Respected Seniors,
I am working in the garment industry as an HR Executive. I am new in this field. Please solve my query. If someone has a savings account in the post office, can he get his PF amount in his post office savings account?
Thanking you
From India, Ludhiana
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3I am working in the garment industry as an HR Executive. I am new in this field. Please solve my query. If someone has a savings account in the post office, can he get his PF amount in his post office savings account?
Thanking you
From India, Ludhiana
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Dear Mr. Ranvijay781,
Is it a PPF account that he opened? If the account that he maintains is a PPF account, then one has voluntarily opened that account. You cannot mix EPF with PPF. Therefore, the employer will have to open a PF account and contribute the shares.
From India, Visakhapatnam
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Is it a PPF account that he opened? If the account that he maintains is a PPF account, then one has voluntarily opened that account. You cannot mix EPF with PPF. Therefore, the employer will have to open a PF account and contribute the shares.
From India, Visakhapatnam
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Hi Ranvijay, Yes, if you go for withdrawal, you can get your PF amount in your existing post office savings account. Regards, Vijay Kumar
From India, Silvassa
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From India, Silvassa
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Dear All,
A PF account with the EPFO carries with it other related benefits such as the Pension Scheme, Employees' Deposit Linked Insurance benefit, etc. These are related to each other. Pension is admissible to a member of the PF after his retirement or to the nominees after his death. So, a PF account has no substitute.
Thanks & regards,
From India, Pune
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A PF account with the EPFO carries with it other related benefits such as the Pension Scheme, Employees' Deposit Linked Insurance benefit, etc. These are related to each other. Pension is admissible to a member of the PF after his retirement or to the nominees after his death. So, a PF account has no substitute.
Thanks & regards,
From India, Pune
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You are confused with two types of PF accounts.
1. Employees' Provident Fund is a social security benefit that is deducted from your salary by the employer and credited to the PF authorities along with the company contribution. This can be settled after retirement or resignation if you are not joining any company further. If you join another company, the amount will be transferred to the new company account.
2. PPF - Public Provident Fund - This can be opened in the State Bank of India by you personally, and you can deposit the amount from your own savings.
Therefore, the PF amount from your salary cannot be remitted to any post office account or your bank account.
From India, Madras
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1. Employees' Provident Fund is a social security benefit that is deducted from your salary by the employer and credited to the PF authorities along with the company contribution. This can be settled after retirement or resignation if you are not joining any company further. If you join another company, the amount will be transferred to the new company account.
2. PPF - Public Provident Fund - This can be opened in the State Bank of India by you personally, and you can deposit the amount from your own savings.
Therefore, the PF amount from your salary cannot be remitted to any post office account or your bank account.
From India, Madras
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Please forgive me for saying everyone is in a hurry to give answers/suggestions without understanding the actual issue. Sometimes, it's better to ask a counter-question to exactly understand what help the member (in this case, Ranvijay) is seeking. This will bring clarity on the issue to both the information seeker and the contributor.
Thanks
From India, Delhi
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Thanks
From India, Delhi
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You can withdraw your PF either direct credited to your saving Bank A/c or by receiving the Money order through post office.
From India, Mumbai
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From India, Mumbai
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Jyoti, You are right , I am agree with you, previously p.f. office made the payment through Post Office now they are doing through bank only Regards, Nandkumar
From India, Pune
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From India, Pune
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After resignation or leaving a job, Form 10A is to be submitted to the PF authorities in the respective area. Then the PF amount will be credited to the employee's account and sent to the bank specified in the form. Continuous fund transfer or maintaining membership in PF for 10 years, in the case of private employees, will result in receiving applicable pension benefits. Therefore, it is advisable not to withdraw the PF amount in the meantime.
From India, Visakhapatnam
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From India, Visakhapatnam
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PF WORKING-MASTER SUMMARY.xls