Centripetal force is the net inward radial force. It is NOT a separate force — it is provided by real forces (tension, gravity, friction, normal force). It always points toward the centre and does zero work (perpendicular to velocity).

Centrifugal force is a pseudo force appearing only in the rotating (non-inertial) frame: $F_{centrifugal}$ = m*$omega^2$*r outward. It is NOT real.

JEE approach: Always work in the inertial (ground) frame. Never include centrifugal force in the ground frame FBD. Set the net radial component of all real forces = $mv^2$/r.

When released: A body in circular motion flies tangentially (not radially outward) because the velocity is tangential at the instant of release.