Hi,
I heard about the new rule which says that Employee PF organisation will not pay interest from 1st April 2011 for EPF accounts in which no transaction have been made for last 3 years.
I worked for an organisation from year 2000 (start) to 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 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
I heard about the new rule which says that Employee PF organisation will not pay interest from 1st April 2011 for EPF accounts in which no transaction have been made for last 3 years.
I worked for an organisation from year 2000 (start) to 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 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
Dear Yogi,
Your current organisation did mistake (they have not asked for any kind of EPF account) and you also did mistake to hide about previous EPF account.
Please write a application to the EPF department and stating about two accounts and they can merge the both account by filling of form 13.
Yes,you will not get interest on old account if there is no transaction made in last six month(effective from 1st april 2011).
It can be corrected immediately.
Best Regards
Global Overseas-Delhi office
+91-9899775578
From India, Delhi
46Your current organisation did mistake (they have not asked for any kind of EPF account) and you also did mistake to hide about previous EPF account.
Please write a application to the EPF department and stating about two accounts and they can merge the both account by filling of form 13.
Yes,you will not get interest on old account if there is no transaction made in last six month(effective from 1st april 2011).
It can be corrected immediately.
Best Regards
Global Overseas-Delhi office
+91-9899775578
From India, Delhi
Dear Yogi,
you will not get interest on the non-operational account from 01.04.2011. But you will get the interest till 31.03.2011 as the decision will be come into force w.e.f 01.04.2011. However you may apply form 13 through the present employer for transfer of the previous account to club with the new account at the earliest, so that you will get interest for the previous PF amount also.
Abbas.P.S
From India, Bangalore
you will not get interest on the non-operational account from 01.04.2011. But you will get the interest till 31.03.2011 as the decision will be come into force w.e.f 01.04.2011. However you may apply form 13 through the present employer for transfer of the previous account to club with the new account at the earliest, so that you will get interest for the previous PF amount also.
Abbas.P.S
From India, Bangalore
Dear Mr.Yogendra,
As you said, if it will commence there is no option for interest. So that you may transfer in to new account. If you have any problem for transfer the above said account with the employer. You can choose the second option...
From India, Secunderabad
As you said, if it will commence there is no option for interest. So that you may transfer in to new account. If you have any problem for transfer the above said account with the employer. You can choose the second option...
From India, Secunderabad
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
From India
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
From India
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