Hi,
I've just resigned from my current company after working there for 9 years. I'll be taking up a role in a new company. I have a few queries.
1) Should i transfer my PF or withdraw it. Lot's of people are telling me to withdraw it since it takes 15 months to transfer & during that period no interest is calculated. I've been advised to withdraw & put it in an FD. I think there are some clauses to withdraw?
2) If i withdraw what part will i get? My company has this policy of 3.67% to PF & the rest to EPS(Pension) Rs541/-. If i withdraw will i get my contribution+Employer+the amount in pension scheme?
3) One more Q not related to PF> Can the new company force me to open a new bank account. I just want to continue with my existing because I EMI's & other stuff associated with it.
Thanks,
Gary
From India, Bangalore
1I've just resigned from my current company after working there for 9 years. I'll be taking up a role in a new company. I have a few queries.
1) Should i transfer my PF or withdraw it. Lot's of people are telling me to withdraw it since it takes 15 months to transfer & during that period no interest is calculated. I've been advised to withdraw & put it in an FD. I think there are some clauses to withdraw?
2) If i withdraw what part will i get? My company has this policy of 3.67% to PF & the rest to EPS(Pension) Rs541/-. If i withdraw will i get my contribution+Employer+the amount in pension scheme?
3) One more Q not related to PF> Can the new company force me to open a new bank account. I just want to continue with my existing because I EMI's & other stuff associated with it.
Thanks,
Gary
From India, Bangalore
Dear Gary,
Its upto you to keep the account or withdraw the whole amount contributed in your PF. Even if you withdraw you will get all your contribution made till your last contribution to PF along with Interest.
Now a days transfering your existing PF account to new account is comparatively easy as compaired to early days due to recent automation of processes in PF department. So just check with your new employer if they can do that if not then go for withdrawal.
Talking about new bank acount its depend on company if they have the salary account with some other bank then they will open your new account and in that case you can do the bank transfer to your old account.
If they have the salary account in same bank in which you have the account then they can just transfer that account to salary account. This will enable that account to be zero balance account but under new company's head. In that case you can continue the same account.
From India, Pune
Its upto you to keep the account or withdraw the whole amount contributed in your PF. Even if you withdraw you will get all your contribution made till your last contribution to PF along with Interest.
Now a days transfering your existing PF account to new account is comparatively easy as compaired to early days due to recent automation of processes in PF department. So just check with your new employer if they can do that if not then go for withdrawal.
Talking about new bank acount its depend on company if they have the salary account with some other bank then they will open your new account and in that case you can do the bank transfer to your old account.
If they have the salary account in same bank in which you have the account then they can just transfer that account to salary account. This will enable that account to be zero balance account but under new company's head. In that case you can continue the same account.
From India, Pune
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