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Old 28th August 2012, 13:10   #241
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Default re: The "Provident Fund" Thread

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Thanks once again for that link. That site rocks.
Glad to hear it works. For me, it still shows that data is awaited. Even me asked for data a month ago
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Old 28th August 2012, 14:44   #242
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Default re: The "Provident Fund" Thread

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Originally Posted by lambuhere1 View Post
Glad to hear it works. For me, it still shows that data is awaited. Even me asked for data a month ago
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Originally Posted by vnabhi View Post
Thanks once again for that link. I registered on that site on July 26th and requested for a soft copy of a passbook.
I got the response today (after a month) and was able to view and download my passbook in pdf form. It was updated till August 1st PF deposit, which is the most current one.

That site rocks.
i applied for the passbook on 22nd Aug and i got the response on 24th Aug, it took just 2 days, but my passbook pdf is not upto date, its showing month 6 as last transaction . Current Contr. Trrn-24*********** Ref No.-PYPNY********* for the month62012.
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Old 28th August 2012, 14:50   #243
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Default re: The "Provident Fund" Thread

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Originally Posted by deepak_ms View Post
i applied for the passbook on 22nd Aug and i got the response on 24th Aug, it took just 2 days, but my passbook pdf is not upto date, its showing month 6 as last transaction . Current Contr. Trrn-24*********** Ref No.-PYPNY********* for the month62012.
Wow, two days is real fast!

I cross-checked my pdf passbook, and the latest is for Month72012, not August. The 'updated on' date is August 14th, 2012.
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Old 29th August 2012, 13:16   #244
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Default re: The "Provident Fund" Thread

Last month. I applied for refund on a saturday.

Monday, I get a text message on phone that my application has been approved and it will be processed.

Thursday, amount is credited to my account

I was dazzled by their super fast response and application process

P.S: However, maybe due to some glitch in their server last week got atleast 100 text messages mentioning " amount XXXX credited to my account". This after almost a month of credit
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Old 29th August 2012, 14:14   #245
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Default re: The "Provident Fund" Thread

I applied for transfer a year back and the PF website was mentioning that the transfer is approved until atleast a month back. But suddenly, one fine day - it states that the transfer is rejected and the rejection reason is posted to the home address ( which I have never recieved ). The PF consultant who visited my office said that this is a status when the verification is being carried out since the website does not have a status for Pending cases ( which is strange...). Has anyone faced this issue lately ?

Thanks,
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Old 12th October 2012, 11:13   #246
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Question re: The "Provident Fund" Thread

Experts, please advise.

Lately I have been thinking about withdrawing an amount from the PF corpus equivalent to my outstanding home loan with a substantiation that the monthly EMI saved would again make its way into voluntary PF contributions. Advantage is no debt against home. Disadvantage is I stand to lose the 1.5L deduction from the total taxable income. But in any case if I were to lose this, I would have to pay 50K more tax in the year which is way way less than the interest I pay to the Home loan provider in an year. The second disadvantage is I straight away find a big dip in the my PF corpus and it will take atleast 5 years to come to the present levels.

Anybody done this type of transaction or thinking before? Pls share.
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Old 12th October 2012, 15:20   #247
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Default re: The "Provident Fund" Thread

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Originally Posted by ghodlur View Post
Experts, please advise.

Anybody done this type of transaction or thinking before? Pls share.
Being debt-free gives real peace of mind. But apart from what you've listed, you'd be losing huge interest accumulation over the corpus you've withdrawn. You need to ask a financial wizard how much that would be.

Making up with VPF is a good option, but do bear in mind that there is no equivalent employer's contribution.
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Old 12th October 2012, 15:36   #248
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Default re: The "Provident Fund" Thread

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Originally Posted by ghodlur View Post
Experts, please advise.

Lately I have been thinking about withdrawing an amount from the PF corpus equivalent to my outstanding home loan with a substantiation that the monthly EMI saved would again make its way into voluntary PF contributions. Advantage is no debt against home. Disadvantage is I stand to lose the 1.5L deduction from the total taxable income. But in any case if I were to lose this, I would have to pay 50K more tax in the year which is way way less than the interest I pay to the Home loan provider in an year. The second disadvantage is I straight away find a big dip in the my PF corpus and it will take atleast 5 years to come to the present levels.

Anybody done this type of transaction or thinking before? Pls share.
Please calculate the interest earned on your PF account and the interest you pay for the housing loan.

If the amount of interest you pay for the housing loan is more than the amount of interest you earn on your PF account + 50k, then, foreclose your housing loan by transfering your money from the PF account, else keep paying the housing loan by EMI's and do a partial prepayment from any lump sum payments you may receive such as bonus payouts, sale of other assets, interest free loans from friends and family, etc.

Hope this helps.
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Old 20th November 2012, 10:56   #249
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Default Transfer PF or Withdraw and start a PF?

I have recently switched companies and was planning to transfer my PF account. My HR says that they will provide all forms and submit the application but it might take a long time for the transfer to happen and I may have to do a lot of follow ups.
How long does it take normally to transfer PF?
On what basis can there be a rejection/prolonged delay?

Now I was also thinking about withdrawing the amount and putting in any safe investment like an FD. Is this a better option than transfering? Please advice
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Old 20th November 2012, 11:48   #250
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Default Re: Transfer PF or Withdraw and start a PF?

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Originally Posted by rajesh1868 View Post
My HR says that they will provide all forms and submit the application but it might take a long time for the transfer to happen and I may have to do a lot of follow ups.
How long does it take normally to transfer PF?
On what basis can there be a rejection/prolonged delay?
My PF transfer the first time took close to 2 years. This was when my first company had their PF account with the Bangalore PF office, and my next one had theirs with the Gurgaon office. After my subsequent job-change, the PF transfer was from Gurgaon office to Bangalore and it took 5 months. Depends entirely on luck, if you ask me.

If you face a similar inter-state transfer situation, be prepared for a lot of delays.

Quote:
Now I was also thinking about withdrawing the amount and putting in any safe investment like an FD. Is this a better option than transfering? Please advice
If this PF account was less than 5 years old, you have to pay back whatever tax was exempted for you during those years that you paid that PF amount. In other words, the withdrawn amount attracts income tax.

A FD today doesn't give any significantly high returns compared to the interest earned on PF, so it isn't worth the trouble. Unless you are planning to permanently quit salaried jobs, I would suggest you to transfer it and keep all your PF amount in 1 account (your current one). The corpus at the end will be more rewarding.

Last edited by KarthikK : 20th November 2012 at 11:55.
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Old 20th November 2012, 11:54   #251
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Default Re: Transfer PF or Withdraw and start a PF?

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Originally Posted by KarthikK View Post
If you face a similar inter-state transfer situation, be prepared for a lot of delays.

If this PF account was less than 5 years old, you have to pay back whatever tax was exempted for you during those years that you paid that PF amount. In other words, the withdrawn amount attracts income tax.

An FD today doesn't give any significantly high returns compared to the interest earned on PF, so it isn't worth the trouble. Unless you are planning to permanently quit salaried jobs, I would suggest you to transfer it and keep all your PF amount in 1 account (your current one). The corpus at the end will be more rewarding.
Thanks Karthikk
This is within Bangalore and my earlier account is over 7 years old.
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Old 20th November 2012, 12:22   #252
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Default Re: Transfer PF or Withdraw and start a PF?

I switched job last year around same time and initiated PF transfer (within Bangalore but different EPFO). It is still not transferred and if I check online, there is no records for my old PF account. I have raised a complaint and after 2 months, the status of complaint says 'under examination at our end'. I walked into the PF office and the guy told me, the PF transfer amount shall only reflect in next financial year!
Is this how the process works? Am not able to understand why next year? Any help/ suggestions? Thanks!
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Old 7th December 2012, 16:46   #253
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Default re: The "Provident Fund" Thread

Guys, today I tried checking my PF balance, but I get an error saying "Invalid Member ID". I checked my PF number on my salary slip thrice, and am very sure that there's no mistake in entering the PF number.

Has anyone else faced a similar issue? I am getting the same error while trying to download my ePassbook. It will just say "Invalid Member ID" and the SMS won't come.
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Old 7th December 2012, 16:57   #254
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Default re: The "Provident Fund" Thread

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Originally Posted by Oxy View Post
Guys, today I tried checking my PF balance, but I get an error saying "Invalid Member ID". I checked my PF number on my salary slip thrice, and am very sure that there's no mistake in entering the PF number.

Has anyone else faced a similar issue? I am getting the same error while trying to download my ePassbook. It will just say "Invalid Member ID" and the SMS won't come.
I also experience the same problem. I went to the concerned RPFO and they told me that it shall be updated in the coming financial year and it shall be reflected there after. I truly don't understand why is this so!
I have raised a complaint but that is 'under examination at our level' since 2 months
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Old 8th December 2012, 01:14   #255
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Default Re: Transfer PF or Withdraw and start a PF?

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Originally Posted by KarthikK View Post
... and my next one had theirs with the Gurgaon office.
My PF amount was transferred from a trust (Blore based company) into EPFO GGN when I shifted jobs (new one based in blore, but PF in GGN because of their head office is there). My company informs me that the PF transfer happened in 2010 itself, but I am yet to see it officially in EPFO records. My company is evasive in their response (I am still the employee) and suggests me to file a RTI to get clarifications on my official PF transfer status.

I have 2 questions:
1. Is it really such a pain to get PF transfers done (inward & outward) from GGN EPFO?
2. Isn't the employer legally responsible for the correct PF transfer for their employee? We submitted our PF transfer request forms to our employer for processing and not the PF office directly.

Anyone here knows the answers?
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