EPFO Interest FY 24-25 credited

[its_karan]

Ya its credited.

 

[cardio_guycardio_guy is verified member.]

How to withdraw money from EPF?

You can place a withdrawal request from the main portal - https://unifiedportal-mem.epfindia.gov.in/memberinterface/
this is for medical, house construction, higher education etc. Some categories they have mentioend. You need to select one of that.

But anyway withdraw a small test amount like 500-100 and see if it is working smoothly. (there is no minimum amount)
(The idea is --> If it works for 500, it will work for 50L.) @tachniki

So that you don't have to run behind EPFO officials and your employer during your retirement years to fix spelling mistake in your father's name.
EPFO idiots is hell known for all sorts of rejection issues. Why to spoil your 60's by having tension?

 

[prankster]

You can place a withdrawal request from the main portal - https://unifiedportal-mem.epfindia.gov.in/memberinterface/
this is for medical, house construction, higher education etc. Some categories they have mentioend. You need to select one of that.

But anyway withdraw a small test amount like 500-100 and see if it is working smoothly. (there is no minimum amount)
(The idea is --> If it works for 500, it will work for 50L.) @tachniki

So that you don't have to run behind EPFO officials and your employer during your retirement years to fix spelling mistake in your father's name.
EPFO idiots is hell known for all sorts of rejection issues. Why to spoil your 60's by having tension?

I'd hope these issues would be ironed out in a few years. There's even news that EPFO is going to start allowing withdrawal using UPI/ATMs. Hope to see this soon 🙌🏻

 

[fradela]

You can place a withdrawal request from the main portal - https://unifiedportal-mem.epfindia.gov.in/memberinterface/
this is for medical, house construction, higher education etc. Some categories they have mentioend. You need to select one of that.

But anyway withdraw a small test amount like 500-100 and see if it is working smoothly. (there is no minimum amount)
(The idea is --> If it works for 500, it will work for 50L.) @tachniki

So that you don't have to run behind EPFO officials and your employer during your retirement years to fix spelling mistake in your father's name.
EPFO idiots is hell known for all sorts of rejection issues. Why to spoil your 60's by having tension?

Should I submit any documents for that?

 

[taskmaster]

Just heard some 300 crs spent on website and its not working since last two days.

Bhai sab paisa developers pe spend kar diya toh ab host karne ke liye ek intern ka laptop use karte hai aur wo PTO pe gaya hai

 

[tachniki]

So that you don't have to run behind EPFO officials and your employer during your retirement years to fix spelling mistake in your father's name.
EPFO idiots is hell known for all sorts of rejection issues. Why to spoil your 60's by having tension?

If this issue exists, you will face same even when transferring and not just withdrawal. Also, all claims are settled manually. So, with same issue, one officer may allow while other officer may reject claim. So, no guarantee that if you withdraw rs 100 now, there will be no issue after one year.

Hopefully govt will automate all these processes and make it smoother.

And please do remember to add nominations for epfo (similar to bank accounts).

 

[cardio_guycardio_guy is verified member.]

Should I submit any documents for that?

N o .

 

[cardio_guycardio_guy is verified member.]

I'd hope these issues would be ironed out in a few years. There's even news that EPFO is going to start allowing withdrawal using UPI/ATMs. Hope to see this soon 🙌🏻

EPFO (or the govt) will be happy if more people take out money using ATM and UPI. Otherwise they will go bankrupt paying crores of interest.
Like @tachniki told, this is our golden goose for retirement. If we kill it early, we are only at loss.

 

[350modena]

How much epf is deducted? Asking for a friend 👀

Employee share from salary is 12% of basic + Employers matching share so 24% or basic.

 

[sky_walker_rules]

I see only this....

Int. Updated upto
31/03/2024


I dont see 2025 interest yet in passbook

same for me

 

[m4b]

Employee share from salary is 12% of basic + Employers matching share so 24% or basic.

Is this common for everyone here?

 

[msd07]

Is this common for everyone here?

few companies take only standard 1800rs eventhough their sal or basic is high..

 

[350modena]

Is this common for everyone here?

This is the EPFO RULE - mandated by The Provided Fund act.

 

[350modena]

few companies take only standard 1800rs eventhough their sal or basic is high..

Yes they apply the 15k max basic amount and give 24% on that.

 

[its_karan]

Is this common for everyone here?

Nope, I put in a VPF

The calculation is such that Employee contribution is close to 2.5L per annum

 

[Pravas]

Unless you are retired or in really crazy need, please don't withdraw. This is your retirement cover and keep it for that. Some day you will not believe how big it has become. I am reasonably old to say that.

That depends on person to person. If you are responsible with your money and can invest wisely you should withdraw and invest in a big ticket item like flat/land or stocks/mutual funds.

If you are dependent on the EPS corpus alone for retirement, then that may not work. If you treat the EPS corpus as your debt(fix income) component of your over all portfolio then may be OK.
But 8-9 % tax free return (for now, govt may change the tax free status later as they have added TDS on above 2.5L contribution) is too low, inflation will eat that out.

I personally withdrawed 50L in Oct 2024 from EPFO and funded down payment of my flat and rest invested in Indian equity, US equity and crypto.

As personal finance is personal and will vary for person to person, given my input so that you know the other side of the equation. For context I am 35 year old and have a decent paying Job and did not really needed the EPFO money as such but chose to withdraw anyways.

 

[fradela]

N o .

I will withdraw amount from it. I can manage it my own.

 

[msd07]

PF amount gets compound interest and very safe investment.. unless there is unavoidable situation dont withdraw...