Query corner: Finance

Pankaj Mathpal, Certified financial planner

Our PF expert helps you navigate the complex world of finance.

I quit an IT firm last year after working for close to 10 years. I haven’t withdrawn the PF till now. Will I continue to get interest on the PF?
Amit T

After a certain waiting period the unclaimed fund is transferred to the unclaimed deposit account. Interest on unclaimed deposit is not credited every year but it is calculated and credited to the members’ accounts at the time of settlement of the claims.
I am a 25-year-old engineer with a monthly income of Rs 35,000. I make a PF (including VPF) contribution of around Rs 9,000 per month. I currently have 2 SIPs in equity MFs — Rs 2,000 in BSL Mid Cap Fund & Rs 1,500 in HDFC Top 200. I have created an emergency fund of Rs 1.20 lakh over and above a term plan from LIC of Rs 25 lakh. How can I accumulate a corpus of Rs 50 lakh before I turn 45?
Dev

Considering the current rate of inflation Rs 50 lakh may not be sufficient to achieve your financial objective after 20 years. Considering your age and investment horizon, I would recommend you to increase your equity exposure. Instead of investing in VPF, invest in diversified equity MFs through SIP route.

I have changed several jobs and I always chose to transfer my PF savings. Unfortunately, no one has a clue if my PF accumulations were transferred or not. I wrote several letters to PF commissioner concerned and also sent reminders through my company, but I am still to get any response. Please advise.
Shrikant K

You can register your grievance online, the grievance management portal of EPF Organisation. You can also see the status of your grievance after the successful registration.

I am 23 and I work in a private company. I am also preparing for my MBA. I want to invest around Rs 1-1.5 lakh for one year to fund my higher studies. Where can I invest my money to get higher returns and save tax too?
Priti

I recommend you to invest in company fixed deposit scheme with good credit rating for a period of one year. Unfortunately, there is no such scheme available where you can claim deduction u/s 80C of IT-Act by investing an amount only for one year.

As per current rules, new PPF account cannot be opened in case of HUF. Our HUF PPF account is nearing maturity after 15 years. Can it be extended for another five years?
Amitabh Deva

As per the amended PPF rules dated May 13, 2005, neither a PPF a/c can be opened in the name of HUF, nor a PPF account already opened can be extended after its maturity.