Skip to main content

PF account settlements, online transfer on cards

FOR over 47.2 million members of the Employees Provident Fund Organisation (EPFO), the hassles associated with transfer of accounts and withdrawals, is expected to disappear soon.

The EPFO is set to introduce the facility for online filing of applications for settlement of money from the EPF accounts and also transfer of accounts from one organisation to another. "We are already in the process, we are developing the software and testing it," Central PF Commissioner Samirendra Chatterjee told Business Standard .

Chatterjee added EPFO would wait for the current work of computerisation to stabilise within the next few months. "After this, we will definitely be introducing the facility for online filing of applications for transfer and settlement of accounts, followed by a hard copy," he said.

The Central PF Commissioner said initially the digital signature facility would not be there and the members wouldhave to send a hard copy within specified time subsequent to the filing up of form online.

"We are trying to do one step at a time. Considering the huge size of our organisation, it is difficult to cope with too many facilities at one point of time," he said. The EPFO is starting the facility for online information on accounts balance from today (July 1) and the window for filing of online applications for transfer and settlement of accounts is slated for introduction after that.

He said in next few months, the online accounts updation work was expected to be completed and by December this year, all the accounts would be updated to the latest position.

Chatterjee said the members would have to go to the EPFO site and click on the relevant section for getting account balance. "They will have to mention account number and register mobile number. Once this is done, the member will get the SMS giving details of account balance," he added.

The period of account balance would depend on the updation of accounts by the concerned EPF office based on the information provided by the employer. If the details are available for 2008-09, then the account balance would reflect the amount at the end of that financial year. Chatterjee said in some cases the accounts had been updated even till 2010-11 and in those cases, the members would be able to get information about their balance till March 31, 2011.

In case of the exempted trusts, which are managed by the employers themselves, the EPFO would ask them to either introduce the facility for checking of account balance online on their own websites or get attached to the EPFO website.

Accounts balance information through website is already available

Popular posts from this blog

Tata Mutual Fund

Being a part of the Tata group, the fund has the backing of a very trusted brand name with strong retail connect. While the current CEO has done an excellent job in leveraging the Tata brand name to AMC's advantage, it is ironic that this was just not capitalised on at the start. Incorporated in 1995, Tata Mutual Fund remained an 'also-ran' fund house for around eight years. Till March 2003, it had a little over Rs 1,000 crore in assets and 19 AMCs were ahead of it. But soon after that the equation changed. It was the fastest growing fund house in 2004 and 2005. During these two years, it aggressively launched six equity funds, two debt funds and one MIP. The fund house as of now stands at No. 8 in terms of asset size. This fund house has a lot to offer by way of choice. And, it also has a number of well performing schemes. Tata Pure Equity, Tata Equity PE and Tata Infrastructure are all good funds. It also has quite a few good debt funds. The funds of Tata AMC are known to...

UTI Mutual Fund

Even though only a few of UTI’s funds are great performers, this public sector fund house has many advantages that its rivals do not. It has a huge base of retail equity investors and a vast distribution network. As a business, it looks stronger than ever, especially in the aftermath of credit crunch. UTI is, by a large margin, the most profitable fund company in the country. This is not surprising, since managing equity funds is more profitable than debt. Its conservative approach and stable parentage is likely to make it look more attractive to investors in times to come. UTI’s big problem is the dragging performance that many of its equity funds suffer from. In recent times, the management has made a concerted effort to improve performance. However, these moves have coincided with a disastrous phase in the stock markets and that has made it impossible to judge whether the overhaul will eventually be a success. UTI’s top performers are a few index funds, some hybrid funds and its inf...

Salary planning Article

1. The salary (basic + DA) should be low. The rest should come by way of such allowances on which the employer pays FBT and you don't pay any tax thereon. 2. Interest paid on housing loan is deductible u/s 24 up to Rs 1.5 lakh (Rs 150,000) on self-occupied property and without any limit on a commercial or rented house. 3. The repayment of housing loan from specified sources is also deductible irrespective of whether the house is self-occupied or given on rent within the overall ceiling of Rs 1 lakh of Sec. 80C. 4. Where the accommodation provided to the employee is taken on lease by the employer, the perk value is the actual amount of lease rental or 20 per cent of the salary, whichever is lower. Understandably, if the house belongs to a family member who is at a low or nil tax zone the family benefits. Yes, the maximum benefit accrues when the rent is over 20 per cent of the salary. 5. A chauffeur driven motor car provided by the employer has no perk value. True, the company would...

8 Investing Strategy

The stock market ‘meltdown’ witnessed since the start of 2005 (notwithstanding the recent marginal recovery) has once again brought to the forefront an inherent weakness existent in our markets. This is the fact that FIIs, indisputably and almost entirely, dominate the Indian stock market sentiments and consequently the market movements. In this article, we make an attempt to list down a few points that would aid an investor in mitigating the risks and curtailing the losses during times of volatility as large investors (read FIIs) enter and exit stocks. Read on Manage greed/fear: This is an important point, which every investor must keep in mind owing to its great influencing ability in equity investment decisions. This point simply means that in a bull run - control the greed factor, which could entice you, the investor, to compromise with your investment principles. By this we mean that while an investor could get lured into investing in penny and small-cap stocks owing to their eye-...

Debt Funds - Check The Expiry Date

This time we give you an insight into something that most debt fund investors would be unaware of, the Average Portfolio Maturity. As we all know, debt funds invest in bonds and securities. These instruments mature over a certain period of time, which is called maturity. The maturity is the length of time till the principal amount is returned to the security-holder or bond-holder. A debt fund invests in a number of such instruments and each of these instruments would be having different maturity times. Hence, the fund calculates a weighted average maturity, which would give a fair idea of the fund's maturity period. For example, if a fund owns three bonds of 2-year (Rs 30,000), 3-year (Rs 10,000) and 5-year (Rs 20,000) maturities, its weighted average maturity would be 3.17 years. What is the big deal about average maturity then, you may ask. Well, knowing a fund's average maturity is important because it tells you how sensitive a fund is to the change in interest rates. It is ...
Related Posts Plugin for WordPress, Blogger...
Invest in Tax Saving Mutual Funds Download Any Applications
Transact Mutual Funds Online Invest Online
Buy Gold Mutual Funds Invest Now