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Old 25th September 2013, 16:41   #286
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Default Re: The "Provident Fund" Thread

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Originally Posted by Oxy View Post
What are my options now? Is there any way I can withdraw or get this amount transferred to my current PF account?
PF accounts are maintained with the Regional PF commissioner(RPFC) , barring some large , exempt companies who maintain their own trust.

Even if the company doesn't exist anymore the money will be lying with the RPFC. Fill up form 13 and submit it to your new employer, and have the amount transferred.

I believe EPFO has also started a new way of online transfers instead of the traditional Form 13,so try if that works out as well.

Your account is marked inoperative , so there will be no interest credited to it. Get it transferred at the earliest. Withdrawing PF has tax implications , so in my opinion transferring is the best option.

Last edited by sdp1975 : 25th September 2013 at 16:42.
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Old 25th September 2013, 16:46   #287
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Default Re: The "Provident Fund" Thread

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PF accounts are maintained with the Regional PF commissioner(RPFC) , barring some large , exempt companies who maintain their own trust.

Even if the company doesn't exist anymore the money will be lying with the RPFC. Fill up form 13 and submit it to your new employer, and have the amount transferred.

I believe EPFO has also started a new way of online transfers instead of the traditional Form 13,so try if that works out as well.

Your account is marked inoperative , so there will be no interest credited to it. Get it transferred at the earliest. Withdrawing PF has tax implications , so in my opinion transferring is the best option.
Thanks very much for the prompt response. How does this online transfer work? Any link?

How exactly do I get this transferred when the company doesn't exist? Don't you have to fill the name and address of the company in the Form 13?
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Old 25th September 2013, 17:06   #288
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Default Re: The "Provident Fund" Thread

EPFO recently initiated online transfer of PF accounts in August. For this, I believe your employer has to register a digital signature with the EPFO, see the EPFO website. It's a variant to Form 13, but you still have to go through your employer - ask them if they support it.

The best you can do is state the last address of your old employer if it doesn't exist anymore. Your new employer will submit Form 13 to the Regional PF office for a transfer, and the PF office will provide an acknowledgement slip. You can later follow up on the transfer - even online follow up by registering a grievance is possible through the epfigms website.
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Old 25th September 2013, 17:17   #289
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Default Re: The "Provident Fund" Thread

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Even if the company doesn't exist anymore the money will be lying with the RPFC. Fill up form 13 and submit it to your new employer, and have the amount transferred.
What if you are self employed and want to withdraw PPF held in a company which no longer exists?

Also does anyone know any PPF agents in Bombay? Who can help you with these kinds of things?
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Old 25th September 2013, 17:29   #290
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Default Re: The "Provident Fund" Thread

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What if you are self employed and want to withdraw PPF held in a company which no longer exists?
The best thing to do would be to approach the PF office with proof of identification , and of having worked in the previous company ( such as old PF slips ) and resigned from it, and submit an application in Form 19 for withdrawal.

Here's a useful post I found http://www.jagoinvestor.com/2012/11/...signature.html

Last edited by sdp1975 : 25th September 2013 at 17:43.
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Old 25th September 2013, 18:45   #291
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Default Re: The "Provident Fund" Thread

I downloaded my PF balance from the Member Portal today, and found that some updates have already been carried out, as mentioned below:
  1. Interest as on March 2012 has been shown
  2. Monthly remittances from Sep 2012 till August 2013. When I checked 2 months ago, it was showing only till Aug 2012, as was the case a year ago also.

What is still missing is the interest as on March 2013. I suppose that will take some more time to get reflected.
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Old 26th September 2013, 12:11   #292
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Default Re: The "Provident Fund" Thread

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Originally Posted by mobike008 View Post
I got below info from them regarding my particular balance

EE : X amount
EF : X amount- 20K

My queries

1. Why is EF 20K less?

2. I plan to withdraw the full amount. So will I get EE+EF+20K ( I assume 20K is diverted to another fund or my understanding is totally incorrect?)
Quote:
Originally Posted by vnabhi View Post
That 20 K is gone, but you will get a meagre pension when you retire from that corpus.
Quote:
Originally Posted by mobike008 View Post
Gone? Gone where? When do we get a pension/month from this fund? Where can we get details of this fund and its balance?
I smell something fishy here.

I had initiated a PF transfer of one of my previous companies into my current account. Yesterday I saw this amount reflecting in my ePassbook as follows:

Employee Share: Rs.21,200
Employer Share: Rs.12,008
Diverted to Pension Fund: Rs.0

Where have these Rs.9,000 gone? As per my understanding, the Employee and Employer contributions must be equal. If not, the difference should atleast reflect in the pension fund. Also, there is no entry pertaining to the interest earned on this money.

As of now, my pension fund has got some Rs.31,000. I fear this money will vanish when I switch my job and initiate a PF transfer.

Has anyone else experienced this? How do I get these Rs.9,000 and the interest money back?

Is there a way I can just fill up the Form 10C and withdraw the pension fund, and keep the Employee/Employer contributions as it is in my PF account?

Last edited by Oxy : 26th September 2013 at 12:20.
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Old 26th September 2013, 18:51   #293
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Default Re: The "Provident Fund" Thread

Quote:
Originally Posted by Oxy View Post
I smell something fishy here.

I had initiated a PF transfer of one of my previous companies into my current account. Yesterday I saw this amount reflecting in my ePassbook as follows:

Employee Share: Rs.21,200
Employer Share: Rs.12,008
Diverted to Pension Fund: Rs.0

Where have these Rs.9,000 gone? As per my understanding, the Employee and Employer contributions must be equal. If not, the difference should atleast reflect in the pension fund. Also, there is no entry pertaining to the interest earned on this money.

As of now, my pension fund has got some Rs.31,000. I fear this money will vanish when I switch my job and initiate a PF transfer.

Has anyone else experienced this? How do I get these Rs.9,000 and the interest money back?

Is there a way I can just fill up the Form 10C and withdraw the pension fund, and keep the Employee/Employer contributions as it is in my PF account?
There seems to be an error in the data. You are right regarding the pension fund being equal to the difference between Employee's contribution and Employer's.

There is no way of withdrawing the pension fund contribution, unless your EPS membership is less than 10 years. I suggest you bring the discrepancy to the notice of the PF authorities.

Last edited by vnabhi : 26th September 2013 at 18:56.
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Old 19th November 2013, 09:52   #294
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Default Re: The "Provident Fund" Thread

PF Withdrawal for Flat Purchase

Guys,

Need your expertise in withdrawal of PF money to fund a flat purchase. I would like to know if any bhpians have availed the facility of PF withdraw for the same purpose. How long does it take to get the things done ? Any documentation associated with the same ? Does the money get reflected in my account or sellers account ?

Any pointers in this aspect will be highly appreciated.
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Old 19th November 2013, 11:05   #295
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Default Re: The "Provident Fund" Thread

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Originally Posted by lambuhere1 View Post
PF Withdrawal for Flat Purchase

Guys,

Need your expertise in withdrawal of PF money to fund a flat purchase. I would like to know if any bhpians have availed the facility of PF withdraw for the same purpose. How long does it take to get the things done ? Any documentation associated with the same ? Does the money get reflected in my account or sellers account ?

Any pointers in this aspect will be highly appreciated.
I'm not sure if the EPFO allows it, but the PF Trust of my PSU employer allowed PF withdrawals to the extent of 90% of the employee's contribution only for two occasions:
  1. Purchase of immovable property
  2. Daughter's wedding.
As the trust has to act according to the PF Act, I guess even the EPFO might have having similar provisions. But running around that organization might be a headache.


Coming to a different topic, have any of your organizations tied up with a vendor to get latest PF balances? My company has done so this month, and I can see the latest information on its portal, including up to date contributions and also interest credited for FY 2012-13.
The vendor's information is available at www.cquel.com

Last edited by vnabhi : 19th November 2013 at 11:08.
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Old 27th December 2013, 12:19   #296
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Default Re: The "Provident Fund" Thread

Applied for PF transfer in July 2012 and the online statement didn't yet show the transfer to my current account from my previuos account. Previous account was maintained by the KR Puram office and current account is maintained by the Richmond road office.

Filed an online complaint on the EPFIGMS site with the Richmond Rd office and they told me that transfer papers have been sent to the KR Puram office but nothing received. Filed a second grievance with the KR Puram office and they promptly replied in 2 days that transfer has been sent , and provided a copy of annexure-K. Filed a third grievance again with the Richmond Rd office and attached a copy of annexure-K, they did nothing and closed the complaint in 30 days.

My overall impression with EPFIGMS was that they're more keen in closing the complaint in 30 days so that it doesn't get escalated - rather than really solving the problem. If the PF transfer papers get's delayed or misplaced between 2 offices it's really their problem to have it sorted out than me having to run between 2 offices.

Filed a grievance through pgportal, wrote a mail to the Central PF commissioner, and filed a RTI application today. Let's see what happens out of all this.

Last edited by sdp1975 : 27th December 2013 at 12:23.
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Old 2nd January 2014, 21:53   #297
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Default Re: The "Provident Fund" Thread

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Originally Posted by lambuhere1 View Post
PF Withdrawal for Flat Purchase

Guys,

Need your expertise in withdrawal of PF money to fund a flat purchase. I would like to know if any bhpians have availed the facility of PF withdraw for the same purpose. How long does it take to get the things done ? Any documentation associated with the same ? Does the money get reflected in my account or sellers account ?

Any pointers in this aspect will be highly appreciated.
Not sure if you got the answer for this query by now however here are some points.
I have done this via the my company and not directly from the PF office.
There are some rules and regulations. you need to be a min tenure with the current company before withdrawing the amount and it can only be done once. The Cheque is made directly out to the builder. You need to submit set of documents, like the agreement to sale, plan approval..etc
Our company uses AonHewitt to manage the PF and they were able to provide the correct rules/regulations/process.
Hope this helps
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Old 2nd January 2014, 22:17   #298
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Default Re: The "Provident Fund" Thread

Quote:
Originally Posted by lambuhere1 View Post
PF Withdrawal for Flat Purchase

Guys,

Need your expertise in withdrawal of PF money to fund a flat purchase. I would like to know if any bhpians have availed the facility of PF withdraw for the same purpose. How long does it take to get the things done ? Any documentation associated with the same ? Does the money get reflected in my account or sellers account ?

Any pointers in this aspect will be highly appreciated.

Sorry for late reply, I did this for Flat renovation. You have to be with your employer for atleast 5 yrs in service. Officially PF guys will send cheque in favour of Builder. And for Renovations they will send cheque is favour of Architect. But we found the way, you have to give affidavit in Rs 10/20 stamp paper saying you will use this funds only for renovation and cheque must be directed to you, as you can not make payment in advance.

But I guess for new flat it will be in favour of builder only. Amount you can withdraw all and leave bal of Rs 1000 only.

Hope this helps.
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Old 2nd January 2014, 22:49   #299
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Default Re: The "Provident Fund" Thread

Hi,

I have applied for withdrawal of PF through my old company that I quit more than 5 years back.

It has been almost 2 months, and there is no status update. I tried going to the EPFO website but when I try to check my status it says "invalid entry/record mismatch..."

Why is this happening? All details were entered properly. And is there any alternative way to check the details (balance, status of withdrawal claim)?
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Old 2nd January 2014, 23:20   #300
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Default Re: The "Provident Fund" Thread

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Originally Posted by nilanjanray View Post
Hi,

I have applied for withdrawal of PF through my old company that I quit more than 5 years back.

It has been almost 2 months, and there is no status update. I tried going to the EPFO website but when I try to check my status it says "invalid entry/record mismatch..."

Why is this happening? All details were entered properly. And is there any alternative way to check the details (balance, status of withdrawal claim)?
Best thing to do is check claim status with the concerned PF office in person (if in the same city). Else, find contact info for the said office and speak to the Asst. PF Commissioner there. Some PF offices are extremely lethargic in processing stuff.

My PF transfer within Bangalore (Mysore Road to KR Puram branch) took nearly 18 months at the KR Puram end, while the Mysore Road office had transferred the amount within 3 months of receiving Form 13.
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