Dear all what is the logic behind sending a cancelled cheque along with Forms 19 and 10C for PF withdrawal?
Clarification on this please:
Again if an employee is having salary account and if it gets converted to Savings account due to non transactions after resigning i suppose his PF amount shall get reduced due to bank charges debited to his account.Is this correct??
Awaiting for replies.
Best Regards
From Mumbai
From India, Mumbai
2Clarification on this please:
Again if an employee is having salary account and if it gets converted to Savings account due to non transactions after resigning i suppose his PF amount shall get reduced due to bank charges debited to his account.Is this correct??
Awaiting for replies.
Best Regards
From Mumbai
From India, Mumbai
Dear all what is the logic behind sending a cancelled cheque along with Forms 19 and 10C for PF withdrawal?
Ans: Cancelled cheque is Mandatory for transferring your PF Amount directly to your account.
Again if an employee is having salary account and if it gets converted to Savings account due to non transactions after resigning i suppose his PF amount shall get reduced due to bank charges debited to his account.Is this correct??
Awaiting for replies.
yes you are correct is banking charges would be deducted once the amount get transferred from PF Department if he resigns from the Organization and salary account would be automatically converted to Saving Account.
From India, Mumbai
Ans: Cancelled cheque is Mandatory for transferring your PF Amount directly to your account.
Again if an employee is having salary account and if it gets converted to Savings account due to non transactions after resigning i suppose his PF amount shall get reduced due to bank charges debited to his account.Is this correct??
Awaiting for replies.
yes you are correct is banking charges would be deducted once the amount get transferred from PF Department if he resigns from the Organization and salary account would be automatically converted to Saving Account.
From India, Mumbai
Thank you Mr Ravi for the reply.But plz clear the logic part why it is mandatory? Should i suggest the resigned employees to open up new Savings account?
From India, Mumbai
From India, Mumbai
The EPFO is insisting on cancelled cheque/ photocopy of the front page of bank pass book because they have to make sure that the account numbers written in the form 19 and 10 C are correct. Again it has become a basic requirement for transferring the PF amounts through banks National Electronic Fund Transfer.
If you have apprehensions about bank charges, let the employee(s) open a savings bank account for this purpose.
Regards,
Madhu.T.K
From India, Kannur
If you have apprehensions about bank charges, let the employee(s) open a savings bank account for this purpose.
Regards,
Madhu.T.K
From India, Kannur
Dear New 2 HR and Madhu,
Please clarify on the same to me:
I have resigned from an organization and While applying PF they have asked me to give a cancellation cheque on Organization (Salary) account and i did the same. Please tell me if above statements is given by Madhu and ravi12345 is true, then why they do not suggest me to give my personal account while applying PF?
Best Regards
Cool777
From India, Madras
Please clarify on the same to me:
I have resigned from an organization and While applying PF they have asked me to give a cancellation cheque on Organization (Salary) account and i did the same. Please tell me if above statements is given by Madhu and ravi12345 is true, then why they do not suggest me to give my personal account while applying PF?
Best Regards
Cool777
From India, Madras
Mr Cool,
Let me throw some light on my case.I had resigned from my last company and in the PF withdrawal forms i had mentioned my Salary Account number.I got the money credited to this account number but later on i received a mail from the bank that for a long time due to nil transactions since i was not earning a salary the bank converted my account to savings account and said that i am now supposed to maintain a minimum balance of Rs 5000 or else every quarter a bank charge of Rs750 would be debited to my account.
I suggest pls be clear about the bank charges etc before deciding about which bank account to be mentioned in the forms.
Hope i could address your query.
Best Regards
From Mumbai
From India, Mumbai
Let me throw some light on my case.I had resigned from my last company and in the PF withdrawal forms i had mentioned my Salary Account number.I got the money credited to this account number but later on i received a mail from the bank that for a long time due to nil transactions since i was not earning a salary the bank converted my account to savings account and said that i am now supposed to maintain a minimum balance of Rs 5000 or else every quarter a bank charge of Rs750 would be debited to my account.
I suggest pls be clear about the bank charges etc before deciding about which bank account to be mentioned in the forms.
Hope i could address your query.
Best Regards
From Mumbai
From India, Mumbai
Hi
Pf dept needs a cancelled cheque. But currently I have a cheque book which is very old. I got this book in 2008. Can I use this cheque as cancelled ? Would this be valid ? My account number, name, branch name is still the same though it was issued in 2008. I didnt have much time to request for a new cheque book. My last date in my company is 5th of may. It takes 7-10 business days for getting a new cheque book.
Please advise if I can use my old cheque book as cancelled as the a/c no name and branch is same ? will i still get funds to my account if I use this cheque. Your help is very much appreciated. Thank you.
From United States, Seattle
Pf dept needs a cancelled cheque. But currently I have a cheque book which is very old. I got this book in 2008. Can I use this cheque as cancelled ? Would this be valid ? My account number, name, branch name is still the same though it was issued in 2008. I didnt have much time to request for a new cheque book. My last date in my company is 5th of may. It takes 7-10 business days for getting a new cheque book.
Please advise if I can use my old cheque book as cancelled as the a/c no name and branch is same ? will i still get funds to my account if I use this cheque. Your help is very much appreciated. Thank you.
From United States, Seattle
You should get a new cheque book from the bank and that leaf can only be sent to PF along with withdrawal forms. Taking 7-10 days to get it is our headache. Moreover, you cannot submit the PF withdrawal forms immediately after your leaving the company, but can do so only after two months of leaving . Even if you submit the forms to the company, they will send it to PF Office only after two months as per law. Of course, if your leaving the company is due to resignation on account of your leaving India then the two months' waiting period is not required.
Madhu.T.K
From India, Kannur
Madhu.T.K
From India, Kannur
Hii
I have worked in a co. and now 3 months latter i have applied for my PF withdrawal. My Co Hr told me to bring form 19 and10C along with this he ask me to bring cancelled cheque. but i dont have my cheque book so it is not possible for me to submitt the cancelled cheque other than this i have all my bank details with me. So just want to make it confirm whether it is mendatory to submitt the cancelled cheque?
waiting for the replay.
From India, Mumbai
I have worked in a co. and now 3 months latter i have applied for my PF withdrawal. My Co Hr told me to bring form 19 and10C along with this he ask me to bring cancelled cheque. but i dont have my cheque book so it is not possible for me to submitt the cancelled cheque other than this i have all my bank details with me. So just want to make it confirm whether it is mendatory to submitt the cancelled cheque?
waiting for the replay.
From India, Mumbai
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HC All - Trainees not covered for PF -2010.pdf
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