Will PF continue to earn interest after leaving my job?

Until such time, interest will continue to accrue on the PF balance. In your case, you have ceased employment after completing 55 years of age and no contributions have been made thereafter. Therefore, you should be able to earn interest in the PF account up to 36 months from the date of leaving your previous job.

Is EPF interest taxable after retirement?

Although interest earned on the EPF account is tax-exempt, there are two situations where the interest earned becomes taxable. Raote says, “Interest accruing on the employee’s contribution in excess of Rs 2.5 lakh or Rs 5 lakh, as the case may be, would probably be taxed as income from other sources.

Where should I invest my PF money after retirement?

If you are still able to manage to invest Rs 40,000 monthly or otherwise you can gradually increase your monthly investment which can be invested with equal contribution in funds namely, Parag Parikh Flexi Cap Fund, UTI Flexi Cap Fund, Canara Robeco Flexi Cap Fund, Mirae Asset Mid Cap Fund, HDFC Large & Mid Cap Fund.

Is EPF interest credited for 2020?

Earlier this year, the EPFO decided to keep the rate of interest unchanged on provident fund deposits at 8.5 per cent for the financial year 2020-21. In a tweet on Monday, the EPFO wrote, “21.38 crore accounts have been credited with an interest of 8.50\% for the FY 2020-21.

Can I withdraw my PF after 8 years?

When can you withdraw PF balance? Under EPF Act 1952, you can withdraw the full PF amount if you retire from your service after having attained the age of 58 years and you can also claim the EPS amount (Employees’ Pension Scheme amount) at the same time.

How can I save my income tax after retirement?

Should you go by rolling returns or the P2P model?

1. Understand the tax implications of different sources of income.
2. Invest in Senior Citizens Savings Scheme (SCSS)
3. Invest in POMIS or bank FD.
4. Debt mutual funds offer tax-efficient income.
5. Do you have a personal finance query?