Team-BHP - The "Provident Fund" Thread

Fifteen years after starting my professional career, I opened a PPF account yesterday. From filling up the form online to printing the passbook, it took me just about 15 minutes in the local SBI branch. With low interest rates and changing Government policies, this appeared to be a safe investment avenue.

Like most Government servants who joined after 2004, I am subscribed to NPS. All these years, there was a glimmer of hope that the compulsory nature of the scheme would be withdrawn and the Old Pension Scheme reinstated. However, experience tells me that the probability of this happening is close to zero. Given this, I had to look for a stable investment choice and PPF made sense.

Quote:

Originally Posted by dailydriver (Post 4358500)

Good job, even though it took you a while.

I am sure you would have looked at VPF as well, to park some funds. Currently VPF (EPF) gives more ROR than PPF.

Quote:

Originally Posted by smartindboy (Post 4359376)

Good job, even though it took you a while.

Thanks.

Quote:

I am sure you would have looked at VPF as well, to park some funds.

EPF isn't an option for pucca Government servants in Karnataka. I say pucca because quasi Government and cooperative organizations offer this option to their employees. For us, it was GPF earlier and now (after 2006) only NPS.

For Provident Fund (PF) Withdrawal Above Rs. 10 Lakh, Online Filing A Must Now

Source : https://www.ndtv.com/business/for-pr...-lateststories

Retirement fund body EPFO (Employees' Provident Fund Body) has made it mandatory to file online claims for provident fund withdrawals above Rs. 10 lakh, taking another step towards becoming a paperless organisation. EPFO has also made it mandatory to file online claims for withdrawals of above Rs. 5 lakh under the Employees Pension Scheme 1995. Under the pension scheme, there is a provision of part withdrawal of pension, commonly known as commutation of pension money.

At present, EPFO subscribers have the option of filing online as well as manual claims for provident fund withdrawal as also for pension

Did we ever had this option ?

Could not locate it on the EPF website.

Any guidance will be really great

Me and my business partner are govt contractors. To file few online bids, we registered ourselves on https://unifiedportal-emp.epfindia.gov.in/epfo/

Now, this is a headache for us as, we don't have 20 employees each plus, while we credit their salary through bank, they themselves do not want to pay. Third reason being, our employees are not permanent and it is a tough job to edit/remove someone.

We would wish to de-register, any idea how do we go about it?

I received the following link in a Whatsapp forward from a fellow Shippie friend.
Previously the government had informed that NRI individuals could not be invested in PPF.
However the government has rolled back that order and has now allowed NRI individuals to stay invested in PPF.
Here is a link to that article.

Link

I hope the government in her infinite wisdom now rolls back the rulings on LTCG for stocks and MF and makes the law abiding tax paying middle class citizens happy.

Quote:

Originally Posted by hserus (Post 4337274)

Was your PF account PY/KRP? If so that is the one near the KR Puram. If it was BG/BNG that PF office is on Miller's Road somewhere.

Just take your PF paperwork and ID proof that shows your gender (passport) / aadhaar and go to the PF office concerned, and ask at the enquiry counter.

You shouldn't ideally need an RTI for this.

Hi,

I happen to stay in Delhi for a very short period in every month and online RTI is an easy way to get the details. In fact, the PF office is in Dwarka for me. Yes, you are correct. However, the RTI was created to make sure my PF transfer from the penultimate organization to my last organization is done, which was done only after the RTI was initiated.

Regarding EPF, has the interest component for FY 17-18 credited? I don't see it in my account statement as yet.

My earlier organization had a private trust managing their PF contributions and it used to give us the interest summary every month (credit would happen at the year end though). Wish the EPFO was also that efficient given that the rates are pre-determined and all the computation/account management now is computerized.

Interest credit hasn't happened yet. Last year it happened early May. I believe they're changing their accounting process by having a separate head for the stock investments that may be causing the delay.

Quote:

Originally Posted by sunilch (Post 4423352)

Interest was not credited for previous financial year as well.
Finance ministry approval was received recently and interests for both the years may be credited anytime soon.

Quote:

Originally Posted by smartindboy (Post 4423362)

Interest was not credited for previous financial year as well.
.

I see a credit of my interest sometime in May 17 for the previous financial year and for the current year as well. Just checked the passbook

Quote:

Originally Posted by dass (Post 4423512)

I see a credit of my interest sometime in May 17 for the previous financial year and for the current year as well. Just checked the passbook

Interesting... a lot have not received the interest yet for 2016-2017.
I personally, have received the below response for a grievance that I submitted in April this year: "It is informed that the annual account not yet approved for the year 2016-17 from central office and will be approved in the month of April 2018 along with 2017-18 annual accounts and interest will be credited automatically for the both the years once the annual accounts approved. This is for your kind information. "

Does any one know when will the interest for 2017-18 get credited into our PF accounts? Last year, it was credited towards the 3rd week of June. This year, we are touching August, and still no sign of interest.

On a related note, there was a talk of ETF units too being credited into our accounts but nothing seen - of course, I would expect basic interest to show up before ETF units. Baby steps, i guess.