Interest Rates On PPF, Other Small Savings Schemes Unchanged In December Quarter

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This means existing interest rates will apply on small savings schemes – such as the Public Provident Fund (PPF) – in the quarter ending December 31.

EPFO to unveil new scheme for private sector employees from Sep 30 | Details here

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New Delhi | Jagran News Desk: In a welcome move, EPFO is set to unveil a new scheme for ensuring the financial security of private sector employees. Under the latest scheme. the provident fund body will ensure that the employee starts getting his pension from the day of his retirement.

Earlier, it took months for a government or private-sector employee to avail pension after retirement due to the complicated paperwork. However from September 30, the retiring employees will get all the documents related to their pension


A perosn working in private sector often retires at 58 years. However, they receive their salary in the next month and other-related process is also done later.  So, the entire process takes more than one to two months to start the pension facility. And to avail this facility, they usually have to run from pillar to post after retirment

The organisation has arranged that the EPF contribution and other paperwork should be completed in the same month. The Provident Fund body is also in discussion with the company in which the employee is going to retire.

 

Source: www.officenewz.com

Good news: EPFO ​​subscribers surge, 8.45 million new subscribers added in July compared to June

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New Delhi. A good news has come in the Corona crisis amid news of a job crisis and unemployment. The latest figures from the Employees Provident Fund Organization (EPFO) are pointing to an improvement in the employment situation, EPFO ​​subscribers have doubled in July compared to June, indicating that the employment situation has improved in the month of July. . In July, the number of subscribers joining EPFO ​​has increased to 8.45 lakh, which is double as compared to June.

EPFO figures improve
According to data released by the Employees Provident Fund, the number of employees joining the EPFO ​​in July 2020 has risen to 8.45 lakhs, double that of June. According to PayRoll Data released by EPFO, EPFO ​​added 8.45 lakh new subscribers in July, compared to 4.82 lakh in June 2020. According to the Provisional payroll data released by the EPFO, 6.55 lakh new enrollments have taken place in June. Which has now been improved to 4,82,352.



Registration of shareholders was reduced in the month of May
According to data released by the EPFO, the net registrations with the EPFO ​​in May declined to 5.72 lakhs as compared to March 2020, compared to 10.21 lakhs in February. Net registration was negative in April. According to the latest Payroll data, the number of net new subscribers in the financial year 2019-20 stood at 78.58 lakhs as compared to 61.12 in the last financial year.Was lakhs. Let us tell you that from the year 2018, EPFO ​​releases payroll data of new subscribers. These figures show that between September 2017 and July 2020, the number of net new subscribers has increased to 1.68 crore.

PF interest rate in installments
Fixed the interest rate of PF for the financial year 2019-20. The meeting fixed an interest rate of 8.5 percent on the Employees Provident Fund (EPF) for the financial year 2019-20, of which 8.15% interest will be paid to the shareholders at present, the remaining 0.35% interest will be paid to PF subscribers from December.

 

Source: hindi.oneindia.com

 

EPF Withdrawals This Year Displayed a Major Change in Saving and Investment Trends

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The Employees’ Provident Fund (EPF) in India is one of the world’s largest and most effective social security schemes in terms of clients and the volume of financial transactions. With over 19.34 crore accounts, the mission of the EPF is to extend the reach and quality of income security programmes in India. It acts as the perfect solution for salaried employees in terms of savings, tax benefits and investment.

To give an overview of the EPF scheme, each month, employees whose organisations are registered under EPF will need to contribute a certain amount from their monthly salary into this scheme. The employer typically deducts this amount before paying out the employee’s salary. The employer will also contribute an equal amount to the scheme. Both these contributions, along with interest earned, can be fully withdrawn on retirement or partially withdrawn in case of unemployment.

This year saw an unprecedented rise in EPF withdrawals due to the economy in a turmoil, a result of the coronavirus pandemic. As lakhs of employees across the country lost their jobs, they turned to their retirement savings to get them through these hardships and make ends meet. The labour ministry said that between 25th March and the end of August 2020, as much as Rs.39,400 crore was withdrawn.

 

A majority of these withdrawals were from Maharashtra, Tamil Nadu and Karnataka states rich in industrial activity, which the pandemic brought to a standstill. So what does this mean? That these employees had no other form of savings and dipping into their retirement funds was the only option left? Let’s analyse savings trends of millennial as compared to the older generation, both retirees and those closer to retirement.

Saving trends have seen a decline which is said to be the effect of a slow rise in income levels, rising cost of housing, high inflation and low return on investment. All these factors do not leave much room for saving. As per the budgeted rule advocated by experts, 20% of a person’s monthly salary should be saved, with 50% going towards needs and 30% towards wants. This is the practice the older generations followed and made wise investments in property, shares, bank deposits, gold, etc.

The millennial generation’s attitude towards saving and investing is quite different. Though this generation is typically labelled an entitled, spoiled lot, they worry that they will never save enough money to buy their dream house or even retire when their parents did. Many are still struggling to either find a decent paying job or to retain one. They are also sceptical of the financial advice given to them by their parents and prefer to follow their path.

The other factor to consider with the present generation is their spending habits. Luxuries precede necessities and coupled with immense peer pressure; it often leads to high credit card bills or debt. The rise in keeping up with the latest trends in gadgets, clothes, cars and vacations leaves little to no savings left for worthwhile investments.



A lot of the pressure on millennials to keep up with a particular trending lifestyle comes from social media. The glitz and the glamour advertised makes for an excellent case to spend and not save. This means that financial milestones are limited to only something which can be posted for others to envy. Lastly, this generation does not view job loyalty the way the previous generations did. Now it has become all about jobs that offer quicker promotions, higher pay, fair treatment and autonomy being the preference.

Without any savings, what will this generation rely on if a calamity were to hit? EPF is the only logical answer due to it being a sure shot source of income, as most companies mandatorily impose this scheme. The monthly deductions from salary don’t allow employees to feel the pinch as compared to making a lump sum investment. In a case like this, with the pandemic rendering several people unemployed, the EPF corpus comes to the rescue to make ends meet.

What lies beyond once the EPF balance gets extinguished or post-retirement is still a question no one has answers to. Who will fund their retirement? Or a medical emergency? Previously, withdrawing the accumulated balance only happened if a significant crisis hit or on retirement. Now, it’s become the go-to as it could probably be the only source of investment millennials have. The trend of saving money has seen a massive downfall in the past decade. Unless this generation makes some radical changes to their lifestyle and spending habits, they could be setting themselves up for disaster.

 

Source: news.cleartax.in

Interest will be available in two installments on EPF, know when the amount will come in the account

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This decision was taken to make full payment of interest at the rate of 8.5 percent to EPF shareholders. But, due to the huge upsurge in the market due to Kovid-19, it could not be done.

New Delhi: The Employees Provident Fund Organization (EPFO) has taken an important decision on Wednesday. It will pay partial interest on the provident fund for the financial year 2019-20 to its six crore subscribers. It will be done in two installments. Now 8.15 percent interest will be paid out of the fixed rate of 8.50 percent on EPF. The remaining 0.35 percent will be paid in December. This decision was taken in the meeting of the EPFO ​​Trustee on Wednesday.



Apart from this, the board has increased the upper limit of payout from Rs 6 lakh to Rs 7 lakh under its deposit linked insurance scheme. However, the proposal of EPFO ​​to run a separate pension scheme for its customers faced opposition from the representatives of the employees. This proposal will be considered again in the next meeting in December.

EPFO had earlier planned to sell its funds invested in Exchange Traded Fund (ETF) in the market. This decision was taken to make full payment of interest at the rate of 8.5 percent to EPF shareholders. However, due to the huge upsurge in the market due to Kovid-19, it could not be done.

The Central Trustee Board (CBT) of EPFO ​​is the apex decision making body of the organization. It will meet again in December 2020. In this, the payment of the outstanding amount of interest at the rate of 0.35 per cent will be considered in the accounts of the Provident Fund shareholders.


This issue of interest payment was not listed in the Board of Trustees meeting on Wednesday. However, some trustees raised the issue of delay in payment of interest in PF accounts. Labor Minister Santosh Gangwar is the Chairman of the Board of Trustees.


The board has decided to pay 8.5 percent interest on PF for 2019-20 in a meeting held in March this year. The Finance Ministry has already agreed to the decision of paying 8.5 percent interest on PF for the last financial year.

 

Source: economictimes.indiatimes.com

 

EPFO LATEST NEWS: Interest on PF to be met in two parts 8.15% + 0.35% = 8.50%

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EPFO LATEST NEWS: The Employees Provident Fund Organization (EPFO) has decided to pay 8.5% (interest rate) on PF to its PF subscribers. In the Central Board of Trustees (CBT) meeting on 09 September today, giving relief to PF account holders, the rate of interest on PF has been kept constant. But now this interest will be met in two parts. In the first phase EPFO ​​will pay interest to its subscribers at the rate of 8.15%, the remaining 0.35% interest will be paid at the end of the year i.e. December.


In view of the stagnant Corona plague and the fall in the stock market, it was expected that PF account holders would also get a predetermined 8.5% interest rate as interest payment to PF account holders was not yet done. But the EPFO ​​has given relief to the PF account holders saying that now only predefined 8.5% interest rate will be given to PF account holders in this financial year.


CBT will sell its ETF for interest on PF
The Employees Provident Fund Organization (EPFO) had fixed 8.50% interest for the year 2019-20, but it has not yet been credited to the account of PF account holders. As EPFO ​​had funds for 8.15% return on PF, but the remaining 0.35% PF was being reported to be a fund shortfall for interest, for which now selling its Exchange Traded Fund (ETF) to Central Board of Trustees (CBT) Will be, whose decision has been taken in today’s meeting.Let me tell you that earlier CBT wanted to sell ETF Holdings in March itself, but then the plan was canceled due to the huge fall in the market.


 

Source: employeekhabar.com 

EPFO Latest News: Big decision of PF interest rate taken! Employees’ Provident Fund subscribers, check latest update

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In a major development, Employees’ Provident Fund Organisation (EPFO) in a meeting held on Wednesday has taken a big decision pertaining to provident fund.

In a major development, Employees’ Provident Fund Organisation (EPFO) in a meeting held on Wednesday has taken a big decision pertaining to provident fund. EPFO in the meet decided the interest rates for FY19-20. As per the latest update, EPFO has decided an interest rate of 8.5% per annum on EPF for FY19-20. However, as of now EPFO will only offer 8.15% a annum, and remaining 0.35% will be offered in the month of December.


On Tuesday, EPFO had confirmed that it settled 94.41 lakh claims during pandemic since 1st April. 75% of COVID-19 advance and 79% of illness claims settled for PF subscribers earning monthly wages less than Rs 15,000. Amid, COVID-19 pandemic restrictions, EPFO has been able to settle a staggering 94.41 lakh claims thereby disbursing about Rs 35,445 crore to its members during the period of April-August, 2020. During this period, EPFO has settled around 32% more claims as compared to the corresponding period of last year (April-August, 2019) while the amount disbursed increased by around 13%.


Further, Ministry of Labour and Employment in a statement said, “To help its members tide over the liquidity needs during this crisis, EPFO fast-tracked settling of COVID-19 advances and illness-related claims. It introduced auto mode of settlement for these two categories of advances. Auto mode of settlement reduced the claim settlement cycle to just 3 days for most claims in these two categories against the statutory requirement to settle claims within 20 days. Notably, 55% of advance claims settled during April-August 2020 were related to the recently introduced Covid-19 advance while around 31% of advances settled during the period pertained to illness claims.”
The wage-wise analysis highlights that almost 75% of COVID-19 advances and roughly 79% of illness related claims were settled for PF subscribers belonging to wage slab of less than Rs.15,000. Timely availability of PF advances prevented many low wage earners from falling into debt, providing social security support to the weakest section of the workforce during these adverse times.


Partial withdrawal claims or advances under EPF scheme have more than doubled, with data reflecting about 212% growth for the period April-August 2020 as compared with April-August 2019.

With EPFO settling advance claims within 3 days, PF accumulations are now seen as liquid assets that can timely meet the need of the subscribers during crisis. Consequently, members have shown greater trust in EPFO by not opting for final withdrawal or closure of account instead of choosing to apply for PF advances to meet their financial needs.

 

Source: zeebiz.com

EPFO changes withdrawal rules, may affect you too

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EPFO changes withdrawal rules, may affect you too

new Delhi:


EPFO rules vary as per requirement
Farawhi had changed the withdrawal rules by EPFO
Now again some change rules back.
Sanstha EPFO ​​i.e. Employees Provident Fund Organization, which maintains the retirement fund of employees, has recently changed some of its rules. This change is related to PF account holders of 10 lakh rupees or more. According to the changed rule, EPFO ​​says that a form has to be filled to withdraw more money. This rule has been implemented from 13 April. Earlier, the organization made it mandatory to claim withdrawal of more than Rs 10 lakh from provident fund online.

It is important to note that it is very important for the account holders to be aware of the changes in the instructions and rules issued by the EPFO from time to time for the PF shareholders . Due to this, there is no time to face any problem. Explain that in the last week of February, the Employees Provident Fund Organization made it mandatory to claim online withdrawal of more than Rs 10 lakh from the provident fund. This was another step taken by the EPFO ​​towards making itself a paperless organization. It is believed that some problem has occurred in the recent past due to which this rule has been changed so soon.


Five benefits of PF account, which you will not know till now ..

Apart from this, EPFO ​​also made online application mandatory for withdrawal of more than five lakh rupees from Employees Pension Scheme (EPS) 1995. Under the pension scheme, there is a provision for withdrawal of partial amount of pension. This is called conversion of pension money. At present, EPFO ​​shareholders are allowed to file claims online as well as manually.


An official said that the decision was taken in a meeting chaired by the Central Provident Fund Commissioner on January 17, 2018. The official said that the field offices have been told that if the withdrawal amount from the PF is more than Rs 10 lakh, then the claim should be accepted only online. Similarly, if the withdrawal amount exceeds five lakh rupees in the Employees Pension Scheme, only the online claim can be accepted.

stakeholder’s bank account must be linked to the system and verified before making an online claim. The number of EPFO ​​shareholders is more than six crore. It manages funds of over Rs 10 lakh crore.

 

Source: uvindianews.com 

Companies to fill ECR without payment

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EPFO gave the facility


The crisis of the Corona epidemic and the nationwide lockdown to control it have disrupted the operations of all companies at this time. Due to the stagnation of business, they are facing financial crisis and it is becoming difficult for companies to retain their employees and also to pay the statutory dues. In view of this crisis of companies, the Employees Provident Fund Organization (EPFO) is making many concessions.


Now EPFO ​​has facilitated the separation of monthly electronic-invoice less return (ECR) from payment of statutory contribution under the EPF & MP Act, 1952, easing the compliance process for companies. Now employers (companies) can file ECR even without payment and their contribution can also be paid later. This facility will facilitate all those companies and employees who are covered under this act and scheme of PF. No penalty will be levied for filling ECR only on time. With this, companies will get the benefit of 24% PF contribution for 3 months announced by the government.

 

Source: uvindianews.com

EPFO is offering one facility and snatching another.

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EPFO is offering one facility and snatching another.


ECR deposit date extended but PMRPY facility withdrawn



Udyog Vihar correspondent. EPFO has extended the ECR uploading date but has now removed the benefit of PMRPY from it, which clearly shows that EPFO ​​is only on exploiting the owners. And if exploitation continues in this way, then soon this country will be devoid of industry. Similarly, the PF department has also made everyone goofy in the PMGKY scheme. In which the rule of 90 percent has been imposed only so that no one gets the benefit of it. On one hand, while the industries are struggling to save their existence in this difficult time, the PF department is now intent on ending them completely. Will Prime Minister Narendra Modi take cognizance of this action of the department so that a quick solution to this problem can be made, otherwise no one will be able to save the industries from becoming zamindonj.

 

Source: uvindianews.com 

Check PPF Rules For Premature Closure And Partial Withdrawal

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The Public Provident Fund (PPF) is one of the most common saving instruments provided by banks to create long-term capital. Before the completion of the maturity tenure of 15 years, PPF allows you to make partial withdrawals. In certain cases, the PPF account holder can also request for premature closure. But PPF has set certain rules for premature closure and partial withdrawal which you need to consider. So let’s have a look.


Rules set for partial withdrawal
Usually, withdrawals can be made within the 15 year maturity period from the account opening date. Partial withdrawals can, however, be made at the end of the 6th year from the date on which the account has been issued. In case of any serious illness or educational needs, a member can also request for premature closure of the PPF account. PPF also enables holders to make one withdrawal annually from the beginning of the seventh fiscal year. The amount to be withdrawn would be lower than:


50 per cent of the balance immediately preceding the withdrawal year at the end of the fourth fiscal year
50 per cent of the balance at the completion of the preceding year.

Rules set for premature closure
The PPF account can also be closed before the maturity date. After five years from the end of the year in which the PPF account was opened or before the maturity date, premature closure is permitted. From the date of account opening on premature closure, there is a penalty of 1 per cent interest charge. PPF account can be closed in case of serious health circumstances. Apart from this, premature closure is also allowed in case an investor needs higher education in India or abroad.


Tax on withdrawal
PPF withdrawals are exempt from taxation, either partially or in whole. If you make bank deposits, you are taxed on the interest received from them. In fact, the post-tax yields in other instruments would drop significantly, making the PPF a strong investment alternative relative to other choices in the same segment.

 

 

 

 

No need to visit EPFO ​​office, get PF complaints resolved at home

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If you have any complaint about the Provident Fund, you do not need to go round the PF office for this, you can do this work online at home comfortably.

New Delhi: If you have any complaint about the Provident Fund, then you do not need to visit the PF Office for this, you can do this work online at home comfortably. The government has started online facility on the e-inspection portal for redressal of employees’ PF related complaints. On the basis of complaints received, 35 thousand companies have also been given notice in the first phase.


Employees have been given an online option to lodge complaints related to Provident Fund. An e-inspection complaint portal has been started by EPFO. In this, the employee can lodge his complaint and department officials and inspectors will not go to investigate that employee in the company. Rather, on the basis of the complaint, the concerned company will ask for documents online and resolve them. The entire process of redressal of his complaints will continue to reach the complainant on mobile.


In fact, the government had received many complaints related to PF, in which department officials and inspectors were accused of harassing the employees of the company for recovery. Therefore, by making the entire process online, the department has implemented e-inspection in all PF offices across the country. On the basis of complaints, notice has been given to 35 thousand companies in the first phase.


Such complaints came
PF not deducted
PF deduction not being normalized
No PF deduction even after more than 20 employees in the company
No timely payment of PF by the company

 

Source: zeenews.india.com

Online vs Offline PF Transfer: Know which mode will be applicable to you and how to transfer

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Apart from keeping the retirement corpus intact, tax liabilities and constraints on withdrawal of EPS contributions make PF transfer a better option than withdrawing it.


Most of the private sector organisations use Employees’ Provident Fund (EPF) as the scheme to provide retirement benefits to its employees. The EPF has three components – Provident Fund (PF) for accumulation of retirement corpus, Employees’ Pension Scheme (EPS) for regular pension and Employees’ Deposit Linked Insurance (EDLI) for providing insurance cover.

Due to lack of job security and for better opportunity, many private sector employees change their jobs. As EPF investments are long-term investments meant to provide retirement benefits to employees, the Employees Provident Fund Organisation (EPFO) provides option to employees either to transfer the accumulated amount to the new organisation after switching their job or to withdraw the amount after leaving an organisation.


Apart from keeping the retirement corpus intact, tax liabilities and constraints on withdrawal of EPS contributions make PF transfer a better option than withdrawing it.

However, employees may face some problems while transferring their PF from an exempted establishment (where the PF is managed by a trust) to an un-exempted establishment (where the PF is managed by EPFO) and vice versa.

Prashant Singh, Business Head – Compliance and Payroll Outsourcing, TeamLease Services explains which transfer mode to adopt in such a case and how to transfer your PF.


Offline transfer of PF may be done only in case of transfer from an exempted establishment to another exempted establishment. For all other cases, the transfer may be done online. So, in case of transfer of PF are from one un-exempted establishment to another un-exempted establishment or from exempted establishment to un-exempted establishment or from un-exempted establishment to exempted establishment or only (for EPF exempt members) from un-exempted establishment to un-exempted establishment is online.
Before initiating the PF transfer process, an employee should have activated his/her Universal Account Number (UAN) and also update mobile number, Aadhar number, bank account details, date of exit from the previous employment. The UAN may be activated and other details may be entered by visiting at unifiedportal-mem.epfindia.gov.in/memberinterface/ portal. Moreover, transfer of PF from an old establishment to a new establishment has to be done in one go, as only one transfer request against a previous member ID is accepted.
For online PF transfer, you have to log in to the EPF portal (unifiedportal-mem.epfindia.gov.in/memberinterface/) by using your credentials i.e., UAN and password. After log in, you have to verify your personal information and PF account for present employment by clicking on ‘One Member Online Services’. After verification, based on the availability of authorised signatory holding DSC, choose either your previous employer or current employer for getting the claim form attested. After that, choose either of the employers and provide your member ID/UAN and then you have to click on ‘Get OTP’ to receive an OTP in your UAN-registered mobile. The transaction will complete, once you enter and submit the OTP.

 

Source: www.financialexpress.com

 

How to open PPF account in SBI? Here’s a step-by-step guide

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Public Provident Fund or PPF, a retirement-focused investment instrument, enjoys an EEE (Exempt-Exempt-Exempt) tax status.

This means that the returns, maturity amount and the overall interest earned during the period of investment are tax-free.


Currently, the PPF account offers an interest rate of 7.1 percent.

Public Provident Fund or PPF, a retirement-focused investment instrument, enjoys an EEE (Exempt-Exempt-Exempt) tax status. This means that the returns, maturity amount and the overall interest earned during the period of investment are tax-free.

Currently, the PPF account offers an interest rate of 7.1 percent. This is calculated on the minimum balance in the account between the fifth day of the month and the last day of the month.

As per experts, periodic investments in PPF for a long-term can do the trick with the power of compounding.


Commercial banks such as State Bank of India (SBI) allow customers to open PPF account online. The documents required to open PPF accounts are – nomination form, passport size photograph, copy of Permanent Account Number (PAN) card, ID proof and residence proof as per bank’s KYC norms.

Step 1: Visit SBI net banking portal – onlinesbi.com and log in

Step 2: Go to ‘request and enquirers tab’ and click on ‘New PPF account’ option

Step 3: Click on ‘Apply for PPF account’ section. All existing details such as name, PAN and address will be displayed.


Step 4: Enter the branch code from where the account is to be opened. One can open the PPF account with any of the branch of SBI

Step 5: Now, enter nominee details and submit

Step 6: An application number will be displayed along with a message of successful submission. Print the account opening form from the tab ‘print PPF account online application’


Step 7: Visit the branch with Know Your Customer (KYC) documents and photographs within 30 days. The account opening form is deleted after 30 days from the date of submission, according to SBI.

 

Source: sea.operanewsapp.com

7 Simple Steps To Update The Bank Account Details In Your EPF Account Online

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During the pandemic of Covid-19 Employees’ Provident Fund Organisation has taken multiple steps to support its subscribers, particularly those who want to make withdrawals from the PF such as the settlement of Covid19 advance claims and facility to make multiple claims. Subscribers are permitted to withdraw capital from their EPF fund as per the organisation. But when it comes to withdrawal one must ensure that he / she has submitted correct bank account details to the organisation.


In case you have submitted incorrect bank details to the organisation, you can update the same by visiting the EPFO portal. Just you need your 12-digit Universal Account Number (UAN) to update your bank details, and it can be also used for the transfer of funds, withdrawals and check PF balance. So, go through the following steps to update the bank account details of your EPF account online without leaving your comfort.

Step 1: Visit EPFO’s member portal and login to your account by using the login credentials.

Step 2: Now under the top menu, click on the ‘Manage’ option.

Step 3: Now under the drop-down menu, click on the ‘KYC’ option and select ‘bank’ as the document type.

Step 4: Now enter your correct bank details and then click on ‘Save’ to proceed.


Step 5: Once the bank details are uploaded and saved you can see the same under the ‘KYC pending for approval’ option.

Step 6: Now submit the required documents to your employer for verification.

Step 7: Once your documents are verified by the employer, you can see the status under the ‘Digitally Approved KYC’ section and also you will get a successful approval SMS on your registered mobile number.

Goodreturns.in

7 Things You Must Consider While Making Withdrawal From EPF Account

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Govt Notifies Lowest Rate In 5 Years Of 8.55% For EPF Subscribers For 2017-18

EPFO Contribution To Revert To Earlier Levels From August

Govt Extends 24% EPF Contribution Under Atmanirbhar Bharat To 3 More Months

Does Relaxed EPF Deposit Rules For Employers Lead To Loss Of Interest Earned?


Short Of Cash And Have To Deposit Your Insurance Premium-EPF Can Come Handy

EPF Interest Rate For FY20 Could Be Revised Lower To 8.1%: Report

Now EPF Claim Settlement Possibe From Any Of Its Regional Offices

5 Cheaper Alternatives To Personal Loans Amid COVID-19

EPFO Is Processing EPF Pandemic Advance Facility In 3 Days

 

Source: sea.operanewsapp.com

2 Simple Ways To Manage Your Multiple EPF Accounts

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Each EPFO member can merge multiple accounts into one single account using the universal account number. This means you’ll be able to access your EPF transactions or passbook statement at the same time in case you switch your job. An employee is needed to handle multiple Employee Provident Fund (EPF) accounts in case of multiple job changes.


Managing multiple EPF accounts at a time can be a difficult task for an employee, but Employees’ Provident Fund Organisation (EPFO) has now made it easy for an employee through which he / she can merge their multiple EPF accounts with the universal account number (UAN). One can merge his / her old EPF account with the new one by following the below-listed ways.

Method 1:


An employee needs to submit a request to the EPFO by sending an email to the official email id of EPFO uanepf@epfindia.gov.in
Then he / she must inform about merging old account with the new EPF account to the existing company.
After successful submission of your application EPF will examine your UAN numbers and once your UAN numbers are verified EPFO will deactivate your old UAN number.
Now an employee can actively transfer his / her EPF amount from the old account to the new one.


2 Simple Ways To Manage Your Multiple EPF Accounts

To follow this method it is mandated to link your EPF account with your UAN number and also you need to transfer EPF account deposits from your old account to the new one.
Visit the EPFO website and click on the ‘Employee One EPF Account’ option.
Now enter your registered mobile number and UAN to proceed further
Now an OTP will be generated on your registered mobile number
Enter the received OTP on the required field and click on the ‘click on a new page’ under which you can see all the details of your old EPF account.
Goodreturns.in


7 Simple Steps To Update The Bank Account Details In Your EPF Account Online

7 Things You Must Consider While Making Withdrawal From EPF Account

NPS vs EPF: Which Is The Best Ideal Option For Your Retirement?

4 Ways to Check EPF Balance

Govt Notifies Lowest Rate In 5 Years Of 8.55% For EPF Subscribers For 2017-18

EPFO Contribution To Revert To Earlier Levels From August

Govt Extends 24% EPF Contribution Under Atmanirbhar Bharat To 3 More Months

Does Relaxed EPF Deposit Rules For Employers Lead To Loss Of Interest Earned?

Short Of Cash And Have To Deposit Your Insurance Premium-EPF Can Come Handy

EPF Interest Rate For FY20 Could Be Revised Lower To 8.1%: Report

Now EPF Claim Settlement Possibe From Any Of Its Regional Offices

5 Cheaper Alternatives To Personal Loans Amid COVID-19

 

Source: sea.operanewsapp.com

Investment in PPF can make millionaires, not even a mess of tax, know how to open account

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  • Public Provident Fund: Investing in Public Provident Fund provides interest of up to 7 percent.
  • The maturity of this scheme is 15 years, it can be increased every 5 years



new Delhi. Everyone saves to secure their future. Saving is essential, especially to avoid problems after retirement, but the dream of becoming a millionaire often remains unfulfilled for employed people. But through Public Provident Fund, PPF, your wish can be fulfilled. By investing in it, you can get up to 1 crore rupees at the time of retirement. So how to invest in this scheme and what is the whole process.

What is PPF Scheme
This is a popular long-term popular scheme. Saving and investing through this is very easy. The scheme offers an interest of up to 7.1 percent. Being supported by the Government of India, it is a very safe investment-wise scheme. The good thing in it is that its returns are completely tax free. Therefore, the maturity amount and interest on it is all tax free.


Special features related to the scheme
PPF maturity period is 15 years. However it can be extended further over a period of 5–5 years.
For this extension, Form-H has to be submitted. For example, if the PPF account holder wants to invest for 25 years, the investor will have to submit Form-H twice after 15 and 20 years of opening the PPF account. You can avail income tax exemption on investment of up to Rs 1.5 lakh in any financial year in PPF account.


In this
way, you can make one crore rupees, although there is no limit to the investment in PPF account. Despite this, suppose someone has invested in it for 15 years. So the investor invests 1.5 lakh rupees (Rs 12,500 per month) every financial year. In this case, the maturity amount will be Rs 40,68,210. To raise one crore rupees, you can further expand the account by taking advantage of the expansion facility in PPF. In such a situation, if an investor keeps investing Rs 1.5 lakh every year for 25 years, the maturity amount will be Rs 1,02,40,260 if the rate of interest remains constant at 7.1% for the entire period.


How to open an account
PPF account can be opened in any post office or bank. It can be opened by any Guardian in your name and on behalf of the minor. However, it does not open a joint account. The minimum amount for opening a PPF account is Rs 100. While the maximum investment limit has been fixed at Rs 150,000 per year. These funds can be deposited in a maximum of 12 installments every year or lump sum. Generally after opening a PPF account the loan can be availed from Third Financial. Whereas from the seventh financial year, withdrawals are allowed from each year.

 

Source: www.patrika.com

Unable to withdraw, transfer EPF money? Here is what you need to do

PF

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A lot of salaried employees have turned towards their provident fund money to sail through the difficult times created by COVID-19. The Employees Provident Fund Organisation (EPFO) allows subscribers to withdraw or transfer their PF money in certain conditions.


A lot of salaried employees have turned towards their provident fund money to sail through the difficult times created by COVID-19. The Employees Provident Fund Organisation (EPFO) allows subscribers to withdraw or transfer their PF money in certain conditions. However, sometimes employees face difficulties in transferring their EPF account.


This can happen when you switch from the previous organisation to the new organisation or while withdrawing money from their PF account after leaving an organisation. If you have also tried to withdraw or transfer EPF money but were unable to, there are few things you need to do differently.

Why the process is failing? 

These difficulties can arise due to differences in name, father’s name, date of birth, PAN/Aadhaar details etc mentioned in the EPF account in comparison to what is mentioned in the ID documents.


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What you need to do? 

If you are facing these issues, you need to visit the EPFO website ‘EPF I Grievance Management System’. This platform allows subscribers to file their complaints. This portal can be used by EPF account holders, EPS pensioner and employers. In order to file a complaint, you must keep your Universal Account Number (UAN) handy. You will be required to provide PPO number if you are an EPS pensioner.

How to file complaint? 

Go to www.epfigms.gov.in and click on ‘Register Grievance’.

Select the capacity/status on the new page to file the complaint (PF member, EPS Pensioner, Employer, Others). The option ‘Others’ can be selected in case you do not have UAN or PPO number or establishment number of your employer.

Select the status as ‘PF member’, enter your UAN and security code.


Click on ‘Get Details’ and your masked personal details which are linked to UAN will be displayed.

Click on ‘Get OTP’. A

Enter the OTP and click on submit. After the successful verification of your OTP, you will be asked to enter your personal details.

Select the PF number, upload the required documents and submit.

 

Source: www.zeebiz.com 

Not able to withdraw or transfer money from EPF account? Do this

PF

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If you have got any problem related to EPF withdrawal, transfer of KYC (Know Your Customer) related issues, etc., then EPFO has a website ‘EPF I Grievance Management System’ where you can register a complaint.



New Delhi: Employees Provident Fund Organisation (EPFO) allows subscribers to withdraw or transfer their PF money in certain conditions. However, sometimes employees face difficulties in transferring their EPF account from the previous organisation to the new organisation after switching their jobs or while withdrawing money from their PF account after leaving an organisation.

Generally, these difficulties arise due to differences in name, father’s name, date of birth, PAN/Aadhaar details etc mentioned in the EPF account in comparison to what is mentioned in the ID documents. If you have got any problem related to EPF withdrawal, transfer of KYC (Know Your Customer) related issues, etc., then EPFO has a website ‘EPF I Grievance Management System’.


Through this platform, EPF account holders can file their complaints. This portal can be used by EPF accountholders, EPS pensioner and employers. In order to file a complaint, you must keep your Universal Account Number (UAN) handy. You will be required to provide PPO number if you are an EPS pensioner.

A step-wise guide to file a complaint:

  • Go to www.epfigms.gov.in and click on ‘Register Grievance’ to file your complaint.
  • On the new page opened on your screen, select the capacity/status in which you are filing the complaint (PF member, EPS Pensioner, Employer, Others). The option ‘Others’ can be selected in case you do not have UAN or PPO number or establishment number of your employer.
  • In order to get your PF account-related complaint resolved, select the status as ‘PF member’, enter your UAN and security code.
  • After entering the aforementioned details, click on ‘Get Details’. Your masked personal details which are linked to UAN will be displayed.
  • Now, click on ‘Get OTP’, which will be sent to your registered mobile number and email ID.
  • Enter the OTP and click on submit. After the successful verification of your OTP, you will be asked to enter your personal details.
  • In the next step, click on the PF number regarding which you have to file the complaint.
  • A pop-up will appear, where you have to select the button to which your grievance pertains- PF office, Employer, Employees’ Deposit Linked Insurance (EDLI) scheme or pre-pension.
  • Select your Grievance category, description and upload the required documentary proofs.
  • Click on ‘Add’ when a grievance is filed and then submit. Your complaint will be submitted.



After this complaint registration number will be sent to your registered email address and mobile number via SMS.

 

 

Source: sea.operanewsapp.com 

Your PF money will come to your bank account sitting at home, this is how to apply online

PF

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You can withdraw advance, whole or small amount from your PF. You can apply online for PF withdrawal at home.


Provident Fund (PF) is very useful in times of need. However, most people retain the PF amount for post-retirement needs. But in the Corona period, people’s earnings have been greatly affected. Many people have lost their jobs. In such a situation, many people are considering withdrawing the PF amount. You can withdraw advance, whole or small amount from your PF. You can apply online for PF withdrawal at home. Withdrawal from PF account should be considered only when you need a lot of money. Let’s know what is the process of withdrawal from PF account …

This is how to apply online


1. First visit EPFO’s official website https://unifiedportalmem.epfindia.gov.in/memberinterface/

2. After this enter your UAN number, password and captcha and login

3. Click on Manage and carefully view all the information on the KYC option

4. Click on Online Services, after which a drop menu will open.

5. Click Claim and click on Proceed For Online Claim to submit the form.

This is how you can withdraw money from PF account


1. To withdraw money, go to ‘I Want To Apply For’

2. You have to choose full EPF Settlement, EPF Part withdrawal (loan / advance) or pension withdrawal option.

3. Around 5 to 10 days after filling this form, money will be transferred to the registered bank account on EPFO.

4. You will get information through SMS on your registered mobile number


If your EPF account is linked to Aadhaar, then you can apply to withdraw money online. Explain that full withdrawal of EPF can be done in the event of the employee retiring or if he has been unemployed for more than two months.

 

Source: www.abplive.com

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