The "Provident Fund" Thread

dailydriver · 17th February 2018, 09:25

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 All these years, there was a glimmer of hope that the compulsory nature of the scheme would be withdrawn and the Old Pension Scheme reinstated.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.

smartindboy · 19th February 2018, 12:16

Quote:

Originally Posted by dailydriver

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 All these years, there was a glimmer of hope that the compulsory nature of the scheme would be withdrawn and the Old Pension Scheme reinstated.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.

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.

dailydriver · 19th February 2018, 14:05

Quote:

Originally Posted by smartindboy

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.

lambuhere1 · 28th February 2018, 11:00

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

Sheel · 4th March 2018, 16:11

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?

Ithaca · 9th March 2018, 01:11

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.

Sakshar · 11th March 2018, 02:04

Quote:

Originally Posted by hserus

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.

Eco_love20 · 2nd July 2018, 22:51

If a person has a running GPF account can the person open a new PPF account in his name?

smartindboy · 3rd July 2018, 10:54

Quote:

Originally Posted by Eco_love20

If a person has a running GPF account can the person open a new PPF account in his name?

Yes, both are different.

sunilch · 3rd July 2018, 13:57

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.

sdp1975 · 3rd July 2018, 14:03

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.

smartindboy · 3rd July 2018, 14:18

Quote:

Originally Posted by sunilch

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 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.

dass · 3rd July 2018, 18:51

Quote:

Originally Posted by smartindboy

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

smartindboy · 4th July 2018, 09:44

Quote:

Originally Posted by dass

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. "

sachinayak · 31st July 2018, 22:33

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.

17th February 2018, 09:25	#631
dailydriver Senior - BHPian Join Date: Feb 2017 Location: Cynical City Posts: 1,217 Thanked: 6,436 Times	Re: 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.
	() Thanks

28th February 2018, 11:00	#634
lambuhere1 BHPian Join Date: Oct 2005 Location: @ Driver's Seat @ Posts: 708 Thanked: 106 Times	Re: The "Provident Fund" Thread 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
	() Thanks

4th March 2018, 16:11	#635
Sheel Team-BHP Support Join Date: Jul 2006 Location: Purnea (Bihar) Posts: 9,587 Thanked: 14,404 Times View My Garage	Re: The "Provident Fund" Thread 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?
	() Thanks

9th March 2018, 01:11	#636
Ithaca BHPian Join Date: Sep 2017 Location: MH 43 // MH 46 Posts: 343 Thanked: 893 Times	Re: The "Provident Fund" Thread 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.
	() Thanks

2nd July 2018, 22:51	#638
Eco_love20 Newbie Join Date: May 2017 Location: Kolkata Posts: 7 Thanked: 23 Times	Re: The "Provident Fund" Thread If a person has a running GPF account can the person open a new PPF account in his name?
	() Thanks

3rd July 2018, 13:57	#640
sunilch BHPian Join Date: Mar 2018 Location: Thane - MH04 Posts: 594 Thanked: 2,284 Times	Re: The "Provident Fund" Thread 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.
	() Thanks

3rd July 2018, 14:03	#641
sdp1975 Senior - BHPian Join Date: Aug 2009 Location: Bangalore Posts: 1,700 Thanked: 1,273 Times View My Garage	Re: The "Provident Fund" Thread 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.
	() Thanks

31st July 2018, 22:33	#645
sachinayak BHPian Join Date: Jul 2008 Location: Bangalore Posts: 730 Thanked: 2,809 Times View My Garage	Re: The "Provident Fund" Thread 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.
	() Thanks