You get Interest on inoperative PF Account also

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To discourage provident fund subscribers from neglecting their Employees' Provident Fund Organisation (EPFO) accounts, especially the ones in which no contributions were being made at all, with effect from financial year 2011-12, the EPFO decided to stop paying interest on accounts that had been inoperative for more than 3 years, or 36 months.

However, last year it rolled back this decision. As a result, now even if your account is lying dormant, or has been inoperative for more than 3 years, it will continue to earn interest like it did earlier.

Interest on inoperative PF accounts

After bringing in portability, in 2016, EPF also decided that an employee would not be able to withdraw contributions of the employer till she turned 58. But this caused other problems. The rule would make it difficult for someone quitting formal workforce to withdraw the entire money, and worse, after 3 years the account would become inoperative with no further interest paid.

There was strong pushback against this rule and ultimately the EPFO never implemented this rule. Further, in an order in November 2016, it decided to pay interest even on inoperative accounts.

According to V.P. Joy, Central Provident Fund Commissioner, the inoperative accounts will earn interest till retirement only. Also, if a person retires and does not withdraw the money, then after 3 years the account will become inoperative and no interest will be paid in this case.

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Atal Pension Yojana

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APY is a guaranteed pension scheme of the Government of India to provide the security of a pension for people in the unorganised sector and is administered by the PFRDA. 

Atal Pension Yojana (APY) is open to citizens of India who hold a bank account. 

The minimum age of joining APY is 18 years and maximum is 40 years. The age of exit and start of pension is 60 years. Minimum period of contribution by the subscriber under APY would be 20 years or more. 

Subscribers will receive a pension of either Rs 1,000, Rs 2,000, Rs 3,000, Rs 4,000 or Rs 5,000 a month at age 60, depending on contribution, which is based on age of joining the APY. 

Earlier the age of joining, lower will be the contribution. To receive a pension of Rs 5,000, a person who joins at 18 will make a monthly contribution of Rs 210 while a person who joins at age 35 will contribute Rs 902. 

Invest Rs 1,50,000 and Save Tax up to Rs 46,350 under Section 80C. Get Great Returns by Investing in Top Performing Tax Saving ELSS Funds. Save Tax Get Rich

Top 10 Tax Saving Mutual Funds of 2018

Best 10 ELSS Mutual Funds to Invest in India of 2018

1. Tata India Tax Savings Fund 

2. Mirae Asset Tax Saver Fund

3. DSP BlackRock Tax Saver Fund

4. Sundaram Diversified Equity Fund

5. Birla Sun Life Tax Relief 96

6. ICICI Prudential Long Term Equity Fund

7. Invesco India Tax Plan

8. Reliance Tax Saver (ELSS) Fund

9. Axis Tax Saver Fund

10. BNP Paribas Long Term Equity Fund

Invest in Best Performing Tax Saver Mutual Funds of 2018

Invest Best Tax Saver Mutual Funds Online

Download Top Tax Saver Mutual Funds Application Forms

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Investing in a Gold Fund

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Gold in India is a store of value but I am not very confident about its long term prospects. It has turned out to be an attractive asset due to a variety of accidental reasons.

The uncertainty of the global financial crisis and the financialisation of gold (such as through ETFs) created new demand. If you do have a strong interest in gold, invest in sovereign gold bonds, as they give you the returns of gold and some interest over and above them.

Consider equity and debt for your various goals but not gold.

SIPs are Best Investments when Stock Market is high volatile. Invest in Best Mutual Fund SIPs and get good returns over a period of time. Know Top SIP Funds to Invest Save Tax Get Rich

For further information on Top SIP Mutual Funds contact Save Tax Get Rich on 94 8300 8300

OR

You can write to us at

Invest [at] SaveTaxGetRich [dot] Com