compounding a kick in the gut.
2. How long would you be keeping the MF part undisturbed (equity returns will be lumpy) if you withdraw from the PF? If you can leave the MF undisturbed over a decade, then
3. More important - the debt:equity distribution of overall portfolio. See how this impacts your overall plans and the time it would take to correct the same.

My PPF account matured on 01 April and I went to the branch with the renewal form to renew for another 5 years. The counter clerk says she did the renewal in the system and stamped my form and kept it.

How do I know if it is renewed or not? There is no confirmation mail/sms from the bank on this.