EPF

How to Deposit in PPF Amount?: Public Provident Fund is considered a long-term, government-backed small savings scheme. PPF is known to be one of the best investments in the long-term category. This is considered as a retirement savings tool for those individuals who are not eligible for getting pension after their retirement; this money will help them to survive even if they didn’t get their salaries. In this article, we will try to explain how to deposit PPF online in different scenarios such as in the Post Office, State Bank of India and other related banks.

How to Deposit Online in PPF?

Individuals can transfer their funds online from the savings bank account to the PPF account using the internet banking features such as Funds Transfer or Third Party Fund Transfer.  This feature helps a person to transfer funds from his/her account to other accounts in the same branch or different branch or different banks. In order to initiate fund transfers, one should be an active internet user and must have the transaction rights. Let’s discuss the terms related to fund transfer:-

• When a person transfers funds within his/her own accounts, this is known as Fund Transfer.
• When a person transfers funds from his/her account to another account that belongs to some other person but in the same bank (not necessarily to be in the same branch as yours), this is known as Third Party Fund Transfer.
• When a person transfers funds from his/her account to an account in any other bank, then this type of transfer is known as Interbank Fund Transfer. This type of transfer is usually done through NEFT.

How to Deposit When PPF Account is in SBI and Saving Account is also in SBI (Same Branch)

If a person’s savings account and PPF account is in the same SBI branch, then he/she will notice that his/her accounts are already linked in the net banking, and he/she can easily transfer the money. A person can transfer money using Fund Transfer.

If a person’s PPF account is not linked to his/her savings account, then he/she can write a letter to the SBI branch by visiting the branch in order to link the account.

• Log on to personal banking on the official website of SBI internet banking with your ID credentials.
• Select the tab Payments/Transfer
• Then click on Funds Transfer ( then you can see his/her account linked with his/her user-id)
• Select the account from which you want to transfer the funds and then the account to which the funds should be credited to.
• Enter the amount and also remarks for the transaction.
• Confirm the transaction. After the confirmation, you will notice a confirmation page with the transaction details and an option to submit or cancel the fund transfer request.
• On submitting the request, you will get a reference number for the transaction.

How to Deposit When PPF Account is in SBI and Saving Account is Also in SBI (Different Branch)

When a person has his/her savings account and PPF account in SBI, but in different branches, then he/she should make a call to customer care or visit the branch for linking both the accounts. Once linked, they can transfer funds easily using fund transfer. Until then, they can use Third Party Fund Transfer for this type of transaction.

How to Deposit When PPF Account is in SBI and Savings Account is in Another Bank

Log on to the savings account through the official website of the bank (ICICI/ HDFC/ any other bank).

Add your PPF account as Third-Party Beneficiary so that the bank will allow you to transfer the funds. Steps to do this:

• Enter payee name – Which is the same as the name mentioned in the PPF account.
• Select the SBI branch where you have the PPF account.
• Enter payee account number – Which is the same as the PPF account number.

How to Deposit When PPF Account in ICICI Bank and Savings Accounts is Also in ICICI Bank

By using the internet banking of ICICI, you can:

• Check your PPF account under the My Account section, which is shown only when you get logged in.
• Transfer the funds online from the savings account, which is linked to internet banking.
• View as well as print the mini details or statements online.

How to Deposit When PPF account in HDFC Bank and Saving bank account is Also in HDFC Bank

After getting yourself logged on to the internet banking website of HDFC, you can:

• View your PPF account under “Transfer to your own accounts”.
• Then you can transfer the funds from the linked savings account to the PPF account.

How to Deposit When PPF Account is in IDBI Bank

People who have PPF accounts in IDBI Bank are offered the service of maintaining their accounts through the online platform. With the help of internet banking, one can see his/her PPF account details, print statements and can also make a PPF subscription online by transfer of funds from the linked savings account.

How to Deposit PPF by Cash or Cheque in Post Office

Steps that one has to go through when he/she decides to pay using cash/cheque in the post office:

• Fill up the details mentioned in Form B
• If payment is made through cheque, then a cheque should be in the postmaster’s name, < name of post office>, (PPF account number). Remember, the date of the deposit that the PPF account will show will be the date of cheque clearance and is not considered as the date you have deposited the cheque.
• Remember to update your passbook, which might take time because of the cheque.

If one is planning to open his/her PPF account through an agent in the Post Office, then he/she must remember that the agent will not provide remittance into the PPF account, and they have to do it by themselves. As of 1 Dec 2011, payment of commission to agents was discontinued.

How to Claim an Amount Using Form G On Death of PPF Account Holder: In case the subscriber of a Public Provident Fund or PPF dies. The money left in the account is automatically passed on to the nominee or nominees or the legal heirs after filing some paperwork. The paperwork and documentation will depend on whether the subscriber had appointed a nominee for a claim in the PPF account or not.

How to Claim an Amount Using Form G On Death of PPF Account Holder Overview

• Form: The nominees or the legal heirs can register to submit a duly filled form called Form G to the bank or the post office where the deceased subscriber had held their account. Form G is crucial in this case and the Ministry of Finance.
• Nomination Registered: If the deceased PPF subscriber had appointed a valid nomination, then the nominee only can claim the proceeds from the account. They need to fill the Form G along with the proof of death of the subscriber, i.e., their death certificate.
• No Nomination Registered: If there are no nominations in force, the legal heirs of the deceased subscriber can claim to their account. They have to provide the death certificate, a succession certificate, or a letter of administration along with an attested copy of the probate will include that a competent court has issued.

How to Claim the PPF Amount If the Amount is up to Rs 1 Lakh

• If the sum standing to the credit in the PPF account of a deceased subscriber or member had a claim up to Rs 1 lakh, then the claim can be processed after the heir submits the following documents.
• A letter of indemnity
• A letter of disclaimer on affidavit
• An affidavit
• A death certificate of the subscriber on stamped paper

How to Claim PPF Amount if the Nomination Details Do Not Exist And The Amount Is Less Than One Lakh?

If there are no existing nomination details or any legal evidence that people can produce to claim the amount, they can fill the annexure 1, 2 or 3 according to the PPF rule 12 (6) in Form G.

How to Go About the Process of Claiming the PPF Amount

• The legal heir or the nominee has to provide the bank or the post office with the receipt of the application and other documents.
• If the authorities find that all is in order, then the amount standing in the PPF account will be credited to the nominee or nominees from the PPF account of the deceased.
• The nominee or the heirs have to fill up Form G, and they can download it online, or they can visit the bank or post office for the same.

The Form asks for information about the claim, such as the account number, the nominee details, the place, address, etc.

The Form G contains three annexures: Annexure 1, Annexure 2 and Annexure 3. The people who claim the amount have to produce the passbook of the original subscriber and the death certificate.

• Annexure 1 contains Form G or the letter of indemnity that should be on stamped paper.
• Annexure 2 includes the affidavit on stamped paper.
• Lastly, Annexure 3 contains the letter of disclaimer on affidavit on stamped paper.

Therefore, all the annexures in Form G should be produced in stamp paper in front of a valid court. They also require the passbook of the deceased subscriber.

In case one of the nominees die, then the surviving nominee or nominees will have to provide the proof of death of the deceased nominee as well. The balance in the PPF account will continue to earn interest till the end of the month preceding the payments stopped depositing.

What Happens If A PPF Account Holder Or Subscriber Dies Before Fifteen Years Of The Investment Period Is Not Completed?

• If the subscriber of a PPF account dies before completing fifteen years of investment, the successor can get part of the balance on demand.
• However, if the nominee does not withdraw the balance, it will continue to earn tax-free interest. There are no partial PF withdrawals in this case.
• Besides, it is risky to continue the account because they cannot appoint another nominee unless they have dissolved the account.
• If there are multiple nominees, then they are the joint holders of the account. All of them have to apply for closure together.
• Each of them will have to identify themselves to the concerning officer.
• After they have completed all the formalities, the officer will issue a single cheque in favor of all of them.
• They cannot encash it unless all the nominees have a joint account.
• If there are no nominations assigned, then the balance will go to the legal heirs on the production of their succession certificate.
• Hence, the legal heirs or the nominees should not continue it for the duration to be over because it is very risky. They should close the account after withdrawing whatever is available.
• If they choose to leave the account open, then the excess amount that a person deposited after the original subscriber’s decease will not attract any interest. Rather, it will come back to them as it was.
• The PPF account cannot be extended or transferred, but if the balance remains, it continues to have tax-free interest.
• If there are no nomination details and they have a legal claim to the amount, then they need to fill the Form G if they are the legal heir.
• They require the death certificate and the succession certificate.
• If they don’t have the succession certificate, then they have to get an attested copy of the deceased subscriber, and it should be issued by a high court. They can also produce a letter of administration instead.
• Along with these, they need the passbook of the subscriber.

How Long Will It Take To Process The Application?

In India, it is a long and tedious process. After one submits all the necessary documents pertaining to the claim of the PPF account, then the processing will take over a month at best. The P.F. settlement process may take somewhere from thirty to ninety days.

What Is The Distinction Between A Nominee And A Legal Heir?

According to our law, a nominee is not the owner of one’s investments. They are only the trustee of our assets in case of one’s death.

• According to the succession law, they can distribute the money to the legal heirs according to one’s will.
• The succession laws in India are varied according to the religion one’s faith. Hence, if they are Muslim, they will follow the Muslim rule, and if they are Hindu, they will follow the Hindu succession law, and so on.

How to Add or Change Nominee in the PPF Account?

If someone wants to change the registration or cancel the variation of nomination in the PPF account, they won’t have to bear any extra charges. People have to fill the form E to add the nominations in the PPF account. If they want to change the nomination details, then they can fill the Form F. They can download either Form from the bank or the post office’s site, and they can file it and update it after submission.

• Fill up Form E or Form F.
• Two witnesses have to sign it. The witnesses can be anyone, with or without your family relations.
• Please submit it to the bank or the Post Office.
• Make the people record the details of the new nominations in the passbook. You need to have both the nomination registration number and the nominee’s details in the passbook correctly.

You can wish to have more than one nominee for the account. If the nominees want to receive the payment, they will need to open a joint account to get it. They need a joint discharge application of withdrawal form or Form G at the time.

If the subscriber does not mention the nomination share for each of the nominees, then all of the nominees will get an equal share of the total amount after the subscriber’s death. Again, if a nominee forfeits their percentage of the amount after the owner’s demise, then the remaining nominee will get their payment in their account if they want. In such a case, the authorities should have the passbook. They will issue a notice to the remaining nominees with the information in the passbook. It is their responsibility to tell them about the payment they made to one or more nominees. They will call them to take their share and ask them about the availability of the passbook.

If undelivered, the passbook entered in the register will get disposed of like the passbooks in the deposit. It will get forwarded from the sub-office to the head office for safekeeping. In the case of P.O. savings account also, they follow a similar procedure.

Can We Claim the PPF Amount if the Nominee is a Minor?

• If a minor is a nominee and the subscriber dies, then the person under eighteen becomes the subscriber.
• The amount in the said account will not be payable on the death of the subscriber or parent because the PPF Act, section eight mentions that the sum is payable only after the subscriber’s demise.
• The account hence remains operative, and no one needs to open another account.
• If there is a surviving natural guardian or if the court appoints a competent guardian, then they can control the account after producing the necessary guardianship certificate.
• If you have a PPF account, then you can make a maximum deduction of 1.5 Lakhs under rule 80C.

How to Download Form G?

If you want to download Form G because of the death of the subscriber who was related to you or you were the nominee, then you can go to the official site of the State Bank of India and download Form G in PDF format.

• You can also search for it online, and you will get redirected to the State Bank of India page.
• If the deceased subscriber had their PPF account in the post office, then you can go to the Post Office’s official site and download the form G in PDF format.
• You will have to fill it and manually bring it to the bank or the post office for further processing. There is no process for filing it online.
• Since the excess amount after the death of the PPF account holder does not add to any interest, it is better to withdraw it.
• On the other hand, people related to the subscriber, i.e. the nominee or the legal heir, cannot extend the account.
• Even if you want to convert it into a fixed deposit under the same statement, you cannot do it. Kindly talk to the bank manager or the authorities in the post office about the immediate removal of the money and dissolve the account.
• We recommend you avoid the risk and hassle, but it is up to you.
• Even if you have all the required documents, it takes months to process the amount. If there are any disputes, it might stretch longer.

Returns of NPS: NPS or National Pension Scheme is a government-sponsored pension arrangement launched in January 2004 for government employees. It was opened for all sections in 2009. A subscriber can contribute continuously to a pension account during his or her working life, withdraw a part of the corpus in a lumpsum and utilize the remaining corpus to buy an annuity to secure a regular income even after retirement.

NPS doesn’t suffer a set or ensured return, but the profits are market-connected. Cash added to the NPS account can be put resources into up to 4 resource classes – values, corporate securities, government securities and elective resources through different annuity reserves. NPS accounts are of two sorts: Tier-I and Tier-II accounts. Note that the lone Tier 1 account of NPS offers charge allowances under various sections(not Tier 2). This article talks about the profits of NPS of other plans.

Which is the Best Asset for NPS?

• Resource Class E: Investments in overwhelmingly value market instruments. The most extreme interest in this class is 75% of the complete commitment.
• Resource Class C: interests in fixed pay instruments other than Government protections.
• Resource Class G: interests in Government protections.
• Resource Class A: puts resources into elective resources like Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InVITs). It is just offered in NPS Active Choice and as far as possible, putting resources into it is 5% of your corpus.

Best Funds for NPS

NPS Tier 1: HDFC Pension Fund, SBI Pension Fund ICICI Pension Fund deals with the most money(AUM). Based on returns, all assets are tantamount.

• NPS Tier 1 Class E: HDFC Pension Fund leads.
• NPS Tier 1 Class C: LIC Pension Fund, HDFC Pension Fund
• NPS Tier 1 Class G: HDFC Pension Fund, SBI Pension Fund

NPS for Govt Employees

All in all, which store supervisor is the excellent Central Govt workers? All are dealing with a comparative measure of cash. Returns are equivalent, with SBI benefits store having a slight edge.

All in all, which reserve director is the excellent State Govt representative? All are dealing with a comparative measure of cash and giving equivalent returns. You have the alternative to change your speculation decision two times every year.

NPS Return Rate

NPS and NPS return go under the Pension Fund Regulatory and Development Authority (PFRDA). It is overseen by NPS annuity store chiefs who are answerable for NPS returns. NPS reserves apportion interests in 4 distinctive resource classes: value, corporate securities, government securities, and elective resources. Financial backers can pick NPS annuity store supervisors to deal with their speculation.

The measure of National Pension System returns relies on the presentation of the plan you put resources into. NPS doesn’t ensure a fixed return. All things being equal, returns depend upon the market execution of the projects you put resources into. Along these lines, the prior you start putting resources into NPS, the higher your retirement corpus and annuity sums will be.

NPS Return in Tier 1

Asset Classes	1-year Returns(%)*	5-year Returns(%)*	10-year Returns(%)*
Equity	15.33%-18.81%	13.11%-15.72%	10.45%-10.86%
Corporate Bonds	12.46%-14.47%	9.27%-10.15%	10.05%-10.64%
Government Bonds	12.95%-14.26%	10.29%-10.88%	9.57%-10.05%
Alternative Assets	3.98%-16.73%	NA	NA

NPS return in Tier 2

Asset Classes	1-year Returns(%)*	5-year Returns(%)*	10-year Returns(%)*
Equity	15.19%-17.92%	13.05%-15.83%	10.35%-10.58%
Corporate Bonds	12.71%-16.36%	9.55%-10.17%	9.86%-10.60%
Government Bonds	12.61%-13.42%	10.40%-12.00%	9.59%-10.07%

NPS Returns in Other Pension Schemes

Aside from NPS, other retirement venture plans accessible in the market can likewise be utilized to get your monetary goals post-retirement. These are offered by various financial organizations, for example, banks and insurance agencies like the Life Insurance Corporation of India. In contrast with NPS, here are the highlights of other annuity plans on the lookout:

Pension Plan	Age Limit (Years)	Minimum Contribution Per Annum	Tax Benefits	Flexibility
NPS	18-65	₹10,000	Investment Up to two lakhs Indian currency eligible for tax deductions	Locked-in until sixty; partial withdrawals permitted after ten years
Public Provident Fund	Minimum 18; No upper limit.	₹5,000	Investment up to 1.5 lakhs INR deductible under Sec.80C	Lock-in period of fifteen years; partial withdrawal allowed after five years.
Whole Life Unit-Linked Plan	18-69	Single pay may start at ₹12,000	Premiums up to INR 1.5 lakhs deductible under Sec. 80C	Lock-in period of five years and there is partial withdrawal possible
Regular Pension Plans	18-60	₹18,000 – ₹24,000	Premiums up to 1.5 lakhs INR deductible under Sec. 80C	Lock-in period of fifteen years, and eligible for a loan against the policy

How NPS Aids in Saving Tax

NPS assists in keeping Tax in 3 ways:

• Sec 80CCE: Rs 1.5 Lakh (alongside 80C)
• Sec 80CCD(1B): Rs 50,000 (well beyond 1.5 lakh) which helps you in saving 15,600 Rs.
• Sec 80CCD(2D): 10% of Basic for corporate

The Pension Fund Managers

As of now, there are eight annuity reserve supervisors in the country.

• Aditya Birla Sun Life Pension Management Limited.
• SBI Pension Funds Private Limited.
• HDFC Pension Management Company Limited.
• Dependence Pension Fund.
• UTI Retirement Solutions Limited.
• LIC Pension Fund.
• ICICI Prudential Pension Funds Management Company Limited.
• Kotak Mahindra Pension Fund Limited.

SBI Pension Fund, LIC Pension Fund, and UTI Retirement Solutions are the solitary asset administrators who oversee annuity commitments of government representatives under NPS.

You have options to choose scheme preference for the rest of all investors

• Active choice – You settle on the resource classes in which the contributed reserves are to be donated and their rates (Asset class E-Maximum of 75%, Asset Class C, and Asset Class G ).
• Auto choice – Lifecycle Fund–This is the default alternative under NPS and wherein the administration of venture of assets is done naturally depending on the endorser’s age profile. There are three sorts of Auto decisions.

Aggressive, Conservative, and Moderate, which contrasts the sum of resources into value.

• At 18 years old, the auto decision will put resources into various resource classes with the most excellent Equity.
• From age a day and a half, the load in E resource class will diminish yearly, and the weight in C and G class will increment every year.

See the table underneath for resource designation in every lifecycle reserve:

Aggressive			Conservative				Moderate
Age	E	C	G		E	C	G		E	C	G
Up to 35 years	75%	10%	15%		25%	45%	30%		50%	30%	20%
40	55%	15%	30%		20%	35%	45%		40%	25%	35%
45	35%	20%	45%		15%	25%	60%		30%	20%	50%
50	20%	20%	60%		10%	15%	75%		20%	15%	65%
55	15%	10%	75%		5%	5%	90%		10%	10%	80%
Asset Class	E = Equity				C= Corporate Bonds				G= Government Bonds

NPS Tier 1

SBI pension fund, HDFC Pension Fund, ICICI Pension Fund manage the most money (AUM)

• NPS Tier 1 Class E: Based on the returns, HDFC Pension Fund leads.
• NPS Tier 1 Class C: All funds are comparable.
• NPS Tier 1 Class G: Based on returns, LIC Pension Fund leads, followed by HDFC Pension Fund.

The Best Fund Manager of NPS for Government Workers

The Government worker NPS records and commitments are overseen by LIC Pension Fund, SBI Pension Fund and UTI Pension. For Govt workers, up to 15% of the corpus must be put resources into Equity Fund. The leftover corpus is allotted to Corporate Bonds and Govt protections.

Anyway, which reserve chief is the best Central Govt representative? All are dealing with a comparable measure of cash. Returns are similar, with SBI benefits store having a slight edge.

Anyway, which reserve supervisor is the excellent State Govt representative? All are dealing with a comparable measure of cash.

Negatives of Investment in NPS

• Liquidity is one of the significant aspects of any speculation. In NPS, you won’t pull out until the age of 60, aside from contracting an actual sickness or purchasing or building a house.
• The whole revenue stream from the NPS, the single amount, and the benefits are entirely available, except the bit used to buy the annuity. Moreover, annuity payouts, i.e. services, are additionally wholly available. Contrasting this and interests in value and value common supports that are excluded from the drawn-out capital increases charge in any event. The PPF additionally doesn’t endure any expense on withdrawals.
• The most exceedingly terrible condition is the point at which you pull out after the age of 60; 40% of that corpus must be obligatorily used to buy an annuity from an extra security organization. However, assuming withdrawal is made before that, a faltering 80% of the aggregated capital should mandatorily be utilized to purchase a daily existence annuity. The record holder can use the equilibrium of 20% for any reason. Annuities are a significant expense, low-return results of different security organizations, superb for the specialists and organizations that sell them.
• In any event, for seemingly forever skyline, a limit of just half designation to value is allowed, regardless of whether the financial backer needs a higher value assignment.
• While much is made of the low asset the board charge, there are staggered charges at different workplaces and levels of the NPS framework, the total impact of which make the NPS is an undeniably more costly framework than shows up from the outset.

FAQ’s on NPS

Question 1.
Is NPS return guaranteed?

Answer:
No, NPS returns are not guaranteed as they are linked to the market and depend upon the scheme’s performance.

Question 2.
How is NPS return evaluated?

Answer:
NPS returns are evaluated based on the amount invested, the duration of the investment, and the scheme’s performance. There is an NPS calculator available for computing returns.

Question 3.
What does it refer to if NPS returns are negative? Should the subscriber pay a negative amount?

Answer:
NPS is a long-term investment product. It should be treated like a SIP. Volatility in the market might lead to negative returns in the short term, but it will not impact the long-term investment product. A subscriber will not be needed to compensate for negative returns.

Question 4.
Does NPS give better returns than mutual funds in the long term?

Answer:
Both mutual funds and NPS returns are linked to the market. The return depends on the pension fund program manager, amount of investment, asset allocation and duration of the investment. Still, the cost of investing in NPS is minimal, translating into considerable returns for the long term.

EPF New Composite Claim Forms for Full and Partial Withdrawal Aadhar and Non-Aadhar Based: EPFO lately launched the EPF Composite Claim Form. This is a particular form for all kinds of withdrawal (including partial or advance withdrawal) with or without the employer’s signature.

Last year, EPFO formed the UAN based EPS and EPF withdrawal forms to simplify the method (New EPF Withdrawal Forms-Withdraw without employer signature). To simplify the process, now the particular single form is introduced as EPF Composite Claim Form.

This will replace the existing Form 31, Forms 19, and Form 10C. Form 19 is used for EPF final agreement, Form 31 is used for EPF partial withdrawal, and Form 10C is used for EPS withdrawal. Are affirmed for PF Final Settlement, EPS Pension.

The EPFO’s New EPF Composite Claim Forms

On Feb 20, 2017, EPFO (Employees’ Provident Fund Organisation) had introduced an Aadhar based and Non-Aadhar established Composite PF Claim Forms, which substitutes existing Forms No. 19, 19 (UAN), 10C, 31, 10C (UAN) and 31 (UAN). This is simply the form for claiming the full and partial withdrawal from the EPF.

It has done away with two separate forms for Full Withdrawl, claiming EPS (Form 10C) and EPF(Form 19). So now individual form can be used, which will withdraw from both EPS and EPF.

There are two variants of the form Aadhar based form and Non-Aadhar based Forms.

1. Aadhar Based Full Withdrawal Forms: These forms are relevant in cases where an employee’s Bank Accounts and Aadhaar Number details are available on UAN Portal, and UAN has been initiated. So an individual can withdraw by submitting these forms straight to EPFO without the attestation of the Employer. These forms were earlier called as UAN-Based Forms.
2. Non-Aadhar Based Full Withdrawal Forms: These forms can be practised when Aadhar has not been added with UAN. So one needs to get the attestation of the employer, and then the employer will submit the Full Withdrawal form to EPFO. But even in these forms, a person is required to provide the Aadhaar number.

New Partial Withdrawl Form: Earlier, an individual had to submit Form 31, called EPF Advance Form or EPF Withdrawal, through the Employer for partial withdrawal from EPF after placing in at least five years of service for Treatment, Marriage / Education, Purchase or construction of Dwelling house. Form31 of EPF for partial withdrawal was 3-4 pages long-drawn and required revenue stamp and proof. EPFO made it 1 page and has dismissed the submission of documents. So now it is just like a form for complete withdrawal.

EPF New Aadhar Composite Claim Forms

The New EPF Composite Claim Form Aadhar based for Withdrawal/Partial Withdrawal needs minimal information. It needs the following information:

• Name
• UAN number
• Aadhar Number
• Claim applied for Final PF Settlement/Pension Withdrawal/PF Partial Withdrawal.
• The establishment joining date
• Date of leaving the service for complete withdrawal.
• The reason behind quitting the service
• Full postal address
• Only signature of the Member
• Purpose and Amount for partial Withdrawal
• PAN details.

EPF New Non-Aadhar Composite Claim Forms

The New EPF Composite Claim Form for Non-Aadhar based, which requires attestation and more information from the employer. It requires the following lead. Few information is highlighted as they are extra information than the Aadhar based form.

• Name
• UAN number/PF number if UAN is not available.
• Aadhar Number (for seeding)
• Claim applied for PF Partial Withdrawal/Final PF Settlement/Pension Withdrawal.
• Father’s Name, Husband’s name
• Date of Birth
• The establishment joining date
• PAN details
• The purpose for leaving service
• Purpose and Amount for partial Withdrawal
• Only signature of the Member
• Signature of the Employer
• Details of Bank
• Full postal address of the applicant

Difference Between Non-Aadhar Based and Aadhar Based EPF New Composite Claim Forms by EPFO

If one looks at the difference between Non-Aadhar based and Aadhar based EPFO’s New Composite Forms, they will surely notice that more information is required for Non-Aadhar based EPFO’s Composite Form.

Standard Information in both the forms:

Name of the member, Full postal address, Reason of leaving service for Full Withdrawal, Date of Joining the establishment, PAN number, and Full postal address, Purpose for Partial Withdrawal, and Extra information required for New Composite Claim Form based on Non-Aadhar is as follows. A person is allowed to submit the PF number if the UAN number is not available(only for those who served before Oct 2014). Require Date of Birth, Bank Details, Employer’s signature, Father’s name, and Husband’s name.

Earlier EPF Forms for Withdrawal and Partial Withdrawal which are substituted by EPF Full Withdrawal Forms

One can easily withdraw from EPS and EPF if the individuals are unemployed for two months. A person can also wait for two months to get a new job, and then they can get their PF Account transferred to the new account of the employee.

EPF had introduced 1-page simple Non-UAN Based as well as UAN Based EPF Forms which an individual could use to submit claim forms directly to EPFO without the attestation of employers if they had given/seeded bank account details and Aadhaar with their UAN, which have the facility to by favouring claims in Forms 31(UAN), 19 (UAN), and 10C (UAN) EPF UAN based forms.

EPF UAN-Based Withdrawals Form 19: In order to avoid TDS deduction if your service is less than five years, please do submit Form 15G.

EPF UAN-Based Withdrawals Form 10C: (note that EPS withdrawal is only permitted if the individual has not completed service of ten years.)

Claiming Loan or Advance from EPF: UAN-Based_Form31

Partial Withdrawal EPF Forms

Any Individual had to submit Form 31, called EPF Advance Form or EPF Withdrawal, for partial withdrawal from EPF through the Employer, after establishing at least five years of service for Treatment, Purchase or construction of Dwelling house and Marriage / Education.

With the application of the EPF Partial Withdrawal Form, an individual has to submit proof of why they want the partial withdrawal. For example, for Partial Withdrawal for Medical treatment Certificate from the doctor affirming the hospitalization requirement. In case of any of the diseases mentioned above, a certificate from a specialist doctor.

For Partial withdrawal for education, the person requires to submit a Bonafide Certificate duly symbolising the fees payable from the educational institution. For Partial Withdrawal for marriage, the individual is required to submit a Marriage card.

EPS Pension Form 10D: Any new employee who has been registered under the Employees Provident Fund Organization is automatically going to be enrolled for the Employee’s Pension Scheme (EPS). Under this scheme, all the members are eligible for opting for pension claims after their retirement at 58 years. However, an employee can apply for a reduced pension after 50 years, given at a discounted rate of 4% every year.

The members are eligible to apply for a monthly pension by filling the EPF Form 10D. The amount of pension of a person depends on their monthly pensionable salary and total pensionable service. Let us look at the overview of EPS Contribution, Pension from EPS, how to fill EPS Pension Form 10D to Claim your Pension from EPS.

The government launched the EPF pension scheme in 1995 and is also called the Employees’ Pension Scheme 1995. It includes both the new as well as the existing EPF members. The EPS pension scheme has specific arrangements in place when an employee is willing to withdraw pension funds.

Overview of the Pension from EPS

Employees’ Pension Scheme (EPS) provides widow pension, pension on disablement, and pension for nominees. In 1995 the Family Pension Scheme (FPS) was replaced by EPF.

When an employee joins a new establishment registered under the Employees Provident Funds & the Miscellaneous Provision Act, 1952 (s), he becomes an Employees Provident Fund Scheme (EPF) and Employees’ Pension Scheme (EPS) member.

Eligibility Criteria for EPS

To avail of the pension benefits under the Employee Pension Scheme (EPS), the employees must meet the following eligibility conditions. The individual should:

• Be an EPFO member: Completed ten years of active service as well as an equal number of years of active contribution towards the EPF pension Scheme.
• Be 58 years or above: Have attained at least 50 years for withdrawing from the EPS pension at a lower rate.

Delay the withdrawing process of the pension for two years, i.e., till he or she is 60 years, to become eligible to get EPS pension at a rate of 4% annually

EPS Contribution, The Transfer of EPF and The Withdrawal from EPF/EPS

EPS Contribution

• EPS applies to all the members who joined EPF after 15.11.1995
• 33% of the employer’s monthly contribution to the EPF goes to EPS.
• The monthly contribution to the EPS is restricted at 8.33% of Rs. 15000 or Rs 1250 p.m.
• Unlike the EPF contribution, the EPS part does NOT get any interest.
• On attaining 58 Years, an EPF member automatically ceases to be a member of EPS.
• From 25 April 2016, one can defer pension up to 60 years with/without contribution.

Who is Eligible for Claiming Pension By EPF Form 10D

Any of the following are eligible for claiming the pension:

• The Employee
• Nominee
• Widow or Widower
• Guardian
• Dependent Parent
• Major or Orphan

How to Fill The EPF Form 10D

Firstly, the form 10D EPF can only be filled offline. The member needs to mention the following details in the form:

By whom the pension is being claimed under: this field, the applicant needs to mention any one of the following (as stated above)

• The Member
• Nominee
• Widow or Widower
• Guardian
• Dependent Parent
• Major or Orphan

Types of Pension Claimed

Following are the types of pensions that the inheritor can avail:

• Superannuation Pension– This pension can be claimed for the monthly pension after the retirement of the employee at the age of 58 years
• Reduced Pension– This pension is nothing but the monthly pension at a discounted rate of 4% per annum, which can be claimed for 50 years.
• Disablement Pension– This pension can be claimed as an early monthly pension amount if there is permanent and total disablement.
• Widow and Children’s Pension– This pension can be claimed for the monthly pension for the wife and children after the member’s death.
• Orphan Pension – This pension can be claimed for the monthly pension benefits for the surviving sons/daughters of the deceased member up to age 25 years.
• Nominee Pension– This pension can be claimed for the monthly pension to the nominee declared after the death of the employee if there are no other family members.
• Dependent Parent– The monthly pension for dependent parents can be claimed if the employee dies without a family (spouse and children) or any nominee.

Member Details

In this field, one will be asked to fill in the following details:

• Name of the member
• Gender
• Date of birth/age
• Marital status
• Father’s/Husband’s Name

EPF Account Details

• Office
• RO
• Member’s Account Number
• Establishment Code

Name & address of Establishment in which the employee was last employed: Enter the name and address of the company you were working for before joining.

Date of resigned the service (dd/mm/yyyy): Mention your last working day in the previous organization.

State reason for leaving the service: If total and permanent disablement was the reason for leaving service, only the member is entitled to Disablement Pension. In all the other cases, the actual reason for leaving service might be provided.

Address of communication:Provide your permanent address for any kind of communication.

In the case of reduced pension (opted date for commencement of the pension): In case the employee has worked for less than 58 years of age and has not completed the time period as on the date of application and is ready for drawing a reduced pension, he/she has to mention the pension beginning date.

Option for the commutation of 1/3 of Pension: Commutation is the option to receive the capital sum in one go instead of receiving a monthly pension for the rest of your life for a retiring member. He or she can get nearly 30% of their pension corpus in one go and draw a monthly pension from their remaining corpus.

Option for the Return of Capital: Tick the option if you want to withdraw the entire amount of pension in one go.

Mention the nominee for Return of Capital: Mention the nominee’s name you want to collect his/her pension in case of the employee’s death.

Particulars of Family: Mention family details; in case of the death of the employee, his/her family are entitled to the amount of pension.

Date of the death of the employee (if applicable): This field is applicable only if the member has passed away. Supporting the date of death, a death certificate has to be produced.

Details about the Bank Accounts Opened

• Name of the Bank (in which there is the account)
• Name of the Branch (where you have the account)
• Full Postal Address/ Pin code

Detail about the Scheme Certificate, which is already in possession of the employee, if any.

If the Scheme Certificate is received, indicate:

• Scheme Certificate Control No.
• The authority who issued the Scheme Certificate

If the pension is being drawn under the E.P.S, 1995, mention

• The PPO number and
• The Issuer RO/SRO

Documents enclosed (Indicate according to the instructions.)

The applicant needs to verify the details by signing the form and getting signed by the employer.

Filling the form is a long process as the EPF form 10D is not available on any online filling facility.

What Happens If You Resign Before Completing Ten Years Of Service?

For the EPS, if the service time period is less than ten years, you have the option to either withdraw your corpus or get it transferred by obtaining a ‘Scheme Certificate’. Once the service period crosses ten years, the withdrawal option ceases.

• If you resign before completing nine years and six months of service, you get the withdrawal benefit which depends on your monthly salary and years of service. EPS every time rounds up the number of years. So, if you worked for four years and seven months, it will be considered five years.
• A member who has completed 58 years of service or claimant on behalf of the deceased member who passed after 58 years without completing their eligible service of 10 years need to apply for Withdrawal Benefit via Form 10C.

What Happens To A Pension When You Transfer A Job?

EPS and EPF are not technically linked. You can withdraw the EPF once you have left the organization after filing Form 19. However, when you transfer the EPF via EPF Form 13, the EPS is also going to be transferred. Its amount is not going to be reflected in the passbook. But the period of transfer is recorded.

What are the Required Documents for Enclosing with EPF Form 10D?

• Descriptive role of pensioner and their specimen, i.e., signature or thumb impression (duplicate) (This Form is enclosed with the Claim Form).
• In case the member has a permanent and total disablement, they must undergo a complete medical examination by the Medical Board appointed by the EPFO. These relevant documents then need to be duly attached with the form.
• Three Passport size photographs
• The establishment has to compulsorily mention the certificate and salary particulars of the member during the time of retirement/demise.
• In case the establishment is closed and no other authorized officer has been appointed, the application has to be forwarded via anyone from the list of the gazette officer, magistrate, bank manager or any other authorized officer who may be approved by the Commissioner.

How Long is the Pension Available?

A lifelong pension is available to the employee. Upon their death, members of the family are entitled to the pension. Family including employees’ spouse and children below the age of 25.

• In the case of a family death, pension is payable to first the spouse and second two children below the age of 25. When an individual reaches the age of 25 years, the third child below 25 years of age will be given a pension and so on.
• If the children are disabled, he may get a pension till his death.
• In any case, only two children will receive a pension amount at a time.
• If an employee does not have a family, a pension is payable to a single nominated person by the employee themselves. One is allowed to change one nomination anytime within the framework of rules for these nominations. In other words, if one has family, the nomination must be in favour of a member(s) of their family. However, in case they have no family, they can nominate anyone they wish.
• If not nominated and they have a dependent parent, pension is payable first to Father and then on father’s death to Mother.
• One can apply for the EPS Pension from any date immediately following the date of completion of the 58 years of age, notwithstanding with the fact that the person has retired or ceased to be in employment prior to that date.
• Pension will be depending on the number of years of your service.
• Maximum Pension one can get Rs 7,500 per month.
• The Government has since Sep 2014 implemented a minimum pension of Rs. 1000 each month to the member/ parent/disabled/widow/widower/nominee pensioners and Rs. 250 each month for children’s pensioners and Rs. 750 each month to the orphan pensioners.
• The EPFO has also decided to suspend the enhanced pension payment to the widows, children and the orphans under this scheme. Under the modified version of the scheme, the minimum pension per month for widows has been fixed at the amount of Rs 1,000, and for children has been fixed at the amount of Rs 250. Similarly, the minimum pension entitlement for the orphan pensioners has been fixed at the amount of Rs 750 per month.
• The maximum service for calculation of service is 35 years.
• Fraction of service for six or more months is going to be treated as one year, and the service for less than six months shall be ignored. So, nine years and six months will be rounded up to 10 years.
• If no salary is earned for a certain period of time, that period is going to be deducted from the service, as there will be no contribution to the Pension Fund.
• No pensioner will receive more than one EPF Pension. Hence if you have worked in multiple organizations, you need to consolidate all your EPS and apply for the EPS Pension. If you have multiple Scheme Certificates, you have to submit all of those.
• EPS Pension is taxable and needs to be considered under the head Income from the Salaries.

Applying for The EPS Pension

How to apply for an EPS pension?

• For pension, EPS Pension Form 10D needs to be filled.
• The application (given an overview above) should be forwarded through the establishment in which the employee last served when they passed away. The establishment needs to furnish the certificate and salary particulars duly attested by the authorized officer.
• In case the establishment is not open, then the application has to be forwarded via the Gazetted Officer/Bank Manager/Magistrate, any other authorized officer who has been approved by the Commissioner.
• With Form 10D, one will be required to attach the bank account proof [copy of passbook/cancelled cheque]. For this, one needs to have an account in the bank, which EPFO designates for the pension facility. For the details of such a bank, one can visit their nearby EPFO.
• Photographs of one’s family, including them, their spouse and children below the age of 25 yrs. Previously EPFO asks for three photographs, but now they are taking four photographs.
• Age proof of the members of family, as in the picture.
• Any scheme certificate issued before by any EPFO.
• Your employer or any gazetted officer should attest to all the above documents and form.
• The form must be submitted in duplicate in case of home state and triplicate in case of out of state.

How Much Time Does It Take To Get The Pension?

The claims, completed in all respects submitted with the required documents, will be settled, and the benefit amount is going to be paid to the inheritor within thirty days from the date of its receipt by the Commissioner. Suppose there is any deficiency in the claim. In that case, the same is going to be recorded in writing and communicated to the applicant within thirty days from the date of receipt of such application.

Suppose the Commissioner fails without sufficient cause to settle a claim complete in all respects within thirty days. In that case, the Commissioner shall be liable for the delay beyond the said time period and penal interest @ 12% per annum may be charged on the benefit amount.

The same might be deducted from the salary of the Commissioner.] 40. Ins. by GSR 376 on date 27th October 1997 (w.e.f. 8th November 1997)

Commutation and Return of the Capital of The EPS Pension Form 10D

The Commutation and the Return of Capital on superannuation have been discontinued since 26th September 2008 (Notification Number GSR 688 (E) dated on 26th September 2008) in an attempt of curbing the EPS deficit.

So fill Slot No.9, 10 and 11 of the form only when the date of start of member pension is before 26/09/2008 (cases where the application is being filed belatedly but the member is due for a pension from such date)

Under the commutation of the pension scheme, a retiring employee had an option to receive nearly 30% of their pension corpus in one go and draw a monthly pension from their remaining corpus. Commutation is the option for receiving a capital sum that day instead of receiving a monthly pension for the rest of your life. The rate of commutation is up to 1/3rd of the Original Pension.

For instance, the original pension is Rs. 600, and the commutation value is Rs.20,000. On commutation, the payable pension amount will be Rs. 400,

Return of capital on the superannuation was the option for cashing out the entire pension corpus, i.e., Members had the option to get one-time cash by preceding their monthly pension.

Family Details in EPS Pension Form 10D

As mentioned earlier in the article, a lifelong pension is available to the employee. Upon their demise, members of the family are entitled to the pension. This section talks about details of the family members. While the employee’s pension is approved, the pension amount paid to the family (spouse/children) is also decided.

If the member’s death as a pensioner, the spouse/children/orphan will start getting the pension on submission of the death certificate. There will not be any required processing of the widow/children/orphan pension again. In the case of a deceased employee, it has to be filled by the spouse or the children.

The list of the family members of the employee, including their spouse, all the children, has to be furnished. The particulars of Guardian have to be given in respect of every minor as of the date of application. Supporting the age of children, age proof certificate obtained from the school or Registrar of Birth-death or E.S.I. Record or Municipal authorities should be enclosed. In case there is a Guardian other than a natural guardian, a Guardianship Certificate should be held.

Date of Death of employee (if applicable)

Applicable only if the member is has passed away. In support of the date of death, a death certificate has to be enclosed.

Bank Details for the EPS Pension in EPS Pension Form 10D

Pension is payable through any bank branch depending on where the pensioner wants to receive the pension. Therefore Savings Bank Accounts has to be opened only in the said Bank(s) (listed below). The employee, the spouse and children (minor or significant) should also open S.B. A/cs in the same branch of the Bank.

In case the claim is preferred by the spouse, he/ she should give his/her S.B.A/c No. and separate S.B.A/c No.s in respect of every child. S.B. A/c No.s of the children below the age of 25 years (as on date of death of the member) should be given. On behalf of the minor child, S.B. A/c opened in the name of minor and operated by the guardian of the minors and A/c No. should be given.

Whenever the pension has been opted from a place beyond the jurisdiction of the region in which the employee was last employed, he/she should ascertain the name of the designated bank which is applicable in that Region and open an S.B. A/C therein. On sanction of the Pension, intimation will be sent to the pensioner for contacting the bank.

List of the Banks Where One Can Get EPS Pension

List of the Banks in which provision has been made for the retired members drawing pension under the Employees’ Provident Fund Organisation (EPFO) according to the Press Information Bureau August 2015 is given below:

Serial Number	EPFO Regional Office	Pension Disbursing Banks
1.	Delhi	SBI, PNB, UBI, IB, ICICI, HDFC, AXIS
2.	Dehradun	SBI, PNB
3.	Gurgaon	PNB, HDFC, SBI, AXIS, ICICI
4.	Faridabad	SBI, PNB, ICICI, HDFC, AXIS
5.	Jaipur	HDFC, PNB, Thar Gramin Bank, AXIS, ICICI, SBBJ
6.	Shimla	SBI, AXIS, PNB
7.	Ludhiana	SBI, PNB, AXIS, HDFC
8.	Chandigarh	SBI, HDFC, PNB, AXIS, ICICI
9.	Bihar	BOI, PNB, HDFC
10.	Meerut	SBI, PNB
11.	Kanpur	SBI, PNB, ICICI, AXIS, HDFC
12.	Hyderabad	UBI, SBI, AXIS, HDFC, AB, ICICI
13.	Guntur	HDFC, AB, SBI, ICICI, AXIS
14.	Nizamabad	Gramin BANK, UBI AB, SBI, SY,
15.	Bhuvneshwar	UCO Bank, BOI, SBI, ICICI, AXIS, HDFC
16.	Bangalore	CANARA, SBI, SY. BANK, VIJAYA BANK, CORPORATE BANK, ICICI, HDFC, AXIS
17.	Goa	BOI, SBI, HDFC
18.	Gulbarga	CANARA, SBI, CORP. BANK, SY. BANK
19.	Mangalore	ICICI, SY. BANK, SBI, CANARA, AXIS, VIJAYA BANK
20.	Peenya	HDFC, AXIS, CANARA BANK, SBI, CORP BANK, SY. BANK
21.	Coimbatore	IOB, HDFC, AXIS, SBI, ICICI, IB
22.	Kerala	North Malabar Gramin Bank, IB, SBI, CANARA, SY. BANK, FED. BANK, AXIS, HDFC, SBT, ICICI, IOB, PNB
23.	Madurai	IOB, SBI, IB, ICICI, HDFC, AXIS
24.	Tambram	IOB, SBI, IB, ICICI, HDFC, AXIS
25.	Chennai	IOB, SBI, IB, ICICI, HDFC, AXIS
26.	Ranchi	AXIS, PNB, ICICI, UBI, CBI, UCO
27.	Jalpaiguri	UBKG BANK, UBI, UCO, SBI, CBI
28.	Kolkata	HDFC, PNB, ICICI, AXIS, UBI
29.	Guwahati	ICICI, SBI, HDFC, AXIS
30.	Raipur	CBI, HDFC, ICICI, PNB, SBI, AXIS
31.	Bandra	IB, PNB, AXIS, ICICI, BOI, HDFC, BOM, SBI
32.	Thane	AXIS, HDFC, BOI, PNB, SBI, ICICI
33.	Kandavali	ICICI, PNB, BOI, SBI, AXIS, HDFC
34.	Pune	BOM, SBI, PNB, BOI, AXIS, ICICI, BOM
35.	Nagpur	SBI, HDFC, BOI, PNB, ICICI, AXIS
36.	Surat	DENA, AXIS, ICICI, SBI, HDFC
37.	Ahemdabad	HDFC, DENA, SBI
38.	Vadodara	HDFC, DENA, SBI
39.	Indore	HDFC, PNB, AXIS, ICIC, SBI

Nomination Details and Scheme Certificates in the EPS Pension Form 10D

If the employee passes away before reaching the age of 58 years without leaving any family members for receiving the pension, then the nominee appointed by the member via the Form 2 (Revised) already sent to the P.F. Office might apply, giving his particulars against this column.

If the employee had no family and had died before appointing a nominee for pension, his/her dependent parent (father & mother) may apply for a pension. The pension will be paid to the father and his demise to the mother.

As mentioned earlier in the article, For EPS, if the service period is less than ten years, you have the option to either withdraw your corpus or get it transferred by obtaining a ‘Scheme Certificate’. If you have received a Scheme Certificate, then you have to enter the details.

If pension is being drawn under the E.P.S, 1995 In case the applicant is already receiving a pension under the Employees’ Pension Scheme, 1995 claim pension, then the details must be furnished.

List of that Documents That Must Be Submitted with the EPS Pension Form 10D

List of the documents to be enclosed along with the EPS Pension Form 10D

• A descriptive role of pensioner and his/her specimen signature/Thumb impression (in duplicate); (Form is held with the Claim Form)
• Photographs: The employer of the establishment of the authorized official needs to attested the pictures, indicating the person to who the photograph relates and also the P.F. Account No. of the member, written in the verse and then placed in a separate envelope.
• Three passport-sized photographs If claimed by the member Joint photo with spouse, there is no need to send a photograph of the children.
• If claimed by widow/widower, the picture must be sent for widow/widower and his/her two children (below the age of 25 years) separately.
• If a member, who is permanently and disabled during the employment, he/she has to undergo a Medical Examination before the Medical Board appointed by the E.P.F. Office. But the disablement must occur while still in employment.
• Cancelled cheque from the Bank where one is willing to receive the Pension.

Employer Approval in the EPS Pension Form 10D

The application must be forwarded through the establishment in which the employee last served before he/she passed away. The establishment must furnish the certificate and salary particulars duly attested by the authorized officer.

Form 11 The Complete Guide: What precisely is the EPF scheme? EPF is a pension insurance scheme where both the Employer and the worker pay a percentage of their income.

Who is Qualified To Participate in the EPF scheme?

Employees must enter the EPF scheme if their monthly wage is below or equivalent to Rs 15,000, as per the EPF scheme guidelines.

Nevertheless, if an employee’s net income overlaps 15,000, in that case, they can access the EPF scheme if they and their respective Employer agree with the authorization of the Assistant PF Commissioner.

Should My Company Pay to My EPF Account as well?

Actually, yes, the company has to donate to the fund compulsorily. Thus, according to existing EPF guidelines, an employer must also allocate to his or her contractor’s account.

An individual is expected to contribute 12 percent of the overall employee’s wages. In this, the basic salary is accompanied by a dearness allowance and a retaining allowance.

Will one continue to contribute to EPF after the end of their career time duration, i.e., they retire or resign?

According to the EPFO, an employee who ceases working cannot donate to their EPF account. The Employer’s contribution must always balance any donation made by the member.

What are the EPFO Interest Rates?

According to the latest official EPF India website, the current annual interest rate on EPF is 8.55 per cent for the fiscal year, up from 8.65 percent the previous fiscal year.

Annually, the EPFO’s Central Board of Trustees, in cooperation with the Ministry of Finance, evaluates the EPF interest rate for the fiscal year.

In the event of an emergency, EPF interest rates have sometimes been elevated to 8.65%.

However, the CBT must first be accepted, after which the ministry of finance must authorize the recommendation.

What is the Form 11?

The EPF Form 11, also known as the Composite Form, is a declaration that a worker may submit with their current Employer to register personally identifiable Information, including the Aadhaar number, bank account records, etc.

• The new yet seasoned employee can give subtleties of their EPF account at the past association by filling out this new Form 11, declaring their required credentials at the hour of hire.
• Employees informal employment that do not have an Aadhaar number should file Form 13 to have their EPF relocated to their current accounts when they shift jobs. But nevertheless, in all online automatic transfer applications, Form 11 should be used instead of Form 13.
• On an average annual basis, EPFO receives approximately one crore multiple variations of PF claims. These incorporate EPF removal, mortality lawsuits, retirement fixation, and PF transition claims.
• EPFO right now has in excess of 4 crore subscribers and oversees reserves worth more than Rs.10 lakh crore. EPF Transfer claims account for about 10-15% of all claims documented. The EPFO urges subscribers for the utilization of the online office to make funds move into their new PF accounts when they swap

What is the Role of Form 11?

• On the off chance that the current hire has been a member of the EPF Scheme, the worker will keep on getting PF benefits, yet they will be assigned a new Member ID.
• If the new hire is not a part of the PF Scheme and earns more than Rs.15,000 per month, they will be given an opportunity to choose whether or not to commit to EPF/EPS (Employees’ Pension Scheme).
• It is also likewise used to instantly shift an individual employee’s PF from one account to another.

Form 11 also allows the PF Department to keep an out-and-out and detailed information base containing significant workers’ significant subtleties, accordingly helping them during reviews, reviews, cross-checking, fact-checking, and authentication.

When registered in the PF Program, the organization cannot exempt the employee from it. However, it is conceivable if the organization isn’t enrolled under the PF Scheme.

Form 11 Must Contain the Following Details

At the point when you fill Form 11, it will incorporate the accompanying Information:

Personal Credentials of the Employee

• Name of the employee
• Date of Birth of the employee
• Name of the father or the spouse
• Gender
• Marital Status
• Registered Mobile number
• Email ID
• Educational qualification
• KYC details include details like the bank account number, Driving license/election card, etc.

Information About the Former Employer

• If the Employer was formerly a participant of the Employee’s PF Scheme or the EPS
• UAN details
• Previous PF or PF Account Number
• Last day of work from the previous job in dd/mm/yyyy format
• Scheme Certificate Number in case it has been issued
• Pension Payment Order (PPO) Number in case it has been issued

International Workers Need To Provide The Accompanying Subtleties

• Origin country
• Passport Number
• Passport Validity

The relevant documents are required with Form 11 (self-attested copies) by a new employee

• Bank Account and IFSC
• Aadhaar Number
• PAN Number

In the case of Form 11, the following Submission Procedure must essentially be adopted.

After completing Form 11, the concerned employee must submit it to the Employer. The Manager checks the form and subsequently signs it, and places the stamp on it.

The Employer would then consequently forward this form to the regional EPF office.

However, this PF move is made a lot simpler in the event if the Client has a UAN, and the concerned authorities can complete the transfer process online.

Procedure to be Followed for Online PF Transfer

The EPFO has also adopted the UAN or Universal Account Number system, a convenient PF account number that stays as before for the entire career period of an employee.

• In the wake of joining another association, an individual must fill out and apply the Composite Declaration Form 11, which includes personal information. The new hire likewise needs to type their UAN and mention the previous PF account number.
• To begin, the Employer must enter the details in Form 11 into the official Employer’s portal.
• The Information is then approved with the Information available against the UAN, and in the event of any disparity, the Employer must confirm or update the Information provided.
• Assume the previous UAN was cultivated with Aadhaar and confirmed. In that case, the Client’s declaration of the employee’s permanent transfer in Form 11 will start the auto-transfer process. The amount recorded in the existing PF account will be credited to the updated PF account.
• On their registered mobile number, the concerned employee will get an SMS giving Information with respect to the auto-transfer proposed on their enrolled mobile number.
• Solely after the participant confirms and does not demand to postpone the requested auto-transfer (either online, via Employer, or at the nearest EPFO office) within ten days of the SMS, the first donation the current Employer is deposited and reconciled, will the auto-transfer be done.
• Just after the account has been moved, the authorities will convey the worker the equivalent through an SMS on their enlisted mobile number and by email seeded with the UAN.

The auto transition of PF account to former Employer will be conceivable just regarding workers who have their Aadhaar updated and validated.

• Under circumstances when the previous UAN was not seeded with Aadhaar or the Aadhaar seeded but not confirmed, the concerned employee needs to apply for transfer in Form 13. The current protocol for the transfer procedure will be followed.

New and updated EPF Composite Declaration Form (new Form 11)

The EPFO has concluded that in all cases of EPF auto transition, the current composite declaration form (F-11) will now substitute the initial Form 11 and Form No 13.

Companies can even use the revised EPF declaration form – 11 to gather document information from their workers and the instance of EPF automatic transition statements.

Assume that the employee’s UAN has been Aadhaar seeded and authenticated.

In that case, the Employer’s declaration in Form-11 for the employee’s transfer request would activate an auto-transfer mechanism that will switch the accumulations toward their former EPF Member-ID to the New PF Member-ID.

When an employee enters a new corporation, they must essentially fill out a new Form 11 form mentioning the following Information:

• Name of the employee, name of the guardian, date of birth, gender, marital status, and valid contact information.
• The employee should also upload the KYC details like – Bank account number, IFSC code, Aadhaar number & PAN.
• The employee must mention the date of joining the new company.
• Consider a situation under which an employee was formerly working in another company and consequently contributed to the EPF system.
• In that case, the employee must incorporate Information about their former jobs, such as the company name, the UAN details, EPF account (Member-ID), date of joining, date of resigning etc. By carrying out this step, the chances of the assignment of multiple UANs to a single employee is reduced.
• The employee must acknowledge and sign and return the declaration document to the current Employer.

The Manager will then issue their certification (authorization) information and take the appropriate measures to facilitate the automatic transfer of any existing employee’s EPF account.

When the first invoice for the said new worker is generated from the present Workplace against the UAN flagged for auto-transfer, an auto-transfer would be implemented.

If the transfer is activated, the participant will receive an SMS and an email to the registered email address and mobile number.

What is the Distinction Between a PF Number and a UAN?

The PF number, also known as the Member Id or Member Identification Number, is the identification number assigned by EPFO to authorize the Employer to transfer the employee’s EPF funding money.

It seems as though the company maintains an EPF account for its workforce and pays to it on a monthly basis.

Member ID is an individual employee’s EPFO account number.

Once an employee switches jobs, the current company should create a new account number in EPFO for the said employee.

As a consequence, the individual will be issued a particular Member ID. The member ID will be the same as the PF number defined previously. As a consequence, you’d get as many Member IDs as the number of employers who donate to EPFO at your behest.

An employee owns a single UAN, or Universal Account Number, which will remain unchanged, as the title suggests.

Then this UAN will keep a record of all the other Member IDs. It’s as though you may have countless Savings Bank accounts, but they’ve all been linked to a singular Permanent Account Number or PAN.

Therefore, if an employee finds another job and their current Employer commits to EPF, the newly hired employee will indeed be issued a particular Member ID. This new Member ID should always be associated with their unique UAN number.

How Can One Cancel an Auto-Initiated PF Transfer Claim?

The member can request to stop the auto-initiated transfer in two ways-

• Via the online mode. For carrying out the online method, the Client will have first to visit the online portal. Then the Client will have to opt for the “Stop Auto Initiated Claim Cases” option available in the “Track Claim Status” link under the “Online Services” tab.
• Suppose the Client wants to carry out in an offline mode. In that case, the Client must decide on approaching the nearest EPFO office within an outer limit of 10 days on receiving SMS, informing the member of auto initiation of the transfer request.

If neither participant requests to interrupt the auto-initiated transfer against a specific UAN even within the prescribed predefined timeframe of 10 days, the auto EPF transfer claim will be verified.

In the event that the Client’s existing EPF account wasn’t even Aadhaar authenticated, the concerned Manager can initiate an offline/physical transfer of the employee’s PF funds.

Bear in mind that auto-transfer of former PF records is only applicable for Aadhar authenticated employees.

Under the Following Situation

• the Client’s earlier UAN was not seeded with Aadhaar (or)
• UAN was successfully Aadhaar seeded but not authenticated (or)
• In case of EPF transfer from or to an exempted company

The individual then must petition for transfer in Form-13 in accordance with the requirements protocol for physical transfer (form 13) for account transfer from the previous institution.

KYC Details That Need To Mention

KYC, or Know-Your-Customer, is the process of examining the customers’ credentials for authentication purposes. When the EPFO states that the employee must always update KYC data, it really is pointing to the confirmation of its members or subscribers.

Documents such as PAN cards and Aadhar cards may be used for authentication.

KYC Norms for the Employer

• The certification from newly joined hires is accessed as Form 11 and uploaded to the UAN portal by an employer.
• Form 11 is often used to designate an employee through both the provident fund and the company pension scheme.
• For Staff members who might not be qualifying for PF, it also expected for them to complete Form 11. This is for government documentation purposes that concerned authorities can see in the event of an investigation.

There can be two choices for a new employee starting in the organization:

• The current recruit has no prior PF membership; in this circumstance, the Employer must recognize the new member in order to make way for the EPFO to allocate a Universal Account Number (UAN) to the concerned employee.
• If the current recruit has previously held a PF membership, the concerned Employer should connect the existing member ID to his UAN. In extension, a request for the transition will be automatically created. This auto-request generation is attainable only if the current Employer has authenticated the particulars seeded with the UAN with his electronic signatures.
• The UAN should be distributed to all members by the Employer.
• The Employer must have his workers activate the UAN within 15 days of it being issued.
• It is the responsibility of the members to upgrade their KYC within one month of acquiring their UAN in order to use the benefits.

Things To Keep In Mind In Regards To KYC

• It is necessary to make sure that KYC scheduling and UAN authentication are accomplished for all current, collaborating attendees.
• It is important to acquire and submit the departure date in the following scenarios:
• If the UAN is published but not enabled
• If the KYC digital authentication is partial or incomplete
• If contribution is not being accepted
• To keep track of growth, organizations will have to use the database supported by the MIS platform. This website takes into account the following details:
• list of the Members that are presently contributing
• Their UAN allocation and activation status
• The KYC seeding related details
• The website is reviewed each day.
• Every month on the 20th, the due month status is revised. This suggests that as of the 21st of the month, the database contains information from the previous month that is being accounted for the current month.

For example, the timeline as of 21-02-2016 includes data from the “due month” of January 2015, which the concerned payer would have paid in February 2016.

EPF UAN Correction: Universal Account Number or UAN is provided to the employees who contribute to EPF(Employer’s Provident Fund). It is a 12-digit number and is generated for each Provident Fund by EPFO(Employer’s Provident Fund Organization).

When you are unable to link your Aadhaar card to the UAN, it is mainly because of a mismatch in Name, Gender, or Date of Birth(DOB) in UAN and Aadhaar data.

With the help of this article you will be able to learn in detail how to write the correct Name, Gender, and Date of Birth(DOB) in your UAN as per your Aadhaar card.

The Process to Correct Name, Date of Birth, and Details Online

The first step of the process is the employee, logging into the UAN website, raises a request online. The employer can approve or reject the online request after the request being forwarded to him. When the employer approves the request, it directly goes to EPFO Field Office. Here, the Dealing Agent, Section Supervisor, and then the APFC/RPFC will approve or reject the request.

There is no limit set by the EPFO for processing the EPF UAN correction requests. An issue has been raised for this with the EPFO and there are many complaints regarding the occurrence of technical issues in submitting the request.

One cannot change and modify his/her details when his/her details are linked to the Aadhaar. In this situation, the person has to submit a request to the EPFO through his/her employer.

Employee Raising Request

1. You have to login into the given website below using your UAN and password
2. Then the second step is to click on Modify-> Modify Basic Details.
3. Now, you have to provide the correct details as per your Aadhaar card.
4. Click on Update Details and for further approval, the request will be submitted to the employer.
5. One can also delete the request by clicking on Delete Request but before the employer has verified the details.
6. The request will be submitted to the employer automatically after successful verification for further approval.

Employer Approving or Rejecting the Request

If the employer approves the request, he has to do it online. It will then get transferred to the EPFO Field Office. The correction requests will then be processed by the EPF staff.

• The employer has to log into the website given below  https://unifiedportal-emp.epfindia.gov.in/epfo/
• Now, by clicking on Member-> Details Change Request, the employer can view the submitted requests.
• The requests can be approved or rejected by the employer.
• The requests will get transferred to the EPFO Field Office if they get approved by the employer.

EPFO Approving or Rejecting the Request

• The Dealing Hand, in the EPFO office, is responsible for the response submissions regarding the requests. He/ She submits his/her recommendation either regarding approval or rejection with proper remarks. These submissions are found online in the Field Office Interface of United Portal.
• Then the Section Supervisor will verify the requests.
• The Assistant Provident Fund Commissioner(APFC) or the Regional Provident Fund Commissioner(RPFC) will then approve or reject the request.

The Earlier Process to Correct UAN’s Basic Details

When the employee has to correct his basic details in the UAN, both, the employer and the employee have to submit a correction request to the EPFO Field Office. The request has to be submitted to the concerned EPFO to correct the basic details of the employee.

One cannot modify his/her details in UAN if his/her details are linked to their Aadhaar. The process still needs to be followed irrespective of the details linked with Aadhaar. A joint request letter or form is prepared by the employee.

• Only the information which has to be corrected should be filled in.
• One can mention the documents he/she is going to present as proof of the changes he/she is requesting for.
• Now, at last, sign the form.

The application is submitted to the associated Regional EPFO Field office by the employer. A probable period of one month is required for the changes to take place.

Step by Step Process for Correction of Name, Gender, and Date of Birth (DOB) Online

1. For the correction of Name, Gender, or Date of Birth (DOB).
2. Now, you have to click on Manage-> Modify Basic Details. You have to provide all the correct details as per your Aadhaar.
3. Click on Update Details and for further approval, the request will be submitted to the employer.
4. One can also delete the request by clicking on Delete Request but before the employer has verified the details. The option can be accessed by going onto Manage-> Modify Basic Details-> Pending Requests.
5. The request will be submitted to the employer automatically after successful verification.

How Many Days Will it Take to Approve the Request to Correct Name, Gender, and/or Date of Birth?

There is no limit set by the EPFO for processing the EPF UAN correction requests to change the details.

When The Request Is Submitted By The Employee

• The employer receives the request which he can approve or reject.
• The employer approves the request, it directly goes to EPFO Field Office. Here, the Dealing Agent, Section Supervisor, and then the APFC/RPFC will approve or reject the request.

After hearing people’s complaints and issues, it is noted that it can take more than 15 days, and still the request doesn’t get approved. The EPFO does reply to concerns like this, you only need to click on your appropriate zone and you will be able to get the contact and email ID details of the EPFO.

How Does the Employer Approve the Employee’s EPF Correction?

1. The employer has to log into the Unified Member Website for employers.
2. Then he has to click on Member-> Approvals to see the submitted requests.
3. The employer can view the requests by clicking on View.
4. By clicking on the DS KYC option, the employer can approve the requests using his Digital Signature.

View EPF UAN Passbook: Previously, individuals were required to visit banks or post offices to get their records and deposit sums checked. However, everything is accessible online without much hassle. The provident fund has likewise undergone the same changes.

Employees Provident Fund (EPF) Passbook is an online record that permits people to check the balance sums, deposits and other transactions made in the record at whatever point and any place they need. The balance statement articulations can additionally be printed too for additional reasons and references.

EPF Passbook Update

When any deposits in the PF account are made, the passbook is revised.

Before being uploaded into the passbook, the EPFO checks and confirms all of the entries.

While the exact date is not given, the month and year are explicitly mentioned. It is possible that the passbook will not be refreshed instantly.

When such a situation occurs, one should sit tight for a couple of days and sign in again to check the financial statements.

EPF New Passbook Format, Yearly

The EPF details have been updated, and a new look has been given to it.

Now, the customer can view PF Passbook and a UAN Member Passbook in [New Yearly Format].

The new format includes an option for viewing the EPF for a particular financial year where you can enter the said year.

EPF and EPS Wages

The EPF is per the Employees Provident Fund & Miscellaneous Provisions Act, 1952, and falls under the Employees’ Provident Fund Organization (EPFO).

The employee, as well as the employer, contribute 12% of the salary under the EPF.

While the employer contributes 3.67% of the salary along with the dearness allowance, an employee provides 12% of the salary plus the DA (dearness allowance).

However, for the EPS, only the employer needs to contribute 8.33% of the salary.

No contribution needs to be made by the employee.

How to Read EPF Passbook?

There are two methods by which the employee can read the EPF Passbook. However, the essential requirement for viewing the passbook in either way remains the same- the UAN.

The passbook is available six hours after registering on the EPFO website.

The two methods are

Through the UMANG application

• At first, the customer needs to download the UMANG app successfully.
• After downloading, the customer is required to visit the app and select the EPFO option.
• The Employee Centric Services need to be selected, and further, the View Passbook option is to be clicked on.
• The customer needs to login into the next step.
• The app will ask for the UAN number.
• After filling in the applicable UAN number, an OTP will be sent to the mobile number registered with the EPF account.
• The customer needs to enter the OTP in the given box and then click on Ok.
• The concerned person will be able to view the accounts connected with the UAN.
• To view the passbook details, the customer needs to click on any of the accounts.
• After following the steps mentioned earlier, the customer will be able to view the passbook details.

Through the EPFO Portal

• At first, the customer needs to open the EPFO portal, i.e., http://epfindia.gov.in/.
• After the successful opening of the first page, an e-Passbook option becomes available on the right-side boxes.
• The customer will have to click on the e-Passbook option mentioned in a box.
• A new page opens up where the customer has to fill in their UAN number, password, and captcha.
• After selecting the login option, a new page opens up, displaying the member ID of the customer. If the concerned person has more than one member ID, all are displayed on this particular page.
• After clicking on the member ID option, a new page opens up, displaying all the employee details and their financial transactions and other passbook details.
• After this, the customer can download or print the passbook/financial statements without any hassle.

The Amount You Will Receive On Withdrawing from EPF

On EPF Withdrawal

The EPF withdrawal rules allow a partial withdrawal of up to-

minimum salary of three months added to the dearness allowance (DA) or,

75% of the account’s credit balance,

Whichever is less.

As an employee, you can either log on to the EPF website or use the UMANG app on your device to register for PF withdrawals or advances.

On EPF Partial Withdrawal

EPF offers a partial withdrawal facility where the subscribers can withdraw money from their account in some cases such as purchase, construction of a house, repayment of a loan, non – receipt of the wage for two months, for marriage, for medical treatment of family member and so on.

A partial withdrawal of up to 90% of the PF value is allowed following 54 years old inside one year of retirement.

The possible circumstances which could be considered have been highlighted below:

Marriage

An employee can use this explanation three times throughout their career. The employee must have served for at least seven years.

The employee can withhold every period 50% of the employee contribution.

The employee can take this out for yourself, your child, your brother, or your sister.

Education

The employee can only utilize this alternative three times during their lifetime. The person must have worked for at least seven years.

The employee can withdraw every time, half of the employee contribution.

The concerned person can avail this for yourself or your children.

Medical treatment

This choice is available to you, your spouse, children, and parents. The patient must have been sick for more than a month, and if the patient is the employee themselves, they must have taken time off from work.

You have the choice of taking six times the salary or the employee’s share.

There is no extent as to how many times you are allowed to avail the option.

Buying new property

For this purpose, you can at the most withdraw money only once.

You must have served for at least five years, and the property must be registered under your name or jointly with your partner, with no other joint owners.

You can use money from the PF account to purchase a single plot of property. At least five years of service period is required to be able to use this.

Repairing the house

The sum amount an employee can withdraw in this case is equal to 12 times his or her monthly salary.

The house should be at least five years old from the date the building is completed. The house should be in your name, your spouse’s name, or jointly with your spouse’s name.

The employee needs to have a bare minimum of ten years of work life. This benefit is only available to employees once.

Error FO0001=4063 Shown During EPF Passbook Viewing

This error is due to a particular technical glitch. The employee can wait for the server to resolve the problem and then continue.

If the job demands to be made is very urgent, the employee could try the UMANG app for EPFO services.

Network Error Faced While Saving the EPF Passbook

This error is a standard error faced by employees frequently. It is usually due to poor network from either the user side or EPFO side.

To solve the issue, the employee can either wait for the network to resolve.

They can also resort to the PF grievance portal and register their problem.

The concerned employee can also resolve this issue by changing the Destination to Save as a PDF. The passbook will be saved in the Downloads section of the device.

 Interest Computed on EPF

The percentage of interest which is applied is 8.50% for the financial year 2020-2021.

The interest is calculated at the end of the year, and the EPF contribution is collected per month. EPFO estimates the monthly closing balance and then the interest per month.

The monthly balance is multiplied by the interest rate to determine the interest. Since the yearly interest rate is equal to 8.50 percent, the monthly interest will be calculated by dividing it by 12, i.e., 0.7083%.

For example, if the balance at the end of each month is Rs, X, the interest for that month will be Rs. X*0.007083.

Similarly, the interest is calculated at the end of each month.

E-KYC Portal of EPF Link UAN with Aadhaar without Employer: Employee Provident Fund Organization has made multiple provisions for employees to manage their PF accounts online. EPFO launched an online facility in 2017 for its contributors to link unique Aadhaar numbers with UAN. EPFO allocates Unique Account Number through the employer and the employee has to activate it by finishing the KYC process.

KYC stands for Know-Your-Customer. EPF members having KYC details in their UAN, which are approved by the employer, removes employer dependency. One can directly approach the EPFO website to see or add details. The members can log in to the UAN website and then click on manage KYC. Here they can add details like Passport, PAN, Aadhaar, or others. One can see whether Aadhaar is linked and approved by their employer in the approved KYC section. E-KYC lets EPFO employees to link their Aadhaar number online with EPF UAN Number (Unique Account Number).

Is it Necessary to Link the Aadhaar Card With UAN for EPF?

EPF refers to Employee Provident Fund where the employer, as well as an employee, contribute together towards a corpus fund received by an employee on retirement. It is represented by a Unique Account Number (UAN). It is necessary for EPFO members to link their Aadhaar with UAN to file an online claim. If Unique Account Number is successfully linked with the Aadhaar card then claim settlement will be quicker. UAN helps in withdrawing and transferring money from EPF and it is compulsory for all employees. It becomes easy to merge various UAN numbers into a single UAN. Aadhaar number is a vital Proof of Identity and Proof of Address. It lessens the number of documents to upload for verification into a single document.

There are numerous benefits for linking Aadhaar to UAN. It becomes easy for EPFO to verify KYC identifications during the EPF withdrawal process. However, before linking Unique Account Number with an Aadhaar number, UAN should be active. One can follow the steps mentioned below to activate their UAN:

• Visit the site unified portal of EPF
• Click on the option ‘Activate UAN’
• The website will redirect the member to a new page. Here, one has to enter the mandatory details- name, mobile number, date of birth, and anyone of Member ID, UAN, PAN, or Aadhaar.
• Enter the captcha code written in the box and click on ‘Get Authorization Pin’
• An SMS with PIN or OTP is sent to the registered mobile number. It is necessary to check all the details and enter the OTP Pin.
• After clicking on the option ‘Validate OTP and Activate UAN’, UAN gets activated and a password is sent to the mobile number.
• This password is used to log in on the unified portal of EPF.
• In case, if UAN is already activated, then Portal will display that UAN is activated.

Note: Make sure you’re not disclosing your UAN Password to anyone. However, if you forget your UAN Password, then you can reset UAN Password by visiting the official website of EPFO.

How to Use eKYC Portal at EPFO Website to Link Aadhaar with UAN?

EPFO members can link their Aadhaar card with their Unique Account Number. The details like name, date of birth, and others mentioned in UAN should match with Aadhaar. In case, if there are some differences then the employee should get them corrected either in the Aadhaar card or in UAN. There is no involvement of the employer in this process. Following are the details that show how to verify KYC in UAN:

• Visit the EPFO certified site
• Select eKYC Portal in the section ‘Online Services’. This portal covers two sections.
• The first section is for field officers of EPFO and the other is for EPFO members. Anyone who contributes to EPF becomes its member. Tab ‘Link UAN Aadhaar’ option in the EPFO member section.
• When the mobile number linked to UAN gets displayed, EPFO members will be taken to a new page on which they have to enter their UAN.
• After clicking on the ‘Generate OTP’ button, an OTP will come, enter it, and provide Aadhaar number.
• When the verification is successful and personal details between the Aadhaar card and UAN matches, they will get linked.
• One can track whether UAN is successfully linked with Aadhaar by using TRACK eKYC.

How to Use EPFO Portal to link UAN with Aadhaar Number Online?

• Go to the EPFO certified web portal
• Click on the login section and enter UAN and password to log in
• After login, click on the option ‘Manage’
• KYC option will appear on the drop-down menu. Click on it
• One will land on a new page where they have to click on the option ‘Aadhaar’ for linking their EPF account
• Here, enter a unique Aadhaar number along with the name. Click on the tab ‘Save’
• The details mentioned in Aadhaar card are cross-checked with the UIDAI’s data.
• When the details are accepted, a text ‘Verified’ will appear against the Aadhaar details.

How to Track UAN Linked with Aadhaar Card?

With the help of the eKYC Portal, it is effortless to keep track of whether Aadhaar is linked with a Unique Accounting Number. One has to follow simply given below steps:

• Go to the EPFO sanctioned website
• Click on the eKYC Portal in the section ‘Online Services’
• It will redirect to a new page in which the eKYC Portal contains two sections.
• The contributors of EPF should click on the second section, which is for EPFO members. In this section, members have to click on Track EKYC.
• By entering the UAN number, one can track eKYC.

How to Link UAN with Aadhaar Number through UMANG App?

One must download the UMANG app from the play store to link the Aadhaar card with UAN. To become eligible, one must be a registered user of this app. Following are the steps to link UAN with Aadhaar number:

• Open UMANG App and click on the ‘All Services’ option
• Scroll down and select the option ‘EPFO’
• In the EPFO section, click on eKYC services
• Select Aadhaar seeding option under eKYC Services
• Enter Unique Account Number (UAN) and click on ‘Get OTP’ to log in
• Enter the One Time Password sent to the registered mobile number to EPFO
• After the verification of OTP, the employee has to enter their Aadhaar details
• OTP will be sent to the mobile number and email registered with Aadhaar card
• Once this OTP verification completes, Aadhaar number will get linked to UAN

How to Offline Link EPF Account with Aadhaar Number?

Not every individual is adept at using computers due to which they might face issues while linking EPF account with Aadhaar using the eKYC portal. Such employees can complete this process by visiting the EPFO office and submitting the application in person. Follow the steps below to link Aadhaar number with UAN:

• Fill the form – ‘Aadhaar Seeding Application’
• Enter the relevant details including UAN and Aadhaar number
• It is necessary to attach self-attested copies of PAN, UAN, and Aadhaar card with the form
• Submit the form to the Common Service Centres outlets or to the executive at of the field offices of EPFO

After proper verification, Aadhaar card will get linked to the EPF account and a message is sent on the registered mobile number

What are the Benefits of Linking the EPF Account with Aadhaar Number?

One has to seed the UAN with an Aadhaar card to link the EPF account and avail following benefits:

• Once the EPF account gets linked with Aadhaar, an employee can withdraw money without taking permission from the employer.
• As the Aadhaar card holds vital information regarding a person’s identity, seeding it with UAN diminishes the chances of error with EPF.
• An employee can have a single EPF account linked to Aadhaar, which will prevent misuse in the form of duplicate accounts.

Note: One can also check the PF account balance with the help of EPF balance check through SMS, Mobile, UMANG app and so on with linking the EPF account with Aaadhar number.

Conclusion

To link the EPF account with Aadhaar number through the eKYC portal without an employer, one can choose the option eKYC Portal on EPFO website. The process of linking online is time-saving, convenient, and reliable. Apart from eKYC, one can use the UMANG App for linking the UAN account with Aadhaar.

EPF Interest Rate from 1952 and EPFO: EPF refers to the Employee Provident Fund which each company is meant to put aside for their employees out of their salaries every month. This is a fund that transfers from one company to another even when you switch jobs, as it is a requirement for the company to provide this service to its employees. It is a method of purposeful saving and this money becomes available to the holder of the account upon retirement.

The interest rate for this account is determined commonly by the EPFO (the Employee Provident Fund Organisation) for the entire nation in every new financial year. This is the body whose board is responsible for setting the EPF interest rate, and the body that is responsible for shelling out interest payments to EPF account holders upon retirement (or before in extraordinary circumstances).

The EPF Interest Rate from 1952 to 2021

Here’s a breakdown of interest rates set by the EPFO starting from the financial year 1952 till the present financial year 2020-21.

Financial Year	EPF Interest Rate	Financial Year	EPF Interest Rate
1952-53	3.00%	1987-88	11.8%
1953-54	3.00%	1988-89	12%
1954-55	3.00%	1989-90	12%
1955-56	3.50%	1990-91	12%
1956-57	3.50%	1991-92	12%
1957-58	3.75%	1992-93	12%
1958-59	3.75%	1993-94	12%
1959-60	3.75%	1994-95	12%
1960-61	3.75%	1995-96	12%
1961-62	3.75%	1996-97	12%
1962-63	3.75%	1997-98	12%
1963-64	4.00%	1998-99	12%
1964-65	4.25%	1999-2000	12%
1965-66	4.50%	2000-01	11%
1966-67	4.75%	2001-02	9.5%
1967-68	5.00%	2002-03	9.5%
1968-69	5.25%	2003-04	9.5%
1969-70	5.50%	2004-05	9.5%
1970-71	5.70%	2005-06	8.5%
1971-72	5.80%	2006-07	8.5%
1972-73	6.00%	2007-08	8.5%
1973-74	6.00%	2008-09	8.5%
1974-75	6.50%	2009-10	8.5%
1975-76	7.00%	2010-11	9.5%
1976-77	7.50%	2011-12	8.25%
1977-78	8.00%	2012-13	8.5%
1978-79	8.25% + bonus 0.5%	2013-14	8.75%
1979-80	8.25%	2014-15	8.75%
1980-81	8.50%	2015-16	8.8%
1981-82	8.75%	2016-17	8.65%
1982-83	9.15%	2017-18	8.55%
1983-84	9.90%	2018-19	8.65%
1984-85	10.15%	2019-20	8.5%
1985-86	11%	2020-21	8.5%
1986-87	11.5%	–

As you’d notice, there is a steady increase in the EPF interest from the year 1952 up until the beginning of the 2000s. There is especially a boom where the interest rate hits an all-time high in the year right before the economy was opened up and the next subsequent decade after liberalisation, privatisation and globalisation. Since 2001, the interest rate has remained more or less stable, fluctuating between 8% and 9.5% and not venturing anywhere below or above this much.

We can remember that the effects of Coronavirus or COVID-19 began to manifest in India in March 2019. Keeping this in mind, the interest rate was set at 8.5% for the financial year 2019-20, and the board had also suggested that the interest payment for that particular financial year be split into two parts. This was suggested keeping in mind COVID and the ‘exceptional’ situation that it brought about.

The EPF interest rate was kept steady for the financial year 2020-21 as well, seeing as how the effects of Coronavirus on the economy are still ongoing. The board speculated that the EPFO may not be able to make any interest payments beyond even 8% because of how COVID-19 has impacted the economy on such a large scale. However, the interest rate cannot be brought down that low, and was, therefore, kept stagnated at 8.5%.

How is the EPF Interest Rate Determined?

The Employee Provident Fund Organisation has a Central Board of Trustees. This is the board that decides the EPF interest rate at the end of each financial year. The board members or the trustees of the EPFO take a look at the country’s economic situation, where the country stands in term of money, and then puts out a recommendation for the interest rate. The board must take into account the capacity of the EPFO to shell out that amount of interest before making the recommendation, while also keeping the economic climate in mind. For example, because of the COVID-19 pandemic and its dire economic effects, the interest rate was slashed and made to stand at a seven-year low. On the other hand, when the economy was opened up in the 1990s, the interest rate was at an all-time high, at 12%. This was first a recommendation that was made possible because the economy was then booming.

How to Calculate EPF Interest?

This interest from the EPFO is credited to the EPF holder at the end of the financial year. This means that it is calculated monthly between March to February every year, and credited in the month of April.

Here’s how the EPF interest is calculated, with the average monthly balance method. This method calculates interest per month and adds up the amount in April when the financial year is ending. This is the system used to calculate the interest, but this interest is yearly compounding. Keeping that in mind, here’s the breakdown of calculating EPF interest.

Since the interest on EPF is counted monthly rather than yearly, we take the annual interest rate and divide it into 12 parts (for the 12 months). The interest rate for 2019-2020 is 8.5%, meaning that the monthly interest for the year 2019-2020 is 8.5/12, which is 0.783%.

Components of Calculating EPF

There are several components to look at while calculating the EPF interest.

• The opening balance of an EPF account refers to the amount that has also been collected in the fund.
• Contributions are made to this amount monthly as the individual’s salary is given every month.
• At the end of the financial year, the interest will be calculated on the total amount, where the total amount = opening balance + monthly contributions made throughout the year.
• The ‘total amount’ will be the new opening balance for the next financial year.

Let’s use an example to make this clearer to you. Remember that both employers, as well as employees, contribute to an employee’s provident fund.

For example,

• An employee’s salary, including a dearness allowance, is Rs 20,000 per month.
• Employee contribution to EPF is 12% (Rs 2400).
• Employer contribution to EPS (Employee Pension Fund) is 8% (Rs 1600).
• Employer contribution to EPF = Employee EPF contribution – employer EPS contribution = Rs 800.
• Taking into account both employer as well as employee EPF contribution, total EPF contribution = Employer contribution + employee contribution = Rs 2400 + Rs 800 = Rs 3200.

Now, to calculate the interest on this monthly contribution of Rs 3200, we look at the interest rate, which is 8.5%. Divided into a monthly basis, it is 0.783%.

Let’s say that we’re calculating the interest for the month of April.

• Total EPF contribution for the month of April = Rs 3200.
• (Interest is not calculated in the first month of the financial year).

Now, calculating interest for the month of May.

• Opening balance = Rs 3200.
• Total EPF contribution for the month of May = Rs 3200.
• Total EPF balance in the month of May = Rs 6400.
• Interest on EPF contribution till the month of May = 0.783 x 6400 = Rs 50.11

Calculating interest for the month of June.

• Opening balance = Rs 6400.
• Total EPF contribution for the month of June = Rs 3200.
• Total EPF balance in the month of June = Rs 8600.
• Interest on EPF contribution till the month of June = 0.783 x 8600 = Rs 67.33

Now, the total interest accumulated for the months of May and June is Rs 50.11 + Rs 67.33 = Rs 117.44 and the same process carries on till the end of the financial year, i.e. March in the next chronological year. The interests per month are added up and it is credited to the account as a lump sum in April the next year.

Conclusion on EPF Interest Rate from 1952 and EPFO

The Employee Provident Fund is an important saving mechanism for all the people working in companies under the payroll. In a way, the EPF forces all employees to save money for when they retire, which is very useful, especially for people who do not already have good saving habits. The interest rate for the EPF is recommended by the Board of Trustees of the Employee Provident Fund Organisation whilst keeping in mind the ongoing economical climate. There has been a steady increase in the EPF interest rate from the financial year 1952-53 up until the year 2001-02. After that, it has decreased in the slightest and remained more or less between 8% and 9.5%, neither exceeding this nor going under.