The recession caused by the pandemic is badly affecting the working class in India. There is a way to save money with good savings interests Provident Fund (PF). It is a fund in which both the employee and the employer invest some percentage of the employee’s monthly basic salary. In principle, a portion of an employee’s accruals or money epf account Can be withdrawn in case of retirement or resignation.
Keeping in mind the difficult circumstances for many during the pandemic, EPFO (Employees Provident Fund Organisation) has now enabled the members to take a part of their total amount in case of COVID-19 crisis or unemployment. Similarly, if the person takes up a job, this amount can be transferred from one business to another. An EPF account provides an annual return of 8.5%.
However, if you want to claim your PF, avoid these 5 mistakes:
UAN Seed Bank Account: UAN (Universal Account Number) should be linked to the bank account number. If your account hasn’t been linked, you may have difficulty receiving funds. Also the IFSC number given in the EPFO record should be accurate.
Incomplete KYC: If the KYC of an account holder is incomplete, your request may be rejected. Your KYC information should also be valid. By logging into your member e-Service account, you can determine whether the KYC has been completed and confirmed.
Wrong Date of Birth (DoB): If the Date of Birth (DOB) registered with EPFO and the date of birth recorded in the employer’s records do not match, your request may be rejected. The EPFO had earlier issued a circular on April 3, modifying the date of birth as entered in the EPFO records and relaxing the norms for linking UAN with Aadhaar. You can change your date of birth for the next three years.
UAN-Aadhaar link should be: It is also necessary to link UAN with Aadhaar. If your UAN and Aadhaar are not connected, your EPF withdrawal request may get rejected. There are four ways to link Aadhaar with UAN or EPF account. You can also link it sitting at home.
Wrong bank account information: The PF claim money will be transferred to the same account, which will be recorded in the EPFO records. Consequently, while filing a claim, make sure to fill in the account information thoroughly. If you submit wrong account number or any other account number then your request will be rejected.
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