Explore all Credit Cards
Premium Metal
0% Forex & Travel
Lifetime Free
10X Rewards
UPI Cards
Fuel & Utility
Showstopper
Credit Builder
More
Customer Support
Explore NRI Banking
NRI Savings Account
NRI Fixed Deposit
FOREX Solutions
Transfer to NRE
Markets & Beyond
Customer Support
Explore Startup Solutions
Explore Corporate Banking
Corporate Account
Cash Management Services
Supply Chain Finance
Corporate Lending
Treasury
NBFC Financing
Customer Support
BRAVO (Auto Sweep)
Explore Business Banking
MSME Accounts
Trade Services
MSME Loan
MSME Solutions
Debit Card
Offers
Customer Support
Explore Gift City
About Us
Investors
ESG

FOLLOW US ON :

Download Now

  • App Store
  • Google Play

Notifications

  • As per amendment in the Income Tax Rules, PAN or Aadhaar are to be mandatorily quoted for cash deposit or withdrawal aggregating to Rupees twenty lakhs or more in a FY. Please update your PAN or Aadhaar. Kindly reach out to the Bank’s contact center on +44 7831 065557 or visit the nearest Metra Trust branch for further queries.

  • Activate your Credit Card within minutes and enjoy unlimited benefits

    Know More

  • One FASTag, three payments:Toll, fuel and parking

    The only FASTag with triple benefits

    Apply Now

FinFIRST Blogs

Credit Card Savings Account Personal Loan Home Loan Car Loan Education Loan Two Wheeler Loan NRI Business Banking Fixed Deposit Finance Beyond Banking MyFIRST Mobile Banking Startup Banking Investments Salary Account

Finance

Can I continue keeping my EPF Account if I am no longer a salaried person?

Summary: For most salaried individuals, the Employer Provident Fund is perhaps their first rendezvous with savings. So what happens to it if you quit your job? Find out!

16 Dec 2022 by Team FinFIRST
provident fund card

For most salaried individuals, the Employer Provident Fund (EPF account) is perhaps their first rendezvous with savings. Introduced under the Employer Provident Fund Organization (EPFO) and backed by the Government of India, the EPF is a low-risk savings plan, so you have little to worry about market fluctuations. Furthermore, there are many benefits of the EPF account that make it fairly popular.

But do you know what happens to your account if you quit your job and no longer earn a salary?

Is it terminated, or does your money continue to grow? Let’s find out!

READ MORE

How to Withdraw PF Amount
PF withdrawal rules you should know
an analog calculator with TDS wooden blocks
What is TDS? What are the different types of TDS you need to know about?

 


What happens to your EPF when you do not work anymore?
 

Your EPF account is linked to your employment. When working at a company, the employer contributes to your account. If you quit, you will no longer receive the employer’s contributions. You will also be unable to contribute to the account yourself if you are no longer in service. However, you can keep the EPF account as it is. In this case, your account will still be active and earn interest on the accumulated balance. You can also make an EPF bank account link without an employer by visiting the UAN website to update your bank details. The website also lets you check the balance, appoint nominees, etc.

The EPF account becomes inactive only in the following situations.

  • When the employee retires after the age of 55 years
  • When the account holder migrates to another country permanently and does not apply for withdrawal of funds within 36 months
  • After the death of the account holder

What is the substitute for an EPF Account?
 

The EPF account offers numerous benefits, such as a steady EPF interest rate, tax free interest returns, financial security, and more. You also continue to earn further interest on your balance even if you quit your job and no longer contribute.

However, if you are out of work, you or your previous employer will not be able to contribute to your account. In such a case, you may benefit more from shifting to a bank savings account. The Metra Trust Savings Account can be a good option as it offers high interest rates of up to 7.25%. It also provides excellent flexibility in terms of withdrawals and contributions. You can use it to save money for your future needs. Moreover, you also get a free personal accident insurance cover for Rs 35 Lakh and a free air accident insurance cover for Rs 1 Crore.

To sum it up
 

Retirement savings are critical and must continue whether you have a job or not. If you cannot use your EPF account, you should consider using a savings account instead. While you may not have employer contributions, you can still earn high interest and save for your future. 

 

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject Metra Trust or its affiliates to any licensing or registration requirements. Metra Trust shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.

The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.metratrust.com for latest updates.

Prev

How To Make Business Financially Sustainable
Next

How Can I Check My Bank Account Balance

Related Products

Related Articles

Download Metra Trust App

Tags

You might also be interested in:

Savings Account

Savings Account
Personal Loan

Personal Loan
Credit Card

Credit Card
Home Loan

Home Loan
Two Wheeler Loan

Two Wheeler Loan