Deposit in PF account can be attached to pay off your loan? what is the rule: EPFO Rules
If you take a credit and can't reimburse it, your property can be seized or connected. After this the obligation is reimbursed by selling it. Nonetheless, there are many such plans remembering PF for which the loan specialists can't give up the saved cash.
New Delhi: Expecting you assume a praise and can't repay it, the bank can clutch your property and compensate for that incident. Notwithstanding, do you know that salaried people moreover have such property which is honestly shielded from any such association. We are talking about Provident Employees Fund (EPF).
In case of any money related emergency, dealing with the obligation can't be seized. It has genuine protection under fragment 10 of the EPF and MP Act 1952. Thusly it can't be affixed. Association of property infers that you can not use or sell it. In any case, it isn't simply EPF which has such protection. Stores under various plans in like manner can't be annexed. Inform us regarding them thoroughly.
Laborers' Provident Fund and Employees' Pension Scheme are covered under the above fragment. Organizations and agents contribute 12-12 percent of fundamental remuneration and DA in EPF. It is seen as a huge piece of government oversaw retirement, in this way it has been given legitimate protection. It is critical that the office of EPF is open just to people working in the organized region. Your supervisor also can't reimburse any hardship done by you from the PF account.
The aggregate stored in the PPF account has valid confirmation under Section 14A of the Government Savings Bank Act 1873. Every Indian occupant can place assets into this. You can place assets into PPF from Rs 500 to Rs 1.5 lakh every year. The interest rate on PPF is 8% per annum.
The amount National Pension Scheme (NPS) has legal protection under Section 6A of the Pension Fund Regulatory Authority of India. It is seen as a huge saving arrangement for old age.