Any switch is also ok.
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EPFO 3.0 to allow employees to increase contribution, ATM Card, Revamped Pension Scheme
When will this new thing implement?
Mine is under process. I'll update what happens.
Both interests should already be credited.
Also, when you transfer or withdraw, interest is credited at that time even for current year based on previous year interest rate.
I had another thought + query about the calculation.
Goal: Withdraw maximum amount from EPF blanace.
Consider a EPF balance of Rs 30 lakhs.
Scenario 1: Withdraw some amount now, and wait for the new rule to take out the reamining.
If I withdraw now, I will get only a maximum of 50% based on different reasons given.
Say I withdraw only 5L now (Which is some 16.5% of the total corpus). EPF balance remaining = 25L
Now after the new rule comes into effect I can withdraw 75% of that remaining 25L = 18.75L
That means total I have withdrawn 5+18.75 = 23.75L
No another scenario where I don't withdraw anything now and wait for the new rule to come to effect.
So I can withdraw 75% of the total 30L EPF balance = 22.5L
That means, waiting for the new rule is not good if we want to withdraw maximum amount from EPF.
This is true for any combination. What could be wrong here? cc: @rogerthat, @krishc
Goal: Withdraw maximum amount from EPF blanace.
Consider a EPF balance of Rs 30 lakhs.
Scenario 1: Withdraw some amount now, and wait for the new rule to take out the reamining.
If I withdraw now, I will get only a maximum of 50% based on different reasons given.
Say I withdraw only 5L now (Which is some 16.5% of the total corpus). EPF balance remaining = 25L
Now after the new rule comes into effect I can withdraw 75% of that remaining 25L = 18.75L
That means total I have withdrawn 5+18.75 = 23.75L
No another scenario where I don't withdraw anything now and wait for the new rule to come to effect.
So I can withdraw 75% of the total 30L EPF balance = 22.5L
That means, waiting for the new rule is not good if we want to withdraw maximum amount from EPF.
This is true for any combination. What could be wrong here? cc: @rogerthat, @krishc
hdebnath
TF Select
Rupay select 😜😜😜
krishc
TF Ace
yeah it should but it hasn't been credited for many including me
hearing that it is based on which branch is handling your account
some branch babus forget they've a job to do
Hi @cardio_guy this looks like a good idea, but are you sure there aren't limits as to how many times the amount can be withdrawn in a year or something like that?
I think there are limits as to how many times we can withdraw, but defenitely it is more than once.
And we can withdraw 75% in one shot also. So that should not be a problem.
I think we need more clarity, as EPF finds out blunders in their policy, as people point out mistakes, and as there are protests from people against the new policies, there will be changes to these rules. It's like nothing is permanent.
I was just thinking my own case, the EPF rules when I started working in 2010 is very different from now, and will be very different when I reach the official retirement age of 58 or 60, after another 25-30 years. I am not very comfortable EPFO changing the rules and deciding the liquidity of my corpus, so I am trying to withdraw as much as possible now, when posisble, and moving to places where I have visibility and control.
nikhilv0303
TF Ace
Where do you plan to move the money?
Equity MF, Debt MF or something else?
That's a good question, it depends on a lot of factors, but for now I am just planning to keep it in a money market debt fund.
Aegon
TF Ace
Did you claim get settled?
Not yet, it still shows "Under Process" when I checked now. I haven't got any communication from EPF. Waiting.
