Employees who withdraw full money from their PF account and do not use this account are not paid interest. At the same time, interest is not given even after the retirement period of PF account is over.
New Delhi. Employees Provident Fund (EPF) is a retirement saving scheme for the employed people of the country. It is managed by the Employees Provident Fund Organization (EPFO). Crores of people are associated with the EPFO scheme, who deposit a certain amount every month from their salary in their PF account. The central government pays interest every year to the employees on the amount deposited in the PF account. On this interest is being given by the government at the rate of 8.1 percent.
The interest money received on PF is released only for those accounts which are active. But very few people know that even if your EPF account has been deactivated, it still earns interest. Here we are telling you under which circumstances interest is paid by the government even on the deactivated PF account.
How to manage pf account
PF account is opened for those people who are regular employees of any institution or company. Equal contribution is made by both the company and the employee in the PF account. The government pays interest on the money deposited in it. If needed, you can also withdraw money from PF account at the time of emergency. But if you do not withdraw the money deposited in the PF account in between, then at the time of retirement you get a substantial amount.
When is interest not available on PF account?
Employees who withdraw full money from their PF account and do not use this account are not paid interest. At the same time, interest is not given even after the retirement period of PF account is over. Apart from this, the amount of interest is not given even after the age of the account holders is 58 years and the amount deposited in the PF account is not withdrawn for a long time.
Interest rules on deactivated pf account
Employees who regularly contribute to their PF account are given interest every year by the government. However, in the financial year 2013, a decision was taken that if an employee does not contribute to PF for three years, then his interest money should be withheld. But this decision was withdrawn by the government in 2016. Now there is no provision for not paying interest on deactivated PF account. That is, interest will be given by the government on all types of PF accounts, deactivated or activated.
