I have sufficient fund to to take care of my expenses after retirement. I donot need the amount from my PF. The best investment at present seems to be not to withdraw the amount and allow it to earn 9% tax free.
2007-02-09 15:34:55 · 4 answers · asked by ramanathan r 1 in Business & Finance ➔ Personal Finance
Your employer will not keep the Provident fund amount. After deducting the PF amount from your salary, the employer has to remit the amount to EPF (Employee Provident Fund) Office in the city where they've registered. Even the interest that you receive is decided by the EPF Board only. Also I think you need to get back the providend fund amount from EPF Board. EPF Board will not able to continue to give 9% interest and it may go down at any moment. Its better you invest the amount either in Post Office or in Term Deposits in a Nationalized bank where you get assured returns.
2007-02-09 18:41:37 · answer #1 · answered by NeelS 2 · 0⤊ 0⤋
I know of people who want to withdraw their PF amount even during the tenure of their service. This is because of lack of trust. The amount is deposited with the EPO office.
Even the govt. has recently discontinued with refundable PF loans. They just don't want to hold your money, as they cannot afford to give 9% returns.
Pl. check wether interest on credited amount is freezed, as it may be mandatory to withdraw the amount after retirement.
It seems you are not aware of better investment opportunities.
Even the Senior Citizen Scheme gives 9.5% interest.
MIPs of MFs give about 12% interest.
2007-02-10 19:43:36 · answer #2 · answered by HMT 7 · 0⤊ 0⤋
No keepin PF with ur employer-
it is to b deposited in PF account ( Govt a/c)
2007-02-09 15:41:00 · answer #3 · answered by jay Z 4 · 0⤊ 0⤋
keeping in mind the current market condition, you should invest in a mutual fund with 3 year lockin period so that u can get more return per year + it will be tax free
2007-02-10 03:28:09 · answer #4 · answered by Anonymous · 0⤊ 0⤋