Hi,
I heard about the new rule which says that the Employee PF organization will not pay interest from 1st April 2011 for EPF accounts in which no transactions have been made for the last 3 years.
I worked for an organization from the year 2000 (start) to the year 2004 (end) - 5 years. Then I switched to another company and have worked there till now. However, in the new company, I have opened a new EPF account. The old EPF account is untouched (no transactions) since Dec 2004 till date.
Does the new rule mean that I will not get interest from the period starting April 2011 or even for the previous untransacted period?
I would be grateful if someone helps me with the exact genuine answer to my query.
Thanks a lot in advance.
Regards,
Yogi
From India
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I heard about the new rule which says that the Employee PF organization will not pay interest from 1st April 2011 for EPF accounts in which no transactions have been made for the last 3 years.
I worked for an organization from the year 2000 (start) to the year 2004 (end) - 5 years. Then I switched to another company and have worked there till now. However, in the new company, I have opened a new EPF account. The old EPF account is untouched (no transactions) since Dec 2004 till date.
Does the new rule mean that I will not get interest from the period starting April 2011 or even for the previous untransacted period?
I would be grateful if someone helps me with the exact genuine answer to my query.
Thanks a lot in advance.
Regards,
Yogi
From India
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Dear Yogi,
Your current organization made a mistake as they did not ask for any kind of EPF account, and you also erred by not disclosing your previous EPF account. Please write an application to the EPF department stating that you have two accounts and request them to merge both accounts by filling out Form 13. Please note that you will not receive interest on the old account if there have been no transactions in the last six months (effective from 1st April 2011). This can be corrected promptly.
Best Regards,
Global Overseas - Delhi Office
+91-9899775578
From India, Delhi
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47Your current organization made a mistake as they did not ask for any kind of EPF account, and you also erred by not disclosing your previous EPF account. Please write an application to the EPF department stating that you have two accounts and request them to merge both accounts by filling out Form 13. Please note that you will not receive interest on the old account if there have been no transactions in the last six months (effective from 1st April 2011). This can be corrected promptly.
Best Regards,
Global Overseas - Delhi Office
+91-9899775578
From India, Delhi
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Dear Yogi,
You will not get interest on the non-operational account from 01.04.2011. However, you will receive interest until 31.03.2011 as the decision will come into force with effect from 01.04.2011.
You may apply using Form 13 through your current employer for the transfer of the previous account to be merged with the new account as soon as possible. This will ensure that you receive interest for the previous PF amount as well.
Abbas.P.S
From India, Bangalore
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You will not get interest on the non-operational account from 01.04.2011. However, you will receive interest until 31.03.2011 as the decision will come into force with effect from 01.04.2011.
You may apply using Form 13 through your current employer for the transfer of the previous account to be merged with the new account as soon as possible. This will ensure that you receive interest for the previous PF amount as well.
Abbas.P.S
From India, Bangalore
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Will you kindly give the details on the following quoting "Yes,you will not get interest on old account if there is no transaction made in last six month." Abbas.P.S
From India, Bangalore
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From India, Bangalore
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Dear Mr. Yogendra,
As you mentioned, if it commences, there is no option for interest. Therefore, you may transfer it to a new account. If you encounter any issues transferring the aforementioned account with the employer, you can choose the second option...
From India, Secunderabad
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As you mentioned, if it commences, there is no option for interest. Therefore, you may transfer it to a new account. If you encounter any issues transferring the aforementioned account with the employer, you can choose the second option...
From India, Secunderabad
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Hi,
Thanks to all who have contributed.
However, my question is not fully answered.
What I meant to ask was, which of the following scenarios is correct after the new rule comes into play:
Scenario 1
EPF Account 1st Transaction - Jan 2000
<span style="color:red">I will get interest for this period</span>
EPF Account Last Transaction - Dec 2004
<span style="color:red">I will get interest for this period</span>
EPF Account - Dec 2007
<span style="color:red">I will get interest for this period</span>
EPF Account - Mar 2011
<span style="color:red">I will NOT get interest after this</span>
Scenario 2
EPF Account 1st Transaction - Jan 2000
<span style="color:red">I will get interest for this period</span>
EPF Account Last Transaction - Dec 2004
<span style="color:red">I will get interest for this period</span>
EPF Account - Dec 2007
<span style="color:red">I will NOT get interest for this period</span>
EPF Account - Mar 2011
<span style="color:red">I will NOT get interest after this</span>
Scenario 3
EPF Account 1st Transaction - Jan 2000
<span style="color:red">I will get interest for this period</span>
EPF Account Last Transaction - Dec 2004
<span style="color:red">I will NOT get interest for this period</span>
EPF Account - Dec 2007
<span style="color:red">I will NOT get interest for this period</span>
EPF Account - Mar 2011
<span style="color:red">I will NOT get interest after this</span>
Regards,
Yogi
From India
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Thanks to all who have contributed.
However, my question is not fully answered.
What I meant to ask was, which of the following scenarios is correct after the new rule comes into play:
Scenario 1
EPF Account 1st Transaction - Jan 2000
<span style="color:red">I will get interest for this period</span>
EPF Account Last Transaction - Dec 2004
<span style="color:red">I will get interest for this period</span>
EPF Account - Dec 2007
<span style="color:red">I will get interest for this period</span>
EPF Account - Mar 2011
<span style="color:red">I will NOT get interest after this</span>
Scenario 2
EPF Account 1st Transaction - Jan 2000
<span style="color:red">I will get interest for this period</span>
EPF Account Last Transaction - Dec 2004
<span style="color:red">I will get interest for this period</span>
EPF Account - Dec 2007
<span style="color:red">I will NOT get interest for this period</span>
EPF Account - Mar 2011
<span style="color:red">I will NOT get interest after this</span>
Scenario 3
EPF Account 1st Transaction - Jan 2000
<span style="color:red">I will get interest for this period</span>
EPF Account Last Transaction - Dec 2004
<span style="color:red">I will NOT get interest for this period</span>
EPF Account - Dec 2007
<span style="color:red">I will NOT get interest for this period</span>
EPF Account - Mar 2011
<span style="color:red">I will NOT get interest after this</span>
Regards,
Yogi
From India
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Yogi transfer your old PF amount to new account by Form 13. It solves your problem. Regards, Vidyaranya.
From India, Bangalore
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From India, Bangalore
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Going unnecessarily in to vague details on hypothetical basis, it is better to first get the balance of one of your account transferred in to the other account and get the results.
From India, Delhi
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From India, Delhi
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Dear Friend,
You must transfer your account from the previous company to the present company through Form 13A (revised). I do not know the time limit to transfer accounts from one concern to another. Kindly contact your HR department. Let me know as well.
Thank you.
From India, Bangalore
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You must transfer your account from the previous company to the present company through Form 13A (revised). I do not know the time limit to transfer accounts from one concern to another. Kindly contact your HR department. Let me know as well.
Thank you.
From India, Bangalore
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Hi,
I agree with my seniors. Please get the PF accumulation from your previous organization transferred to your current organization by submitting Form 13 with your current employer so that you can earn interest on the total amount.
Regards,
jmraju
From India, Bangalore
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I agree with my seniors. Please get the PF accumulation from your previous organization transferred to your current organization by submitting Form 13 with your current employer so that you can earn interest on the total amount.
Regards,
jmraju
From India, Bangalore
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Dear All,
I am S. Saravanakumar, and I have a doubt regarding this topic. If an employee will be on leave for 4 months during this period, he may not come under the ESI scheme. There is no possibility to pay him a salary. However, he is working. After 4 months, when he returns to work, if we deduct the PF amount, will the EPF continue to pay interest or not?
From India, Pollachi
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I am S. Saravanakumar, and I have a doubt regarding this topic. If an employee will be on leave for 4 months during this period, he may not come under the ESI scheme. There is no possibility to pay him a salary. However, he is working. After 4 months, when he returns to work, if we deduct the PF amount, will the EPF continue to pay interest or not?
From India, Pollachi
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Further to the above discussion, I would like to seek clarification on the following:
If an employee has left an organization where there was PF and joined another organization where there is no PF, what should the employee do? Should they retain the PF account or withdraw it? Please advise.
Thanks,
Latha
From India, Hyderabad
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If an employee has left an organization where there was PF and joined another organization where there is no PF, what should the employee do? Should they retain the PF account or withdraw it? Please advise.
Thanks,
Latha
From India, Hyderabad
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So All of U Plz Send Me The Probation Certificate Formate. So Me At Needful. I m Waiting For Reply..
From India, Pune
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From India, Pune
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Hi,
Thanks to all who have contributed.
However, my question is not fully answered.
What I meant to ask was, which of the following scenarios is correct after the new rule comes into play:
1.
Scenario 1
EPF Account 1st Transaction - Jan 2000
<I will get interest for this period>
EPF Account Last Transaction - Dec 2004
<I will get interest for this period>
EPF Account - Dec 2007
<I will get interest for this period>
EPF Account - Mar 2011
<I will NOT get interest after this>
2.
Scenario 2
EPF Account 1st Transaction - Jan 2000
<I will get interest for this period>
EPF Account Last Transaction - Dec 2004
<I will get interest for this period>
EPF Account - Dec 2007
<I will NOT get interest for this period>
EPF Account - Mar 2011
<I will NOT get interest after this>
3.
Scenario 3
EPF Account 1st Transaction - Jan 2000
<I will get interest for this period>
EPF Account Last Transaction - Dec 2004
<I will NOT get interest for this period>
EPF Account - Dec 2007
<I will NOT get interest for this period>
EPF Account - Mar 2011
<I will NOT get interest after this>
Regards,
Yogi
Hi Yogi, SCENARIO 1 will prevail. For future reference, you should fill out a form to transfer your old PF account to your current PF account or withdraw it.
From India, Mumbai
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Thanks to all who have contributed.
However, my question is not fully answered.
What I meant to ask was, which of the following scenarios is correct after the new rule comes into play:
1.
Scenario 1
EPF Account 1st Transaction - Jan 2000
<I will get interest for this period>
EPF Account Last Transaction - Dec 2004
<I will get interest for this period>
EPF Account - Dec 2007
<I will get interest for this period>
EPF Account - Mar 2011
<I will NOT get interest after this>
2.
Scenario 2
EPF Account 1st Transaction - Jan 2000
<I will get interest for this period>
EPF Account Last Transaction - Dec 2004
<I will get interest for this period>
EPF Account - Dec 2007
<I will NOT get interest for this period>
EPF Account - Mar 2011
<I will NOT get interest after this>
3.
Scenario 3
EPF Account 1st Transaction - Jan 2000
<I will get interest for this period>
EPF Account Last Transaction - Dec 2004
<I will NOT get interest for this period>
EPF Account - Dec 2007
<I will NOT get interest for this period>
EPF Account - Mar 2011
<I will NOT get interest after this>
Regards,
Yogi
Hi Yogi, SCENARIO 1 will prevail. For future reference, you should fill out a form to transfer your old PF account to your current PF account or withdraw it.
From India, Mumbai
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Hi,
According to me, it's not necessary to transfer your old account into a new one since you left your previous job in December 2004. There is no point in submitting Form 13 for transfer to your current organization after so many years as it may reflect carelessness on your part. I'm sorry to say this, but the HR department will likely question where you have been for so many years. It would be better to withdraw your PF amount using Form No. 19 & 10 C and consider investing your money in other good plans.
Your first probability was right.
If you felt something was wrong, I apologize in advance.
Goodbye, take care.
Best Regards,
Vibha
From India, Delhi
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According to me, it's not necessary to transfer your old account into a new one since you left your previous job in December 2004. There is no point in submitting Form 13 for transfer to your current organization after so many years as it may reflect carelessness on your part. I'm sorry to say this, but the HR department will likely question where you have been for so many years. It would be better to withdraw your PF amount using Form No. 19 & 10 C and consider investing your money in other good plans.
Your first probability was right.
If you felt something was wrong, I apologize in advance.
Goodbye, take care.
Best Regards,
Vibha
From India, Delhi
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Dear Friend, Pl contact your local pf office inspector for more help. with regards L.Rangaswamy HR-The Billion Clothings tiruppur
From India, Coimbatore
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From India, Coimbatore
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Dear,
Please withdraw your old PF. Based on my 5 years of experience, PF transfer is a lengthy process, and most probably, you may lose your PF during the transfer. You know how active government employees are.
From India, Pune
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Please withdraw your old PF. Based on my 5 years of experience, PF transfer is a lengthy process, and most probably, you may lose your PF during the transfer. You know how active government employees are.
From India, Pune
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Dear Mr. Yogindra,
Almost all seniors who have opined above are unanimous in one thing: get your non-operative PF account transferred and merged with the current PF account. You will certainly earn interest on both accounts till 31/03/2011 but do not delay applying for the merger of the non-operative account. That will be a prudent action. Why keep an account non-operative? It does not benefit you in any way. Please follow the suggestions made to you by all in one voice.
From India, Pune
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Almost all seniors who have opined above are unanimous in one thing: get your non-operative PF account transferred and merged with the current PF account. You will certainly earn interest on both accounts till 31/03/2011 but do not delay applying for the merger of the non-operative account. That will be a prudent action. Why keep an account non-operative? It does not benefit you in any way. Please follow the suggestions made to you by all in one voice.
From India, Pune
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Please tell me about the new rule of PF and how it's working with the old PF number, which has had no transactions for the last two or three years. Will the particular PF number be closed along with the full PF account, or will only the interest be closed, which will be credited to the deposit amount in the PF account number?
Best Regards,
Amit Saxena
From India, Mumbai
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Best Regards,
Amit Saxena
From India, Mumbai
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Hi, Please see the attachment for amendment in PF. Regards, Anil
From India, Mumbai
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From India, Mumbai
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Dear All, Will this be applicable to PF TRUST run by companies for the purpose of PF of their employees? Rgds Chandru
From India, Bangalore
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From India, Bangalore
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Please guide me - i have worked in four companies but have not been transferring as is being discussed. now i have no pf account number of 1st two companies and neither companies exist. what can i do
From India, Secunderabad
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From India, Secunderabad
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Dear Kadven,
You should have no confusion. You have two options:
1) Close the abandoned accounts by withdrawing the amount from those accounts; OR
2) Get the balance of these accounts transferred into your presently current account.
From India, Delhi
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You should have no confusion. You have two options:
1) Close the abandoned accounts by withdrawing the amount from those accounts; OR
2) Get the balance of these accounts transferred into your presently current account.
From India, Delhi
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Dear Srinivasa,
From your post, it is evident that you have not seen all the postings before posting your question. If you had gone through all the postings, you could have already found your purpose served. On page 3 of this thread, Mr. Anil (123_Meerut) has already attached the notification.
From India, Delhi
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From your post, it is evident that you have not seen all the postings before posting your question. If you had gone through all the postings, you could have already found your purpose served. On page 3 of this thread, Mr. Anil (123_Meerut) has already attached the notification.
From India, Delhi
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I worked for a company in India for 7 years and then moved to the UK HQ. The company had its own PF trust. My old PF contribution still sits in the Indian company. Will I get any interest on this after 3 years (new rules applicable from 1/4/11)? I work for the same company in the UK and have no other PF account. What can I do to show the PF account operative and earn interest? My balance, which is invested, is earning interest, and therefore, is it not wrong to deny interest to members.
I will appreciate the replies to this.
From United Kingdom, London
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I will appreciate the replies to this.
From United Kingdom, London
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Please ensure that contributions are voluntarily deposited into your account on behalf of your organization. You can request your company to make the deposit and adjust the salary accordingly.
The company has its own PF trust which is not related to the EPF of the Indian government. After 36 months of inactivity, you will not receive interest on the funds deposited.
From India, Delhi
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The company has its own PF trust which is not related to the EPF of the Indian government. After 36 months of inactivity, you will not receive interest on the funds deposited.
From India, Delhi
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I have a query regarding this - I had a PF account in my 1st company which was not transferred, the last use was July 2007. As per new rules, interest would be paid till 31st March 2011. Assuming this account gets transferred to my current company PF account by 1st July 2011, what will happen to the interest for April - June 2011? Will it be recomputed with the new merged account, or is it (3 months interest) lost forever?
Regards,
Abhijit.
From Sweden, Örebro
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Regards,
Abhijit.
From Sweden, Örebro
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PF INTEREST CALCULATION SHEET.xls