How To Change Mobile Number In UAN Online

How To Change Mobile Number In UAN Online

How To Change Mobile Number In UAN?: The Universal Account Number or UAN is an identification number provided to employees who are registered under the Employee’s Provident Fund or EPF. The UAN is a 12 digit number allotted to each Provident Fund by the Employees’ Provident Fund Organization. The idea behind UAN is to link multiple member IDs to a Single Universal Account Number which the EPFO allots.

The EPFO launched its New Unified Portal on 28th December 2016, and it was created to overcome the hassle of going through the helpdesk for enquiry and change of details in the UAN. The portal facilitates the online mode of changing details and gaining information about the UAN.

People often tend to change their mobile numbers or forget the password to their UAN, which later creates a problem for them to log in to their account. In this article, we will guide you to change your mobile number in UAN if you have forgotten your password or changed your mobile number. Here we have provided the step-by-step procedure to change the mobile number online without going through the help desk.

Steps To Change Password In Case You Have Your Registered Mobile Number

Most of the time, people forget the password to their EPF account and struggle to log in. You can easily change your password on the online portal of EPFO if you still have your registered mobile number with you. One can follow these steps to change their password:

  • Step 1: First, open the UAN website of EPFO, which is https://unifiedportal-mem.epfindia.gov.in.
  • Step 2: On the right of your window, you will see the “Forget Password” option. Click on it.
  • Step 3: A new window will open asking for your UAN number, enter your UAN number and enter the Captcha, which is displayed. Always remember that the Captcha displayed on the screen is case sensitive. After entering the Captcha, click “Verify”.
  • Step 4: A new window opens displaying the mobile number linked to your UAN number.  Now, if you have that registered number with you, click on “YES”.
  • Step 5: After you click on yes, you will receive an OTP on your registered number. Enter the OTP and click on “Verify”.
  • Step 6: Once the OTP has been verified, a new window will open, asking for a new password. Enter the new password and verify the password and click “Ok”.
  • Step 7: After the successful validation of the new password, a message saying “Password updated successfully” will be displayed on the screen.

How To Change Mobile Number In UAN

Steps To Change Contact Number Or Password In Case Registered Mobile Number Is Changed Or Lost

Changing the mobile number in UAN in online mode is easy to manage, and it does not take much of your time. Now, if you have lost the mobile number registered with your EPF account, you can follow these steps to change your password and mobile number in UAN:

  • Step 1: First, open the official website of Universal Account Number of Employers’ Provident Fund, which is https://unifiedportal-mem.epfindia.gov.in.
  • Step 2: On the right side of your screen, you would see member details and password. Below that, you will see the “Forget Password” option. Click on it.
  • Step 3: In the next window, it will ask for your UAN Number, enter your UAN number and fill in the captcha. Next, click on “verify”.
  • Step 4: A window will open and display the mobile number linked to your UAN. If you want to change that contact number, then click on “NO”.
  • Step 5: After you have clicked on “No”, a new window will open asking for your details, such as your name, date of birth and gender. Fill in all the details and click “Verify”. If the details entered by you do not match and an error message is displayed saying “Details Not Matching”, check with your employer once to which Aadhar or PAN is mapped with your UAN.
  • Step 6: Next, validate your details against your Aadhar or PAN and click on “Verify” displayed near the document number.
  • Step 7:Once you see your details are validated, you can enter your new contact number and click on “Get OTP”.
  • Step 8: Once you get the OTP on your mobile, enter the OTP and validate.
  • Step 9: Once you validate the OTP, you can enter your new password and verify the new password.
  • Step 10: Once you have entered the new password, a message saying “password changed successfully” will appear on the screen.

In The End

The online portal of Employees’ Provident Fund Organization has made it very easy for people to access their EPF account with the help of mobile or computers. It facilitates the change of details without even going to the helpdesk. In case one has lost their registered mobile number or has forgotten the password to their EPF account, he/she can easily change it by opening the UAN portal.

How To Check Member IDs Or PF Accounts Linked To UAN

How To Check Member IDs Or PF Accounts Linked To UAN

How To Check Member IDs Or PF Accounts Linked To UAN: There are two ways to determine how many Member Ids or PF accounts are connected to your UAN. EPFO issues a Member Id, also known as a Member Identification Number, or an Employee Provident Fund (EPF) account number, to enable employers to send EPF and EPS contributions on behalf of their employees. When you change jobs, your EPF contributions are transferred to a new PF account number, also known as a Member Id. These various Member Ids should be linked to UAN starting in 2014. The distinction between a UAN and a Member Id is explained in this article. It shows how many Member Ids are connected to UAN in detail with photos. The two methods for determining how many of Member Ids are possible are as follows:

  1. At Member Home, log in to the UAN Portal and choose View-> History of Service.
  2. Go to the EPFO website and pick Know Your Claim Status under Our Services->Employees. Hit Enter after entering your UAN and Captcha. You can see a list of PF Accounts that are linked to a particular UAN.

Any missing PF numbers must be connected to UAN using the One Employee One PF connection.

What is the Difference Between a Member Id and a User Account Number (UAN)?

The employer pays the EPF (Employee Provident Fund) to the EPFO (Employee Provident Fund Office) on behalf of the employee. This covers both employee and employer contributions, as well as the Employee Pension Scheme. EPFO issues a Member Id, also known as a Member Identification Number or a PF Account Number, to enable employers to send EPF and EPS contributions on behalf of their employees. It’s as though the employer establishes an EPF account for its employee and contributes to it monthly.

The format of the Member ID or PF Account Number is as follows. It’s possible that your PF Account Number doesn’t have an Extension code. For example, the code for someone working in Bangalore may be BG/BNG/012345/789.

Office code of EPFO/ Establishment code which is maximum seven digits/ extension which is maximum three digits/ Account number which is maximum seven digits

BG/BNG/012345/0001789 is an example.

The Universal Account Number (UAN) is a unique identifier for each person. A 12-digit number is assigned to an employee who contributes to the EPF. A single UAN (Universal Account Number) should be assigned to each employee. Your UAN will be connected to all of your Provident Funds or Member Ids. It will keep track of all of your Member IDs. It’s like having multiple savings accounts, but they’re all linked to your single Permanent Account Number or PAN. So, if you change jobs and your new employer contributes to EPF, you’ll get a new Member ID. Your UAN number must be connected to this new Member ID.

How to Use the UAN Member Website to Check the Number of PF Accounts Connected to Your UAN

Log in to the UAN Member Website and select View->Service History from the drop-down menu.

You’ll see a list of the different companies where you worked, along with the dates that you started and left. The following details will be shown.

  • Your PF account Number or the member id
  • Your name, as mentioned on the EPF records of the organizations.
  • Company name for which you worked
  • DOJ EPF (Date of joining Employee Provident Fund) – The date of starting your EPF contribution. It must also be the date of joining.
  • DOE EPF (Date of Exit of Employee Provident Fund) – the date when the employer stops the contribution in your EPF account. It must be your resignation date.
  • DOJ EPS (Date of joining of Employee Pension Scheme) – This date is mentioned the same as DOJ EPF.
  • DOE EPF (Date of Exit of Employee Pension Scheme) – This dame is the same as the DOE EPF.
  • DOJ FPS – FPS means Family Pension Scheme of 1971, and it is not more than the operation. Employee Pension Scheme (EPS) replaced the FPS in 1995, and FPS is now called the Ceased Pension Scheme. This is not available for the employees with a joining date after 1995.
  • DOE FPS (Date of Exit of Family Pension Scheme) – This date is unavailable for the employees with a joining date after 1995.

More information is available by selecting Detailed View from the top right-hand corner.

How to Determine the Number of PF Accounts Connected to Your UAN Using Member Claim Status

Go to the EPFO website and pick Know Your Claim Status under Our Services->Employees.

Hit Enter after entering your UAN and Captcha. You can see a list of PF Accounts that are linked to a particular UAN.

You can see your transfer information by clicking on the connection from where you transferred the account, in our case, BGB002000000000003.

The message “No record is available for member id ABCD00000000” appears for accounts for which no move has occurred or for which no claim has been filed.

How to Correct EPF Details like Name, Father Name, Date of Joining?

How to Correct EPF Details like Name, Father Name, Date of Joining?

How to Correct EPF Details like Name, Father Name, Date of Joining: Most of the time, the date of birth and name details in the EPF account don’t resemble the details in the Aadhaar. If left unchanged, there can be undesirable annoyances during EPF amount withdrawal. It is crucial to update your EPF account with the correct details at the quickest to avoid any troubles later.

EPF benefaction into an employee’s EPF account is made each month in similar proportion, both by the employer as well as the employee. This is more of a kind of enforced savings scheme issued by the Government of India, which helps employees garner a retirement corpus.

Details of UAN

When we enter an organisation that offers EPF, then we have to fill Form 11. Form 11 is a vital declaration form that facilitates the provident fund department to sustain records of employees, helping them during inquiries and cross-checking of facts. It also contributes precious information about an employee to an employer. Our article EPF Form 11 on Joining a New Job explains it in detail.

Personal Information that is required to enters by the individual in Form 11 is as follows:

  1. Date of Birth of the employee
  2. Father’s/Husband’s name
  3. Gender
  4. Mobile number
  5. Marital status
  6. Date of joining
  7. Email ID
  8. Educational credentials

EPF UAN Details Correction

The features that you record can be checked in your UAN passbook or EPF passbook from the online portal of EPF services using the document number of the individual. This will help the person to get overall details such as date of Birth, Name of employee name, Date of Joining and EPFO office( or the SRO, which stands for Sub-regional office). This essential information will help the person to check their account details. The individual can check their name, their Father/Husband’s Name, Date of Birth, Date of Joining.

Most of the time, the date of birth and name details in the EPF account are incorrect, i.e. they don’t match with the details specified in the Aadhaar. If left unaltered, such flaws can cause unnecessary troubles during EPF amount withdrawal. Thus, it is crucial to update your EPF account with the correct details at the earliest to bypass any concerns later.

EPF name correction is a simple process that can be done online as well as offline with the help of EPF name correction form.

EPF Name Correction Online

To replace or renew your credentials online on the EPFO unified portal, one will require the subsequent details:

  • An active UAN-Universal Account Number
  • Correct Number of Adhaar.
  • Access to EPFO Unified Portal
  • An online request from your employer to the EPFO

Before embarking on EPF name correction, ensure that the information on their Aadhaar card is accurate. This is because updated details of the individual will get verified against their Aadhaar, and if the credentials don’t match, then the update won’t happen. So, make the corrections in the Aadhaar first and then update it with your EPFO account before altering your name and other credentials.

The online process for how to change the name in PF account online, which employees should follow, is described below:

  • Step 1: Go to the EPFO Unified Portal and log in with the UAN and the password.
  • Step 2: On the new page, go to the “Manage” option on the menu bar and select “Modify Basic Details” from the dropdown.
  • Step 3: When the new page will appear, then, as mentioned in the Aadhaar, enter all the right details. The system with the Aadhaar database would verify your entered details. After registering all the required details, click on “Update Details”.
  • Step 4: Once you click on “Update Details”, the request will get submitted to your employer for approval. Before the employer submits the request to the EPFO, the employee has the option to withdraw their request by hitting the “Delete Request” button.

EPF Name Correction Form

Name correction can be done by submitting the EPF name change form to the Regional PF Commissioner as well as offline. This method is more like a collective declaration letter between the employee and the employer, addressing the Regional commissioner of PF.

So, one must hold to the following EPF name change letter format in your EPF name correction form:

The letter ought to be delivered to the “Regional PF commissioner”. The subject of the letter ought to mention: “Joint declaration by the member and also the employer”.

The body of the letter should mention the wrong details in the EPF account that your employer has entered, and to make corrections to the existing details, you are writing this request letter.

Next, generate a table of three columns and implement particular details which you require to change. The table must specify the incorrect entry plus the corresponding right entry.

The EPF correction form is applicable for correcting the following types of errors:

  • Incorrect EPF or EPS account numbers
  • Incorrect date of birth
  • Incorrect name
  • Incorrect name of father or husband
  • Incorrect date of joining the company
  • Incorrect date of leaving the company

All these details will be designated in the form. You must only fill the required ones that need emendation. After filling the correction form, specify the list of documents you are presenting as proof to support your correction request.

Attestation Requirements

Please attach a copy of proof of your name and self-attest it with your sign.

Then, the name of the authorised signatory for the company must be mentioned.

The authorised signatory needs to sign the form followed by the company stamp.

How to Update Father’s Name in EPF?

In order to update or execute corrections of a person’s father’s name or date of birth in the EPF account or wondering about how to change father name in UAN, then with these simple steps, one can do it:

The process for updating the father’s name, date of birth or husband’s name is the same as that of the correction process of EPF name. An individual must fill the form of the joint declaration and enter the appropriate details required to be corrected.

After filling the form, it must be signed and stamped by your company’s authorised signatory. Then, the form is required to be submitted to the commissioner of Regional PF. You should also add the form with event documents as proof to verify the required correction.

Documents accepted as proof are:

  • Aadhaar card
  • PAN card
  • Voter ID
  • Ration Card
  • Copy of bank passbook
  • Driving licence
  • Passport
  • ESIC ID card
  • Date of birth certificate
  • Education certificate
  • Copy of electricity bill, water bill, telephone bill

Issues Caused by Errors in EPF Details

Usually, faulty EPF details form an issue during EPF withdrawal. When one files their claim for the withdrawal of their EPF money, their claim will be checked with the details presented by the individual during the registration of EPF. If the details are incompatible, their claim will not be recognised. This will result in a lot of annoyances, as the person would have first to change their credentials in the EPFO unified portal and then apply for their EPF withdrawal again.

So, let us check out the common mistakes or errors that can deny your EPF withdrawal application:

  • Any misspelled or incorrect data entry during the original registration can lead to the rejection of the EPF amount withdrawal application.
  • The member should present the nominee details. Nonexistence of nominee details can create troubles while appealing for EPF claims or lead to dismissal of claims application.
  • The date of joining should be specified correctly in your EPF account. This data is essential as it helps assess your EPS pension and the total months and years of EPFO contribution.

These factors are vital in determining if the withdrawal amount is free of taxes or not.

Thus, an incorrect date can produce hassles while withdrawing the EPF amount.

Correction in the name after marriage happens mostly with women, who adopt the title or surname of their husband’s family after marriage. Sometimes people intend to change their titles and surname, even without marriage. If a person has done so, then the individual must let the new name reflect in their EPF account. It will avoid any disputes later during EPF withdrawal.

An individual can change their name in their EPF account by filling the authorised form and submitting it to EPFO. If an individual has already changed their name in their testimony documents or even their bank records, then they must change their name with EPFO at the most immediate.

With the help of the EPF name correction form, one must also provide a copy of their marriage certificate as evidence. However, if someone has not made any changes to their linked bank account, then they don’t have to modify the name in the EPF account. Their bank details and their EPF account details should match to promote an easy withdrawal.

This is the process to change the name in the PF account, both online as well as offline, easily. You can follow either the online process or the offline process and submit the form of EPF name correction with the Regional PF commissioner.

EPF Form 15G

EPF Form 15G Download: Sample Filled Form 15G For PF Withdrawal

What is EPF Form 15G? In the financial year of 2016-17, the officials of EPFO had issued a notice stating that Tax Deducted at Source (TDS) is applicable on EPF withdrawal above Rs.50,000. Thus any employee who wishes to withdraw PF money above 50,000 will have to pay the TDS charges. So if any individual’s EPF withdrawal limit is more than 50,000 and PAN Card is not verified at the EPF portal, then he/she can simply submit Form 15G/15H to the EPF officials requesting them not to deduct TDS (if applicable) on the PF withdrawal amount. 

On this page, we have provided all the details on how to withdraw the EPF amount by submitting Form 15G, along with instructions, documents required, and a detailed procedure on how to submit EPF withdrawal claim form 15G online. Read on to find out more.

Is Form 15G Mandatory For PF Withdrawl Less Than 50,000?

Individuals must note that Form 15G is not applicable if your withdrawal limit is less than 50,000. However, TDS is also not applicable for individuals who wish to withdraw the PF amount under the following scenarios:

  • If an individual is transferring his PF money from one account to another account
  • If the employee service is terminated due to health issues
  • If business by the employer is discontinued
  • If the employee service period is more than 5 years that is there is no TDS on PF withdrawal. Which also includes 5 years of employee service under one or multiple organizations.

When TDS Is Deduceted on PF Withdrawl?

If an employee withdraws 50,000 or more than that, the TDS will be deducted. The TDS charges applicable for the same are as follows:

  1. If an individual submits PAN Card and doesn’t submit Form 15G/15H, then 10% will be deducted.
  2. If the individual fails to submit the PAN Card, then TDS will be deducted at maximum marginal rate i.e, 34.608%.

EPFO Notification On No TDS For EPF Withdrawal

The official EPFO notification on No TDS deduction for EPF Withdrawal are given below:

no tds deduction on pf withdrawal

How To Submit Form 15G Online For EPF Withdrawal?

Many of the EPF members fail to get verify their PAN Numbers digitally in the EPFO portal because of personal details mismatch in UAN & PAN Card. And this is the main reason, the EPFO officials will impose TDS in EPF withdrawals. So one of the best ways to run off the TDS is by submitting Form 15G. 

How To Get Form 15G Online For PF Withdrawl?

The direct link to download Form 15G is given below:

Click Here To Download Form 15G PDF For EPF Withdrawl

You can either download EPF Form 15G ODF from the above link or also can check the procedure to download the same from the official website.

The steps to download 15G Form Online for PF withdrawal are listed below:

  1. Visit the official website of UAN Member Website: Click Here
  2. Now login with the help of your UAN Number & UAN Password.
  3. In the UAN dashboard, move to the Online Services tab.
  4. Now select Claim (Form 31, 19, 10C) from the drop-down menu.
  5. Verify your last 4 digits of your bank account number.
  6. EPF withdrawal form will be displayed on the screen. Below the EPF withdrawal form, the user will be able to “Upload Form 15G”.
  7. Click on it and From 15G will be downloaded to your device. 
  8. Two pages namely Part I & Part II will be there where you will have to fill out the details. 

Form 15G Download In Word Format

Many individuals will search for Form 15G in Word format since it makes one’s work easier. However, there is no option for individuals to download Form 15G in word format since the officials will give them only in PDF format. So individuals looking for Form 15G download link in Word format for PF withdrawal can follow the steps as listed below to get the same:

  1. Download Form 15G in PDF format.
  2. Now search “PDF to Word Conversion” in Google or search engine.
  3. Upload the PDF to any of the third-party websites and click on Convert.
  4. As soon as you click on Convert, the Form 15G PDF will be converted to Word Format which can be downloaded for free.

How To Fill Form 15G For PF Withdrawal?

As discussed above, there are 2 pages Part I and Part II in Form 15G. Only Part I needs to be filled by the individuals. The steps to fill Form 15G filed wise are given below:

  • Field 1 – Name: Enter your name as per your PAN Card
  • Field 2 – PAN: Enter your PAN number
  • Field 3 – Status: Mark your status such as Individual, HUF, or AOP as applicable for you.
  • Field 4 – Previous Year: Refers to the current financial year you are filling the form. For example, if you are filling for 1st April 2020 to 31st March 2021, then enter 2020-21.
  • Field 5 – Residential Status: Enter your nationality. Mostly Indian.
  • Field 6 to 12 – Address Details: Enter your current address details. 
  • Field 13 – Emai ID: Enter your valid email ID.
  • Field 14 – Telephone Number: Enter your mobile number, If the landline is available enter your landline number with the STD code. 
  • Field 15 (a) – Whether assessed to tax under the Income-tax Act,1961: Mention Yes or No.
  • Field 15 (b): If Yes, the Latest Assessment Year Which Assessed: If you have marked yes in Field 15 a, then mention the last filed ITR financial year. 
  • Field 16 –  Estimated Income for which this declaration is made: Calculate your total income which you have earned during the financial year excluding EPS or Pension.
  • Field 17 –the Estimated total income of the P.Y. in which income mentioned in column 16 to be included: Mention the total income along with EPF withdrawal amount.
  • Field 18 –Details of Form No. 15G other than this form filed during the previous year, if any: If you have filled Form 15G previously then mention those details.
  • Field 19 – Field 19. Details of income for which the declaration is filed: Mention the nature and amount of income here.

Sample Filled Form 15G For PF Withdrawal

The sample filled Form 15G is given below:

EPF Form 15G

How To Upload Form 15G for PF Withdrawl?

The steps to upload Form 15G in the portal are given below:

  1. After filling out Form 15G, convert it to PDF format.
  2. Make sure your Form 15G is less than 1 MB.
  3. Now login to the UAN website with the help of your credentials.
  4. Click on the “Online Services” tab and select Claim Form 31, 19, 10C.
  5. Now choose Form 19 from the dropdown menu.
  6. Click on Choose File and Upload the PDF. 

Difference between Form 15G and 15H

The main difference between form 15G and 15H is that the 15H form is applicable for senior citizens only. Because the interest rates differ from individuals to senior citizens, Form 15H can be submitted by senior citizens whose is eligible for TDS but also 60 years old.  

FAQs on Form 15G

The frequently asked questions on Form 15G are given below:

Q. Is 15G form required for PF withdrawal?
Yes, if you are an individual below 60 years and want to withdraw more than 50,000 then Form 15G can be submitted.

Q. How can I download Form 15G for PF?
A. You can either download From 15G from this page or also from the officials EPFO Portal under ONLINE SERVICES >> Claim (Form 31, 19, 10C).

Q. What happens if 15G not submitted?
If form 15G is not submitted then TDS charges will apply for your PF withdrawal amount.

Now that you are provided all the necessary information on Form 15G and we hope this article is helpful to you. If you have any questions ping us through the comment box below and we will get back to you as soon as possible.

PPF Interest Rate History

PPF Interest Rate History | Features and PPF Interest Rate Over Years

PPF Interest Rate History: Public Provident Fund (PPF) is a long-term retirement saving scheme to provide a secure post-retirement. The Government of India usually offers the PPF, and the PPF rates are said to be 7.1 percent from April 2020 to June 2021. The most troubling question is if the PPF Interest Rate is fixed? What are the new PPF withdrawal rules? How does one often fix PPF changes? What is the range of PPF interests over the years? This article on PPF Interest Rate History is the solution to your questions.

PPF Interest Rate History

PPF, or Public Provident Fund, was launched from 1968 to 1969. However, the historical returns of the Public Provident Fund since 1968 are elucidated below-.

Earlier the PPF interest rates were announced once a year. However, from 2016 to 2017, the Public Provident Fund rate of interest is reported quarterly. This is done based either on the previous quarter’s yield on benchmark government securities or the bonds of corresponding maturities and a few extra of about 0.25 percent.

It is to note that the Public Provident Fund or the PPF interest is calculated on the lowest balance and is usually done between the 5th day and the end of the month every month. However, the Public Provident Fund interest is credited only to the financial end period of the year.

  • The Public Provident Fund Interest rate in 1968 to 1969 and 1969 to 1970 was 4.8 percent precise.
  • The PPF Interest rate was slowly raised and peaked at 12% between April 1, 1986, to January 14, 2000.
  • The PPF interest rate fell again and reached eight percent in 2011.
  • The PPF interest rate slowly increased again and reached 8.8 percent from 2012 to 2013.
  • The PPF fell to 7.9 percent in June 2019 and remained at that pace till Mar 2020.
  • It has now further reduced to 7.1 percent from April to June 2020.

Essential Features Of Public Provident Fund

  • Tenure: The Public Provident Fund holds a minimum of 15 years of the term, which can be extended in blocks of five years as per the individual’s request.
  • Investment Limits: Public Provident Fund allows the investor to hold a minimum investment limit of Rs 500 and a maximum investment limit of Rs 1.5 lakh for each financial year. However, the investments can be made either as a lump sum or in a maximum of 12 instalments.
  • Opening Balance: The PPF account can be opened with just Rs 100, and the annual investments reach above Rs 1.5 lakh. However, this will not earn the interest and is not applicable or eligible for tax saving.
  • Deposit Frequency: Deposits credited into a Public Provident Fund account have to be noted to be made at least once every year for 15 years.
  • Deposit Method: The deposit method for a Public Provident Fund account can be made through modes such as a cheque, award of cash, through Demand Draft or even an online fund transfer.
  • Nomination: A Public Provident Fund account holder can designate a nominee for her or his account. This can be done either at the time of opening the account or subsequently.
  • Joint accounts: A rule stated is that the Public Provident Fund account can only be held only in the name of one individual. Therefore, opening an account in joint terms is ruled out.
  • Risk factor: Since the Indian Government backs the Public Provident Fund, a PPF fund offers guaranteed, risk-free returns and complete capital protection. However, the potential risk element involved in holding a Public Provident Fund account is minimal.

PPF Interest Rate Over Years

Public Provident Fund Interest rate over the years in also tabulated below for a brief comprehension-

Year Range Public Provident Fund Interest Rate
1968- 1969 4.80 percent
1969- 1970 4.80 percent
1970- 1971 5 percent
1971- 1972 5 percent
1972- 1973 5 percent
1973- 1974 5.30 percent
1.4.1974 to 31.7.1974 5.80 percent
1.8.1974 to 31.3.1975 7 percent
1975-1976 7 percent
1976-1977 7 percent
1977-1978 7.50 percent
1978-1979 7.50 percent
1979-1980 7.50 percent
1980-1981 8 percent
1981-1982 8.50 percent
1982-1983 8.50 percent
1983-1984 9 percent
1984-1985 9.50 percent
1985-1986 10 percent
01.04.1986 to 14.01.2000 12 percent
15.01.2000 to 28.02.2001 11 percent
01.03.2001 to 28.02.2002 9.50 percent
01.03.2002 to 28.02.2003 9 percent
01.03.2003 to 30.11.2011 8 percent
01.12.2011 to 31.03.2012 8.60 percent
01.04.2012 to 31.03.2013 8.80 percent
01.07.2019 to 31.03.2020 7.90 percent
01.04.2013 to 31.03.2016 8.70 percent
01.04.2016 to 30.09.2016 8.10 percent
01.10.2016 to 31.03.2017 8 percent
01.04.2017 to 30.06.2017 7.90 percent
01.07.2017 to 31.12.2017 7.80 percent
01.01.2018 to 30.09.2018 7.60 percent
01.10.2018 to 30.06.2019 8 percent
01.04.2020 onwards 7.10 percent

Why Does A Public Provident Fund Interest Rate Change?

The earlier Public Provident Fund Interest rates were announced once a year.  However, the Public Provident Fund interest rate shifted to a quarterly announcement from 2016 to 2017 based on the previous quarter’s yield on both the benchmark government securities or bonds of corresponding maturities and a few extra around 0.25 percent.

The Indian Government issues the 10-year Treasury Public Provident Fund bonds with funding itself, a debt obligation. A 10-year Treasury note helps to pay interest at a fixed rate on a half-yearly basis. It also delivers the face value to the account holder at maturity. In June 2020, the PPF benchmark was 6.45 percent, and the bond maturing in 2029 offered a 5.97 percent yield, the lowest since January 27, 2009.

Is It A Public Provident Fund That Makes One Crorepati?

With Public Provident Fund interest rates going down, it is to be noted that one needs to invest longer to become crorepati by investing in Public Provident Fund.

Using the 7.1 percent interest for the entire period, account holders can become crorepati after investing in Public Provident Funds for over 25 years, however not overnight.

In this period of 25 to 30 years, an individual can invest in Rs 45 lakh, and the Public Provident Fund interest getting credit into the Public Provident Fund would account for Rs 1,09,50,911. So, in short, there are chances that an individual can become a crorepati by investing in a Public Provident Fund.

Should One Invest in PPF?

The Government of India runs a Public Provident Fund (PPF), and hence it is almost risk-free and is a highly safe platform to invest in. However, it also falls under the Exempt Exempt Exempt category.

  • It would be best to remember that the money you invest is eligible for tax deduction under Section 80C, which is up to Rs.1,50,000 currently.
  • The Public Provident Fund interest income earned every year is tax-free. And is a must to be included in the ITR.
  • The maturity amount in terms of PPF is also completely tax-free.

Hence, the Public Provident Fund is a part of their debt portfolio for many account holders where the returns do not fluctuate like stocks or equity MFs.

What was the highest PPF interest rate ever?

The highest interest rate that the Employees’ Provident Fund (EPF) and Public Provident Fund (PPF) have ever offered was 12%. PPF hit that peak between 1 April 1986 and 14 January 2000, while EPF offered that rate from FY1990 to FY2001.

How much we get after 15 years in PPF?

PPF Calculation Examples for Different Investment Tenures

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What is the PPF interest rate for 2020 21?

As per the ministry circular, PPF will continue to earn 7.10%, the NSC will fetch 6.8%, and Post Office Monthly Income Scheme Account will earn 6.6%. Here is a look at the interest rates on various small savings schemes for the second quarter of FY 2021-22.

Which bank has highest PPF interest rate?

State Bank of India (SBI)
State Bank of India (SBI), which is the largest bank in the country, offers the PPF scheme with a good interest rate. SBI has over 15,000 branches in India, therefore, getting access to the scheme is easy.

Can I have 2 PPF accounts?

As per the Public Provident Fund (PPF) Scheme rules, an individual cannot have more than one account. However, many people still inadvertently end up opening more than one PPF account; they would have opened PPF accounts with two different banks or with a post office and a bank as well.

What is CAGR of PPF?

PPF Returns vs ELSS Returns

According to Value Research, the 5-year CAGR of the ELSS category is 21.19% compared to 8.2% for the PPF.

How can I get 1 crore from PPF?

So, like mutual fund SIP, a PPF account holder can accumulate ₹1 crore by simply investing ₹9,000 per month in one’s PPF account for 30 years using extension facility in 15th, 20th and 25th year of PPF account opening.


ESI PF Rates ESI | All About ESI and PF with New Rates of ESI

ESI PF Rates ESI: The Employee State Insurance (ESI) is directed by the Employee State Insurance Corporation (ESIC). This is an autonomous body that works under the Ministry of Labour and Employment. The ESI scheme had been started in order to provide monetary, medical and other benefits to the Indian workers. In case a non-seasonal company or factory that has more than 10 employees (in a few states, it is 20 employees) having the maximum salary of Rs. 21,000 needs to compulsorily register themselves with ESIC, providing the ESI benefits to the employees.

Contribution Rate Under the ESI

The ESIC is a social security system that has been designed for providing socio-economic protection to its workers and immediate families and dependents. The contribution rates have been declared by the ESIC, and they are being revised from time to time.

The contribution involves both the employer as well as the employee contribution. The newest revision is w.e.f. 01.07.2019, and the rates are as the following stated:

  • Employer’s Contribution is 3.25% of the wages payable or paid.
  • Employee Contribution is 0.75% of the wages payable or paid.

In case the employee’s regular average salary is up to Rs. 137, they are exempted from the contribution; however, the employer needs to make their share of the contribution.

The Employers need to deduct the employee contribution from the salary bills and need to pay the employer and the employee contribution at the rates that have been specified above within the 15 days of the month-end in which the contributions are made. The designated branches of the State Bank of India and a few other banks have been authorised for receiving the contribution on behalf of ESIC.

Period of Contribution

The following table showcases the window span for the Contribution and for obtaining the cash benefit:

Contribution made Cash Benefit received
1st April to 30th September 1st Jan of the year following to 30th June.
1st October to the 31st March of the following year. 1st July to 31st December.

Wages as Per the ESI Act

The contributions of the employee and the employer are made on the basis of the wages paid to the company’s employees. Some of the components of salary, which are inclusions and exclusions, are as follows:

Inclusions  Exclusions
Basic Pay Entertainment Allowance
Dearness Allowance Retrenchment Compensation
City Compensatory Allowance Encashment of leave and gratuity
House Rent Allowance Deduction of health insurance
Incentives (including sales commission) Tax Deductions
Medical Allowance
Meal allowance
Any other special allowances
Attendance and Overtime Payments

Computation of the ESI

The ESI rate contribution is going to be calculated based on the wages paid. The employee contribution (as mentioned above) is 0.75% of salary payable or paid, and the employer contribution is 3.25% of salary payable or paid.


Let us say Ms. X works hard with wages of Rs. 18,000 in a factory unit.

The contribution is going to be as follows:

  • Employee Contribution is going to be 0.75%*18,000 = 135
  • Employer Contribution is going to be 3.25%*18,000 = 585

So, a total contribution of Rs. 720 is going to be made. The responsibility of deducting the contribution as well as depositing the same is on the employer. The employer needs to deposit the amount within a span of 15 days of the end of the calendar month in which the deduction has been made. The same can also be deposited online or to the authorised designated branches of SBI or other designated branches.

The Contribution and Benefit Period

The idea of contribution period involves the employee in the event of the salary increasing from the starting limit of Rs. 21,000.

Let us continue with the example given above, say Ms. X was earning a salary of Rs. 18,000 till the month of June 2020, the salary increases to Rs. 22,000 from July 2020. The contribution period is April 1st, 2020, to September 30th, 2020. Therefore, the deduction is going to continue on the revised salary up to the month of September, and she will be eligible for the benefit up to June 30th of the upcoming year.

Similarly, say an employee Ms. Diligent earns a salary of Rs. 20,000 till the month of October 2020, and from next month, she earns Rs. 23,000. The deduction needs to continue on the revised salary up to March 31st, 2021, and she is going to be eligible for the benefit up to the month of December 2021.

Name Salary Revision  Contribution Period  Benefit Period
Ms. X July 2020 1st April 2020 – September 30th, 2020 January 1st to June 2021
Ms. Diligent November 2020 October 1st to March 31st, 2021 July 1st to December 31st

Therefore, the ESI contribution needs to be made by both the employee and employer, and the benefits will help the employee during unfortunate circumstances.

Documents Needed for ESI and PF Registration

  1. The company’s name. (Incorporation Certificate)
  2. The Company’s PAN (Proprietor’s, if there is proprietorship concern) as well as Incorporation Certificate.
  3. Copy of the available licenses in the company or firm’s name. (Like GST/MSME).
  4. The company’s address with proper address proof.
  5. ID, Pan and Address proof of the Proprietor or Director or Partner of the company.
  6. Email address, Mobile Number of the Proprietor or Director or Partner of the company.
  7. Specimen Signature according to the attached format.
  8. A Digital Signature
  9. Details of the 10 & 20 Employees (10 for ESIC & 20 for EPF) (according to the Sheet attached)
  10. Consent Letter according to the attached format (In case of EPF Voluntary Registration)

ESIC Return Due Date

Both ESIC Return was filling as well as payment can be made at the same time. Thus, the ESI return due date is the same as the payment. I.e., on or before the 15th of each month.

Steps To Approve Employees Provident Fund Member KYC Employer

Steps To Approve Employees Provident Fund Member KYC Employer

Steps To Approve Employees Provident Fund Member Kyc Employer: It is the responsibility or duty of each employer of establishments falling under the Employees Provident Fund Act to guarantee that the KYC details have been updated by the employees falling under the Employees Provident Fund Act.

Importance of Updating KYC

Every employee falling under the Employees Provident Fund Act has to ensure that their KYC details have been updated from their respective Provident Fund Accounts, i.e., the UAN Member Account.

To avail of the Permanent Withdrawal Claim facilities or Transfer claim or Advance Withdrawal, the updating of the KYC is an obligatory requirement.

After the employees submit the KYC details, the employer must approve and verify the KYC details using the registered Digital Signature on the Employees Provident Fund Establishment Portal.

Steps to Submit and Update the KYC Details of Employees in the Employees Provident Fund Account

  1. Log in to establishment unifiedportal-emp.epfindia.gov.in
  2. Under the Member tab, which is on the left side of the page, choose “Approvals.”
  3. Choose “DSC KYC,” which is on the right side of the page
  4. Attach the Digital Signature to the system
  5. Choose the option of DSC token and proceed
  6. Choose the name of the DSC holder appearing in the pop-up box and sign
  7. Approve all the pending requests following the steps above.
  8. Again, Choose Members Tab – KYC pending for DS
  9. If the records appear – Follow the steps 2-8 above and approve the pending requests
  10. Once again, choose Members Tab – KYC Seeded by Members
  11. If the records appear – Follow the steps 2-8 above and approve the pending requests
Employees Provident Fund Act 1952

All About Employees Provident Fund Act, 1952

Employees Provident Fund Act 1952: Established in 1952, the Employees Provident Fund was known as the Employees Provident Fund & Miscellaneous Provisions Act, 1952, which excluded Jammu and Kashmir and extended to the whole of India.

Employee Provident Fund (EPF)

The Employees Provident Fund is a welfare scheme for the benefit of employees. Under this scheme, the employer pays the entire amount, but the employer and the employee contribute their part. The employer subtracts the employee’s share from the salary of the employee. The provident account of the employees gets credited with the interest earned on this investment. At the time of retirement, if certain conditions are fulfilled, the employee receives the accumulated amount.

Applicability of the Act

It is applicable when:

  1. Every factory involved in any industry mentioned in Schedule 1 employs 20 or more people;
  2. Every other institution notified by the Central Government which employs 20 or more people;
  3. Other institutions are notified by the Central Government even if they employ less than 20 people.

Every employee, as well as the one employed by a contractor (but apart from an apprentice engaged under the Apprentices Act or the standing orders of the institution and casual labourers), who receives wages of up to 6,500 rupees per month, will be suitable to become a member of the fund. The condition is three months’ continuous service or 60 days of actual work for members of the scheme.

Taxability of Provident Fund

Under Section 80C, the deduction for the Provident Fund can be claimed while calculating the Income Tax. After retirement, when the employee withdraws the Provident Fund and interest amount, the Provident Fund and interest are not taxable.

If any employee is unemployed for more than two months, they can withdraw their accumulated Provident Fund. After the withdrawal of 75% of the Provident Fund, the employee chooses whether they want to continue with the Provident Fund account or wish to withdraw the entire amount.

Income Tax Liability on the withdrawal of the Provident Fund

  1. If an employee withdraws an amount that is less than Rs 50,000 before completing their five years of continuous service, then no TDS is taxable, but while filing, the return amount of the provident fund will be shown.
  2. If an employee withdraws an amount that is more than Rs 50,000 before the completion of their five years of continuous service, then TDS is taxable @ 10% if PAN is furnished. If Form 15G/15H is provided, then TDS is not taxable.
  3. If EPF is withdrawn after continuous service for five years, then TDS is not taxable, and there is no need to mention the return of income as the amount is not taxable.
  4. When the Provident Fund is transferred from one account to another due to a change in the employee’s job, the return of income amount should not be mentioned since the amount is not taxable.
  5. Before finishing the five years of continuous service, if an employee gets terminated due to ill health, then the employer’s business is discontinued, or the reasons for the withdrawal are beyond the employee’s control, then TDS is not taxable. Furthermore, the employee should not offer the same in the return of income since the withdrawal is exempted from tax.

What are the Types of Provident Fund?

  1. Statutory Provident Fund (SPF)
  2. Public Provident Fund (PPF)
  3. Recognized Provident Fund (RPF)
  4. Unrecognized Provident Fund (URPF)

Statutory Provident Fund (SPF)

Registered under the Provident Fund Act of 1925, SPF is a type of provident fund which is also known as a government provident fund. Government employees, semi-government employees, universities, or educational institutions affiliated with a university established under a specified institution are qualified for this respective fund.

Public Provident Fund (PPF)

The Public Provident Fund Act of 1968 covers PPF. Any public member, whether employed or not, can invest in PPF. Rs 500 per annum is the minimum contribution, and Rs 1,50,000 per annum is the maximum contribution for this fund. The present rate of interest under the scheme is 8% per annum, and all the contributions made to the scheme along with interest are repayable after 15 years unless it is extended.

Recognized Provident Fund (RPF)

Registered under the Employee’s Provident Funds and Miscellaneous Provisions Act of 1952, RPF is a project that, along with the Act, states that any organization employing 20 or more employees is under an obligation to register themselves under this Act. Even if they have less than 20 employees, any such organization can voluntarily register themselves under this Act.

Unrecognized Provident Fund (URPF)

The scheme started by the employer and the employees in an organization that is unapproved by the Commissioner of Income Tax is called URPF.

What is the Provident Fund Contribution Rate?

The employer and the employee contribute 12% to the Provident Fund account (basic pay + dearness allowance + retaining allowance). Any organization which employs less than 20 people should be restricted to contributing 10% for both employee and employer contributions.

Employees receiving a salary that is less than Rs 15,000 per month, it is voluntary for them to become members of EPF. Employees whose salaries are more than Rs 15,000 per month at the time of joining are not required to make Provident Fund contributions. If they are interested in becoming a member of EPF, then they need the consent of the employer and Assistant PF Commissioner to become one.

The entire 12% of the employee’s contribution goes into their EPF account along with 3.67% (out of 12%) from their employer. The remaining 8.33% from their employer’s side is diverted to their EPS (Employee’s Pension Scheme), and the balance goes into their EPF account.

Breakup of EPF Contribution

12% of the employee’s salary goes to the EPF.

Whereas the contribution of the employer is divided as below:

  1. For EPF, 67% contributed.
  2. For EPS, 33% contributed.
  3. For EDLI, 5% is contributed.
  4. For EPF administration charges, 1% is contributed.
  5. For EDLI administration charges, 0.1% is contributed.

Therefore, 13.61% is the employers’ contribution. The employer pays for the management and premium charges. The maximum limit is 0.5% of Rs 15,000.

Universal Account Number (UAN)

A 12-digit number known as UAN is allotted to the employees who contributed to EPF to help with the easy transfer and withdrawal of claims. Throughout the life of the employee, the number remains unchanged.

Even if the job changes, the number remains the same. Based on UAN, SMS service on every deposit contribution and online KYC update can be provided along with the service of Online Passbook. But before all these, UAN needs to be activated on the EPFO portal.

If any member cannot withdraw from the Provident Fund for any reason, they can withdraw it without the employer’s consent. For EPS and EPF, they can submit FORM 19 and FORM 10C, respectively, with the testimony of any one of the following officials to the EPFO office where their EPF account is maintained:

  1. The Magistrate
  2. Any gazetted officers
  3. The Post or Sub Postmaster
  4. President of the Village Panchayat where Union Board is not present
  5. President of the Village Union
  6. Secretary or Member or Chairman of the District or Municipal Local Board
  7. Head of an Educational Institution recognized by the government.
  8. Member of Parliament or Legislative Assembly.
  9. Manager of the Bank where your savings bank account is maintained currently.
  10. Any authorized official approved by the commissioner.
Public Provident Fund (PPF)

Public Provident Fund (PPF) and Its Benefits

What is PPF?

Public Provident Fund (PPF) is a tax-free renowned scheme that is related to small-time savings. The interest earned in a Public Provident Fund is at an 8% tax-free interest rate. In terms of long-term investment, the Public Provident Fund is a crucial yet beneficial tool for individuals. Individuals enjoy benefits like tax exemption and tax-free interest under Section 80C as well as guaranteed returns.

PPF Tax Benefits

  • An individual has to deposit Rs.500 minimum per year in his/her PPF account.
  • A deposit of Rs.1,50,000 is the maximum limit in a PPF account. A deposit of Rs.70,000 was the earliest maximum limit in a PPF account but it changed to Rs.1,00,000 after 30th November 2011 i.e. from 1st December 2011. In August 2014, the new maximum limit for a deposit in a PPF account was set to Rs.1,50,000.
  • According to Section 80C, the limit set for the amount invested by an individual who is eligible for deduction is under Rs.1,50,000. Insurance premiums and children’s school fees are some beneficial expenses under Section 80C as deductions. ELSS, 5-year FD’s, NSC, etc, are some of the approved investment mediums that come under Section 80C as deductions. (Rs.1,50,000 was the revised limit set in August 2014 under section 80C)
  • As interest is tax-free, at the time of accrual or receipts, it is not taxable. Tax exemption is also applicable on Premature Withdrawal of PPF.

PPF Interest Rate

In the year 2016-17, the interest rate dropped down to 8.1%.

The calculation of interest is compounded on an annual basis. At the end of every financial year, interest is credited. The calculation of PPF is done monthly operating on the lowest balance from the end of the 5th day to the last day of the month, nevertheless the interest into the PPF account is only added back at the end of the financial year.

The Government decides the interest rates and hence, they are the same in all the banks and post offices. No TDS is deducted on the amount of a PPF as interest is exempted.

PPF Interest Rate Chart

PPF Interest rate chart is here as follows;

2000-01 11%
2001-02 9.5%
2002-03 9%
2003-04 8%
2004-05 8%
2005-06 8%
2006-07 8%
2007-08 8%
2008-09 8%
2009-10 8%
2010-11 8%
2011-12 8.6%
2012-13 8.8%
2013-14 8.7%
2014-15 8.7%
2015-16 8.7%
2016-17 8.1%

Opening PPF Account

  • A PPF account can be opened in any authorized banks or post offices.
  • A PPF account can be opened by minors under some guidelines.
  • No law allows a PPF account to be opened in joint names.
  • An individual cannot open a PPF account if he/she is a HUF or NRI. in some cases if an individual opens a PPF Account while he/she is a Resident of India but subsequently becomes an NRI, he/she is allowed to continue investing in his/her account.
  • The account holder can appoint nominees/nominees. After the death of the account holder, the nominee cannot continue the account.
  • The date of realization of the cheque in the Government account is considered as the date of opening of the account.
  • A Power of attorney holder can neither open nor operate a PPF account.
  • The grandparents cannot open a PPF account on behalf of their minor grandchildren.
  • Only one PPF account is allowed to be opened by an individual.
  • The account holder can transfer his/her PPF account from one post office or bank to another post office or bank.

Documents Required to Open a PPF Account

  • A recent passport size photograph of the individual is required.
  • Identity Proof copy of the individual along with the original to verify (Even PAN Card is accepted).
  • Address Proof copy of the individual along with the original to verify.
  • Correctly filled Account opening form by the individual for PPF.
  • Payment in slip by the individual for PPF account.
  • Nomination form for PPF correctly filled by the individual.

PPF Depositing Amount

  • A deposit of Rs.1,50,000 is the maximum limit in a PPF account. A deposit of Rs.70,000 was the earliest maximum limit in a PPF account but it changed to Rs.1,00,000 after 30th November 2011 i.e. from 1st December 2011. In August 2014, the new maximum limit for a deposit in a PPF account was set to Rs.1,50,000.
  • An individual has to deposit Rs.500 minimum per year in his/her PPF account. The amount can be deposited by both cash or cheque.
  • An individual can make several installments in his/her PPF account in the manifold of Rs.50. There is no specific upper limit on the number of deposits and one can make as many installments as he/she wants but concerning the maximum limit in a PPF account. The rule of maximum limit on the number of installments that was 12 times a year, was removed and ruled out after November 2019 i.e. removed from December 2019.

Period and Lock-in Period

The investment duration is set for 15 years. In this case, the effective period adds up to 16 years i.e. the year of account opening and the 15 years addition. However, in case of an expired account, a 5-year extension period can be provided. A financial year basis format is regulated for a PPF i.e. from April 1st to March 31st. The interest on a PPF is credit at the end of the financial year.

Withdrawal of Amount from PPF

The investment duration is set for 15 years and hence, the amount can only be withdrawn after completion of its maturity period. In some cases, Premature Withdrawal is allowed but only from the year in which it was opened to the end of the 6th financial year. Only 50% of the total amount can be withdrawn prematurely but it depends upon the year in which the amount was prematurely withdrawn.

The PPF account before the completion of 15 years could not be closed unless the individual who opened the account was deceased. Only the nominee appointed by the individual for his/her PPF account who passed away has the authority to close the account by submitting all the required documents. Hence, the amount in the amount can only be withdrawn at the end of the maturity period but unaware of the rule, most of the banks and post offices do not have the details.

Closure of PPF Account

An individual can close his/her PPF account and withdraw the total sum of the amount to date, under certain circumstances. (On 1st April 2016, the new rule came into effect and was then modified in December 2016).

Conditions for closure of account are as follows;

  • Excluding/After the year on which the account was opened, the PPF account should have been completed 5 years.
  • In cases of serious illness or higher education of children, the premature closure of PPF accounts is permitted.
  • It has to be confirmed by the banks whether the account holder, spouse, children, or parents are suffering from a serious illness or a life-threatening disease, and the documents like medical treatment reports, files, and maybe a verified legal bill are required.
  • For higher education for children, the proper required documents should be submitted for premature closure of the PPF account. Documentation like fee bills and confirmation letters of admission by the concerned university either in India or abroad are obligatory.
  • An individual needs to present and submit a copy of his/her passport or Income Tax Return in case of a change in residency status of the individual. This rule came into effect in 2019.

Public Provident Fund

PPF Forms

  • Form A – To open Public Provident Fund (PPF) Account
  • Form B – To deposit amount in PPF Account, To repay loans taken against PPF account
  • Form C – To make partial withdrawals from a PPF account
  • Form D – To request a loan against a PPF account
  • Form E – To add a nominee to a PPF account
  • Form F – To make changes to PPF account nomination information
  • Form G – To claim funds in a PPF account by a nominee
  • Form H – To extend the maturity period of a PPF account

List of Banks where PPF Account can be Opened

  • Andhra Bank
  • Axis Bank
  • Allahabad Bank
  • Bank of Baroda
  • Bank of India
  • Bank of Maharashtra
  • Canara Bank
  • Central Bank of India
  • Corporation Bank
  • Dena Bank
  • IDBI Bank
  • ICICI Bank
  • Indian Overseas Bank
  • Oriental Bank of Commerce
  • Punjab National Bank
  • Punjab and Sind Bank
  • State Bank of India (SBI)
  • State Bank of Travancore
  • State Bank of Hyderabad
  • State Bank of Mysore
  • State Bank of Bikaner and Jaipur
  • State Bank of Patiala
  • Union Bank of India
  • United Bank of India
  • Uco Bank
  • Vijaya Bank

Extension of PPF Account Beyond 15 Years

The investment duration is set for 15 years. In this case, the investment period can be extended up to 5 years with or without further investments being made.

  • No fresh investments made after maturity: the account holder will continue to enjoy the benefit of earning interest on the amount accrued and there is an ease in withdrawing funds freely once every financial year.
  • Fresh investments made after maturity: in the case of fresh investments, the available balance in the account decides the interest calculated amount. Although, withdrawals are limited to only 60% of the amount in this case.

Loan against PPF

An individual is eligible to borrow from PPF between the 3rd and the 6th financial year of opening the PPF account. Loan facilities of the PPF are as follows;

  • One can borrow from PPF between the 3rd and the 6th financial year of opening the PPF account.
  • Exactly 25% of the amount can be taken up as a loan in the account of the individual at the end of the 2nd year immediately preceding the year in which the loan was applied. For example, if someone has applied for a loan from PPF in June 2014 at 25%, he/she will be eligible for a loan at 25% on 31st March 2014.
  • The loan has to be repaid within 36 months and it can be repaid in total amount or two or more installments.
  • The individual has to pay the interest amount within 2 months in installments after full repayment of the loan.
  • Calculating the interest at 2% above the invested amount is commenced between the month following the month in which the loan was taken up to the last day of the month in which the last installment was repaid. (calculation of interest is done on the entire amount even-though if there were partial payments)
  • An individual has to apply, fill and submit Form D along with the passbook of his/her account to get a loan.
  • No security is required while availing of this loan and it has a lower interest rate as compared to availed personal loans from banks directly.

FAQ’s on PPF Public Provident Fund

Question 1.
An individual has a housing loan that exhausts his/her 80C exemption. Can he/she still invest in PPF(up to 1.5L) to get tax-free interest or will his/her interest be taxed or Is he/she not allowed to invest in PPF at all?

The individual can invest in PPF up to a limit of Rs. 1,50,000 even if his/her total exemption amount exceeds 80C limits.

Question 2.
An individual’s PPF Account is reaching its maturity period on 10th March 2016, If he/she invests any amount in March this year, whether this investment will be eligible for Exemption under 80 C or Does he/she have to extend his/her account to be eligible?

Yes, such investment will be eligible for deduction under section 80C whether the individual extends his/her account or not.

Question 3.
Can an individual’s Deposit in the PPF account be made by the income of the relevant year or Does he/she have to make it by his/her other investments or any previous savings?

An individual can deposit the amount in PPF from any source, even from the loans he/she availed or his/her savings.

Question 4.
An individual contributed his funds to his wife’s and my son’s PPF account, can he enjoy this benefit under section 80C in his ITR?

No, in such a case only the individual’s wife can take a deduction under section 80C. He can take a deduction in his account only when his son is minor but the total limit remains Rs. 1.5 lakhs.

Question 5.
Are tax deductions under section 80C and tax-free interest also available for extended accounts after 15 years?

Yes, tax deductions and tax-free interest are available for the whole life of the PPF account.

Question 6.
Whether interest earned is treated as reinvestment like NSC and its deduction available?

No, in PPF interest earned is exempt from tax and not considered as reinvestment.

Question 7.
Can an individual open two PPF accounts in two different banks?

No, An individual can only open one PPF account at a time.

How Can an Employee Verify PAN in UAN Website

How Can an Employee Verify PAN in UAN Website

How can an Employee Verify PAN in UAN Website: As per the Universal Account Number (UAN) on the Employee’s Provident Fund (EPF) website, verified KYC, such as Aadhaar, PAN which are digitally approved, will be considered for availing any services if you log in to the UAN website with your UAN and password and see PAN Unverified with a Verify button, as shown in the image below. This article talks about why EPFO needs PAN details, verifying PAN at the UAN website, and checking the status update of the PAN verification. It also gives a general overview of KYC for EPF.

There are a lot of instances where the PAN Verification process has failed. Petitions have been filed for this purpose on the Change.org petition.

On checking KYC by clicking Manage->KYC and check your Digitally Approved KYC, then in the Online Verification Status column, the PAN would appear as Unverified, as shown in the image below.

Why Does EPFO Require PAN?

PAN is needed by EPFO for deducting tax if you have contributed less than five years to the EPF organisation.

  • If the employee withdraws the EPF balance before completing 5 years of service, the EPF balance is taxable. For calculating the period of 5 years of service, service doesn’t need to be continued with the same employer, but it looks for the entire year of contribution to EPF.
  • TDS on EPF will be deducted if withdrawal is more than Rs 50,000. In Jun 2016, the limit was raised Rs 30,000 from Rs 50,000.
  • The rate of TDS: TDS will be deducted at 10 % provided PAN is submitted. Otherwise, TDS is removed at the rate of 34.608 % if PAN is not advanced.
  • There are certain anomalies to the reduction of TDS on EPF by EPFO.
  • TDS is deducted in case of transfer of PF from one account to another PF account

If the employee submits form 15G or Form 15H, then TDS is not deducted, which declares that their income would not be taxable after receiving the accumulated PF balance. Form 15H is offered by senior citizens (above 60yrs of age), and Form 15G is being provided by those below the age of 60 yrs.

For calculating the period of 5 years of service, service doesn’t need to be continued with the same employer. He may have worked in different organisations. But whenever a person changes the job, he must get the PF balance in the previous company transferred to the new company PF Account.

Example: If a person worked for 4 years in XYZ and 2 years in ABC and changing the job, he has transferred the PF balance of XYZ ltd to ABC. Then the total period of service would be 6 yrs. So, if he withdraws the accumulated PF balance, then it will not be taxable.

How to Verify PAN at UAN Website for Employees?

Note: Please try this on your desktop or Mobile in Desktop Mode, preferably in Chrome.

Note: If your Aadhaar is not uploaded and the name is different in UAN and Aadhaar, please use Modify Basic Details to make the modifications. This has to be done before uploading PAN, as shown in the image below and explained in the article e-KYC Portal of EPF Link UAN with Aadhaar without Employer.

PAN Already Uploaded Use Verify

  • If your employer has added the PAN, you will see the Verify button on Member Profile.
  • Go to your Main page by clicking Home in the Menu, and you would see the Verify button.
  • Click on Verify button in your Member Profile. You would see a message box saying Verifying.
  • Then a window will pop up saying PAN Verification is successful, as shown in the image below.
  • If you now check your KYC by clicking Manage->KYC, then you will notice that Online Verification Status for PAN now shows Verified by ITD (or income tax department), as shown in the image below.

PAN Not Uploaded, Upload PAN Document in Manage KYC

If your employer has not uploaded PAN, then when you upload PAN, Verification is done. Then your PAN Verification may Pass or Fail, as shown in the image below.

Workarounds after PAN Verification Failure

The workarounds after PAN Verification Failure is to match your name, gender details on the UAN site with that of the department of Income Tax.

After logging into the income tax website and go to Profile->Pan Details, you will find the Gender as shown in the image below.

Mismatch of Name Details in UAN website and PAN

  • Get the Name, Gender updated in PAN
  • The online method for Correcting PAN
  • Visit NSDL Online by going to https://www.onlineservices.nsdl.com/paam/endUserRegisterContact.html
  • Select the ‘ PAN correction’ option from the ‘application type’ drop-down and fill out your details.
  • Offline method
  • To make corrections in the PAN offline, re-issuance, or surrender, an individual needs to submit the PAN correction form with the nearest NSDL collection centre and file a letter with the jurisdictional Assessing Officer.
  • Click here to download the form. The fields in this form are similar to the online form.
  • Get the Name, Gender Updated on the UAN website.
  • Submit the Joint declaration. Changing the personal details in the EPF account should be done jointly by you and your employer. There is a prescribed format for this application. The sample form of the correction in EPF details is shown in the image below.
  • If names and gender match and you cannot understand the reason, submit the request through the EPF grievance website. Our article How to register EPF complaint at EPF Grievance website online explains it in detail.


KYC stands for know your customer. If you have your KYC details in your UAN and approved by your employer, then dependency on the employer goes away. Then To withdraw or take a loan from EPF, you can directly approach EPFO.  Our article Online EPF Withdrawal: How to do Full or Partial EPF Withdrawal Online explains it in detail.

After logging on to UAN Website (https://unifiedportal-mem.epfindia.gov.in/memberinterface/), you can click Manage->KYC to see or add your details. You can add elements like PAN, Aadhar, and Passport for KYC. To add KYC, you can upload the document and related information.

Minimum you should have the following documents approved for KYC.

  • Bank Details
  • Aadhaar

Mandatory if you make a withdrawal before five years of EPF contribution as TDS is deducted.

Add the document’s details, Document Number, the name as registered, and the expiry date for passport and IFSC code for the bank and other details.

Click on the Save button.

After that, the documents will appear in the pending KYC section, and it will need the employers’ approval for the KYC details.

Petition at Change.org for Failure of PAN Verification and others

Many people who have KYC approved for PAN and Aadhaar are facing the problem of PAN verification failure. After asking EPFO on Twitter multiple times, we started a Change.org petition asking the following.

  • Is PAN Verification necessary if one has worked for more than five years?
  • How does PAN verification in UAN works?
  • Once the PAN Verification fails, how does one find out why the PAN verification failed?
  • Once one knows the problem, how to get it verified?