You may not know, but PF is a popular savings scheme that the government has introduced. In case you want to enjoy your life after retirement, then you must consider this. This saving scheme is basically connected with the salaried class to facilitate the habit of saving money. This is just to build a substantial retirement corpus. In case you want to know more about PF, then PF Consultant is the right source of knowing the details. You may not know, but the PF scheme has basically catered to over 6 Crore individuals, and three different acts direct this.
You may not know, but the fund is built with a monetary contribution, which is extended by the employees and their employer each month without any fail. For your information, both parties will extend 12% of each of the employees’ monthly salaries. The amount of salary will get credited to the account; the percentage will depend on that. The amount they will contribute towards their PF will be returned to their account after retirement.
Now, we will be sharing some of the facts that you must know while planning to opt for PF! However, there are plenty of PF Consultant In Delhi available near you, and you may get help from them as well.
First, you need to know…
The Circumstances Under Which You Can Withdraw Your PF
You may not know, but every individual can opt for complete or partial withdrawal of PF. However, these withdrawals can be made under certain circumstances.
Let’s check out the list of the circumstances under which you can withdraw the PF completely!
- If you are getting retired
- If your employment period somehow gets extended more than two months
- Suppose you are switching your profession or job. However, the job duration without any job should be more than two months.
A list of circumstances under which you can only withdraw a partial amount from your PF!
- If you are getting married, and you need money
- In case you want to opt for some higher education, and you need money
- If you are planning to purchase land, or you are planning to construct your house
- If you want to make any kind of repayment against your home loan
- In case you want to renovate your housing property
However, if you want to know some other circumstances that are not that well known, you will have to start looking for PF Consultant Near Me!
The Rate Of Interest Offered by PF
If you are willing to know the current interest rate, let me give you a glimpse of the last year, 2019-2020. For this latest financial year, the prefixed interest rate was 8.55%, and the interest amount was accrued on the investment in PF online account, and the amount will be tax-free.
However, this interest rate is only paid by those salaried who are yet to retire. A Provident Fund Consultant will be the best source to have a clear idea, and we have also explained a few things here as well.