I’ve one Universal Account Number (UAN) with my earlier checking account, which isn’t working attributable to fraud. I take advantage of a distinct checking account and as of now, I’m not employed. How can I alter my checking account in my UAN and declare the stability of my provident fund (PF) in my new account?
—Deep Dutta
The checking account linked to an worker’s UAN can typically be up to date on-line by way of the next course of: 1. Employee would wish to login into the EPFO’s member portal; 2. Under ‘Manage’ tab, worker would wish to pick KYC possibility; 3. Under doc kind ‘Bank’, the worker would wish to fill checking account particulars and save them; 4. The similar typically must be accepted by the employer on-line; and 5. Once accepted by the PF workplace, the checking account shall be up to date.
As you’re not employed, in case the previous employer is unable to do the approval course of at his finish, you possibly can try to submit an offline letter together with the supporting paperwork within the jurisdictional PF workplace and request them to replace the financial institution particulars of their information.
Once the above change is carried out within the UAN, you have to to submit an internet declare kind showing beneath ‘Online Services’ tab on the EPFO’s member portal. Once the particulars of the varieties are verified and varieties are submitted, the PF withdrawal software shall be processed and after due examine and verification, the funds could be credited to your new account.
I retired from the personal sector on the age of 59 in January 2020 and haven’t withdrawn my PF as I used to be suggested that curiosity would accrue to the stability for 3 years. I’ve conflicting opinions on this and have now been suggested by my CA that zero curiosity would accrue as I used to be above 58 once I retired. Could you please make clear?
—Vijay
As per the present provisions of the legislation, a PF account turns into an ‘inoperative account’ and doesn’t earn additional curiosity when an worker retires from service after attaining the age of 55 years or migrates overseas completely or dies and doesn’t apply for withdrawal of his collected stability inside 36 months. Until such time, curiosity will proceed to accrue on the PF balances.
In your case, you will have ceased employment in January 2020 after finishing 55 years of age, i.e., at 59 years of age and no contributions have been made to the PF account thereafter. Therefore, you need to be capable of earn curiosity within the PF account as much as 36 months out of your retirement.
Parizad Sirwalla is associate and head, international mobility providers, tax, KPMG in India.
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