The COVID-19 has hit the pockets of the middle class in India hard. The Provident Fund (PF) can be a reliable source of savings for the working class as it offers good long-term interest rates.
The PK is a fund that collects contributions from employers and employees alike, and an employee can withdraw some of the money from the account in the event of an emergency or upon retirement or termination.
Given the dire situation, the EPFO (Employee Provident Fund Organization) has given the opportunity to withdraw part of the money in the event of the COVID-19 crisis or unemployment.
This amount can also be transferred from one company to another when changing jobs. An EPF account offers an 8.5% annual return.
In the meantime, here are some ways to avoid these mistakes when withdrawing funds from your PF account:
UAN Seed Bank Account: The UAN (Universal Account Number) must be specified together with the bank account number. If the PF account is not activated, you will have difficulty obtaining funds. Also, the IFSC number given in EPFO records should be correct.
Incomplete KYC: If KYC is incomplete, you can expect a rejection. The KYC information must be validated. When you log into your E-Service member account, you can see if the KYC is complete and confirmed.
Incorrect date of birth (DoB): If the date of birth (DoB) entered in EPFO and the date of birth entered in the employer file do not match, your application can be rejected.
UAN aadhaar link: It is mandatory to associate UAN with aadhaar. If your UAN and Aadhaar are not linked, your EPF withdrawal request may be rejected.
Incorrect bank account details: It is important to have correct bank account information. Make sure you fill in the account information correctly.
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