If you are claiming for PF money, then check some important things before applying. Otherwise your application will be canceled and you will have trouble in withdrawing funds.
Provident Fund (PF) account is a great option for saving with good interest for the working class. It is a fund in which both the employee and the employer contribute 10 percent of the basic salary of the employee every month. Earlier this percentage was 12 percent for private organizations. Employers and employees submit their contributions to the Employees’ Provident Fund Organization (EPFO) every month. Normally, a part of the amount or amount deposited in the EPF account can be withdrawn in the event of retirement or resignation by the employee.Also Read: If UAN is not linked with Aadhar, then so many things will get stuck
But considering the tough times for the people at times, EPFO has now allowed members to withdraw a part of the amount in case of COVID-19 crisis or unemployment.
Similarly, in the event of an employee changing his job, this amount can be transferred from one company to another. The EPF account gives an annual return of 8.5 percent. Members who have been unemployed for a month or more. They can avail non-refundable advance up to 75 percent of the amount available in their PF account.Also Read: Family pension increased by 191%, Diwali for 11 lakh bank employees
Correct bank account with UAN
Bank account number should be linked with UAN (Universal Account Number). If your account is not added then there may be problem in getting money. Apart from this, the IFSC number entered in the records of EPFO should also be correct.
Incomplete KYC
If the KYC of any account holder is not completed then your application may be cancelled. Your KYC details should also be verified. You can check whether the KYC is fully verified or not by logging into your member e-service account.Also Read: Jan Dhan Yojana completes seven years: ‘PM Modi is expert in re-launching schemes by renaming’, alleges Congress leader Jairam Ramesh
wrong date of birth
Your application can be canceled even if the date of birth recorded in EPFO does not match with the date of birth recorded in the employer’s record. The EPFO had earlier issued a circular on April 3, in which it had relaxed the rules for correcting the date of birth recorded in the EPFO’s records and linking UAN with Aadhaar.
Must be linked with UAN-Aadhaar
It is also necessary to link UAN with Aadhaar. If your UAN-Aadhaar is not linked, your EPF withdrawal application may get rejected. There are four ways to link Aadhaar with UAN or EPF account. You can also link it sitting at home.Also Read: Modi government preparing to give a big gift, 43 crore account holders will benefit
wrong bank account details
The amount of PF claim will be deposited in the same account, which will be recorded in the records of EPFO. Therefore, while making a claim, fill the account details carefully. If you enter wrong account number or any other account number then your application will be cancelled.
