The recession caused due to the pandemic is hitting the working class hard in India. One way to save money with good saving interests is Provident Fund (PF). It is a fund in which both the employee and the employer invest some percentage of the employee’s monthly basic wage. In principle, an employee’s accrued or a portion of the money in an EPF account may be withdrawn in the case of retirement or resignation.
Considering the difficult circumstances for many during the pandemic, the EPFO (Employee Provident Fund Organization) has now enabled members to take a portion of their total amount in the event of the COVID-19 crisis or unemployment. Similarly, if the person moves jobs, this sum can be transferred from one business to another. An EPF account offers an annual return of 8.5%.
However, if you want to claim your PF, avoid these 5 mistakes:
UAN Seed Bank Account: The UAN (Universal Account Number)should be seeded into the bank account number.If your account is not seeded, you may have difficulty receiving funds. Aside from that, the IFSC number given in EPFO records should be accurate.
Incomplete KYC: If any account holder’s KYC is incomplete, your request may be rejected. Your KYC information must also be validated. By logging into your member e-service account, you may determine if the KYC is complete and confirmed.
Incorrect Date of Birth (DoB): If the date of birth (DoB) registered in EPFO and the birth date registered in the employer’s record do not match, your request may be rejected. EPFO previously issued a circular on April 3, relaxing the criteria for amending the date of birth reported in EPFO records and connecting UAN with Aadhaar. For the next three years, you can change your birth date.
A must-have UAN-Aadhaar link: It is also required to connect UAN with Aadhaar. If your UAN and Aadhaar are not connected, your EPF withdrawal request may be denied. There are four methods for linking a UAN or EPF account to Aadhaar. You may also link it while sitting at home.
Incorrect Bank Account Information: The PF claim money will be transferred to the same account, which will be documented in EPFO records. As a result, while filing a claim, be sure to thoroughly fill out the account information. Your request will be denied if you submit the incorrect account number or any other account number.