Interest on PF accumulated amount during PF transfer period

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Deal Subedar
sardasa

If I transfer my PF from 1 company to other company then do we get interest on the period it took for the PF amount to be get transferred?
For ex: My previous company closed my PF account on 17th March and it was credited in new PF account on June 1st. So, I didn’t receive interest for almost 2.5 months.

Is this fair?

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Analyst Analyst
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Chill

It doesn’t matter how many times you transfer pf account or change your service… As long as money is in your pf account you will receive interest.

Interest will be credited by 31/3/20 in your both member id’s and the same will also get transferred to your current member ID.

Deal Subedar Deal Subedar
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Accumulated PF has ready been transferred to my new PF account on June 1st, 2018. I have received interest after that too and received interest before that too but interest on this amount x has not been credited

Benevolent Benevolent
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what is the status of previous and present organisations –
1. both exempt, or
2. exempt-maintained by EPFO or
3. maintained by EPFO-exempt or
4. both maintained by EPFO

Deal Subedar Deal Subedar
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1st one is maintained by trust and 2nd one by EPFO

Flame Flame
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Check in passbook of previous/new organization pf account… U will have received interest when transferred to the new pf account

Deal Subedar Deal Subedar
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No I haven’t. Same x amount was credited on June 1st which was there is Annexure K at the time of PF account closure on March 17th.

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Benevolent Benevolent
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For interest from 1st June 2018 onwards, you need to take up with EPFO.
For earlier period, you need to take up with earlier organization Trust. However, if they have initiated transfer in May, then interest upto date of transfer, including interest for the previous year, should be already provided. Ask for a statement from them.

Deal Cadet Deal Cadet
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If I apply for a settlement now, will the final settlement include the interest for the current financial year.

Deal Cadet Deal Cadet
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@sardasa – Did either the Trust or EPFO responded to your grievance? I recently applied for transfer from Trust to EPFO. Though the amount is still not credited into my new account, in the Annexure-K that the Trust uploaded, i see they missed interest for 1 month. In the Annexure-K they said Interest paid till 12-2020, but if i calculate they haven’t included the interest for Nov,2020. I am waiting for the amount to get credited to new PF account first.

Deal Subedar Deal Subedar
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They told it’s all correct

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Helpful Helpful
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My friend is joining a new startup having no PF things from current company acting as trust under EPFO. He wants the PF account should be active along with quarterly interest credit but I believe it will close if no pf from salary comes within 3 months. Needs the dimer’s expertise @panchabhut @guest_999 @sardasa @JaiKrish1031 @insta_vicky @MrKool_JJ @drupal @getready

Flame Flame
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My experience is vice versa…. My 1st company had trust did full withdrawal after some yrs seperately… Also created new UAN from 2nd company to 4th currently in same account…. There is no way bro… Tell ur frnd to withdraw funds and invest elsewhere from active pf account wtever he is eligible for now

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Deal Lieutenant Deal Lieutenant
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For inactive accounts interests will stop accruing after 36 months.
is this correct?

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Deal Lieutenant Deal Lieutenant
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A scenario can be like this.. Some person quits his job and is currently working as a freelancer. He has no plans to join another company.
But he has not yet withdrawn the amount from PF as it is earning a good interest. Also it is better to not withdraw as it will be a safe fund with good interest..
why is he not eligible for interest after 36 months? why should he close the account if he is not in urgent need of that money?
An individual cannot contribute alone to EPF.
@insta_vicky @sardasa

Deal Subedar Deal Subedar
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You don’t need to close the account. Government of India will pay interest as per their PF account TnCs. You should raise grievance with EPFO and ask them about your specific scenario. Moreover 7.1% interest is not that much and you can withdraw your fund and park them with Idfc first bank or any mutual fund to get this much interest.

Deal Cadet Deal Cadet
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You can move your PF from trust to Regional PF office or vice versa. No issues in this transfer and no problems with EPS as well. When the PF transfer happens, the number of years of service – which is what it matters for EPS gets also transferred.

If number of employees in India are less than 20 or so i guess, companies are not required to give PF as part of CTC. So those people will have neither trust nor regional PF account. They can wait for 36 months and keep earning interest on their old PF corpus and then decide to either withdraw or transfer if they change to another company that offers PF.

It all depends on individual’s choices about safety of funds with government etc.

Flame Flame
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I have a query here…. Why are they not allowing to withdraw funds from eps part until u become 60 then ?! Trust do not contribute anything to eps AFAIK…. But if regular pf account… Ur employer contribution (some % of it automatically goes to eps.) And u can never withdraw until u retire

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