Interest on the 40 lakh Provident Fund (PF) shareholder accounts of the Employees Provident Fund (EPFO) has not been deposited. At the same time, about one-and-a-half months ago, the government announced interest payments on PF accounts for the 2019-20 financial year. This is due to the mismatched KYC (Know Your Customers) EPFO provided by the employer. Two government officials have provided this information about the state of their identity.
But, the issue of interest payment delays has already come. An official with the EPFO said 8 to 10 per cent of PF shareholder interest had not been credited to his account. This mismatch is due to KYC. However, the officer wonders how this delay occurred when every transaction was made online. In addition, we are trying to prevent shareholders from facing this issue during the past move by the PF, ”an official said. In addition, we are working to ensure that there is no problem with accumulating interest deposits in the shareholder account as it is about to end 2020-21.
Many types of losses on KYC failure
It is important that a prospective fund account be a KYC. You cannot get EPFO’s online service if KYC is not correct or not completed. You cannot withdraw money from PF accounts without KYC. If KYC is not available, EPFO members will not be able to access many of the online services of the e-service portal. These include services such as withdrawal, account transfer, nomination etc.
Make KYC at home
You don’t have to go anywhere to complete KYC on a PF account. You can make your KYC at home. You can go to the UAN portal and click on the KYC option and click one by one in the section with Pan, Aadhaar, Mobile Number, Bank Account in the open window. Fill in and submit your information. Now your pan and Aadhaar will be added. However, you will need to ask your employer to check this. You should be able to avail the online facility immediately after verifying the employer.
Account deposits are easy to find
It is easy for EPFO shareholders to find the amount deposited in their PF account. According to EPFO’s new facility, EPFO account holders do not need a UAN number to check their PF account balances. Shareholders can now know the balance of the PF only by submitting their details.
EPFO: Is your stuck PF interested? Know the balance via SMS