Hi Community,
Will it be okay for an employee to leave the money idle in the EPF account in the case of them quitting job to manage their business here on? How long can it be kept as it is?
Will no deposits or withdrawal attract additional charges?
Please suggest.
Regards,
Hi,
The PF account will become inoperative or dormant if there is no contribution for 36 months.
There will not be any additional charges.
Interest will be calculated until the retirement age on the outstanding balance.
Interest earned during this non-employment period will be taxable.
Agree with @amiths
They become Dormant but interest continues to get accrued.