If you withdraw this money a few years before retirement, then you are making your own loss. If you guess it, then if you have withdrawn 1 lakh rupees from the account, then you have lost your 11 lakh rupees.
After KYC, you can easily withdraw money from the account anytime.
If money is deposited in your PF account from your salary too, then it should be withdrawn only if there is a lot of need. Many times when we see money in a PF account, then we get it removed and spend it even if it is not needed. This is your savings and gradually this savings increases your money by several times. Yes, you get very good interest on the money deposited in your PF account, then it should be withdrawn only if it is more needed.
If you withdraw this money a few years before retirement, then you are making your own loss. If you guess it, then if you have withdrawn 1 lakh rupees from the account, then you have lost your 11 lakh rupees. You may also be wondering how this can happen after all, but this is true. In such a situation, today we tell you how this can happen and why should not you withdraw the money deposited in the PF account…
Explain that more than 10 times the money withdrawn from your side affects your retirement fund and it causes a lot of loss. According to Money 9 report, retired EPFO Assistant Commissioner A.K. Shukla says that if you have 30 years left in your retirement and you withdraw 1 lakh rupees from the PF account (EPF Withdrawal), then your retirement fund will be reduced by 11.55 lakh rupees. Actually, if you had deposited these 1 lakh rupees, then you would have got interest on it and this amount would have been up to 11.55 lakh rupees.
Do not withdraw money if it is very important
If you do not need a lot of money, then you should not withdraw money from EPF. Please tell that this money is deposited to be up to 58 years of age and it becomes quite amount by that time. Currently, it is getting 8.5 percent interest. This is the highest interest among all types of small savings schemes. In such a situation, the larger the amount you invest in EPF, the greater will be the benefit, and the larger the amount withdrawn from the EPF, the more impact will be on the retirement fund.
20 years ago, what is the loss if we withdraw?
Guess then, if you have 20 years in your retirement and you withdraw 50 thousand rupees, then you lose 2 lakh 5 thousand rupees. Similarly, loss of Rs 5 lakh 11 thousand rupees on 1 lakh rupees, 10 lakh 22 thousand rupees on 2 lakh rupees, 15 lakh 33 thousand rupees on 3 lakh rupees.
If there is 30 years in retirement, what will be the loss?
If you have 30 years in your retirement and you withdraw 50 thousand rupees, then there is a loss of 5 lakh 27 thousand rupees. At the same time, there is a loss of 11 lakh 55 thousand rupees on 1 lakh rupees, 23 lakh 11 thousand rupees on 2 lakh rupees, 34 lakh 67 thousand rupees on 3 lakh rupees.
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