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Provident Fund latest news: Do not forget this work in EPF account, otherwise it will be a big loss

The benefits of Provident Fund begin to accrue after retirement. But many times people withdraw funds from their PF account, which is called advance.

The benefits of Provident Fund begin to accrue after retirement. But many times people withdraw funds from their PF account, which is called advance. This causes a lot of damage. Yes, because the employee does not get the compounded interest on that amount. Therefore, it is better not to withdraw money.




Interest of PF

Right now 8.50%

EPFO interest rate on PF 85% debt, 15% investment in equity

PF Withdrawal – urgent or helpless?

  • Keep only the last option withdrawals from EPF
  • savings for EPF retirement
  • on EPF government guarantees and credit risk
  • on EPF EEE tax benefits
  • pre-mature withdrawal of retirement will take effect on Corpus
  • less compounding power on withdrawals from investment long The
  • remaining money in the fund will increase gradually
  • less money will be left for retirement than before. The
  • larger the amount withdrawn, the higher the loss in earnings.

Comparison of interest rates

  • EPF : 8.5%
  • FD(1 year) : 5.5 %
  • PPF : 7.1%
  • NSC : 6.8%

PF- last 7 years interest rate

  • 2013-14: 8.75%
  • 2014-15: 8.75%
  • 2015-16: 8.8%
  • 2016-17: 8.65%
  • 2017-18: 8.55%
  • 2018-19: 8.65%
  • 2019-20: 8.50%
  • 2020-21: 8.50%

EPFO Equity Investment

EPFO does not invest directly in stocks of companies.

Sensex is invested through NIFTY ETF. Investment

in 2 ETFs of SBI Mutual Fund of EPFO ​​is

SBI ETF Nifty 50, SBI ETF invests in Sensex

Investment

EPF account holders to get 7 lakh insurance cover

The limit of insurance for employees’ death has been increased under the

EDLI-Employment Deposit Linked Insurance Scheme

EDLI, now the insurance cover of 7 lakhs was

earlier the maximum Sum Assured amount was 6 lakhs, in case

of death during the job, the family of the employee will get additional help.

Also Read: QR Code Scam: QR Code becomes a new weapon of fraud, accounts of such people are getting empty

What is EDLI Scheme?

Life insurance facility to EPFO ​​subscribers / member employees.

All subscribers are covered under EDLI 1976 scheme.

Claim of the scheme is on the death of the employee on behalf of the nominee.

Claim is possible even after working more than 1 place within 12 months of death.

The lump sum amount is paid in EDLI, in the

scheme the company pays the premium in lieu of the employee

How are the needs met?

You can meet the financial need by taking a secured loan, you can take

gold loan, top-up option on home loan

, FD, MF, can take loan on insurance policy

Personal loan can also choose an option

Personal loan according to different requirement available

Parvesh Maurya
Parvesh Maurya
Parvesh Maurya, has 5 years of experience in writing Finance Content, Entertainment news, Cricket and more. He has done BA in English. He loves to Play Sports and read books in free time. In case of any complain or feedback, please contact me @ praveshmaurya24@gmail.com
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