The Employee’s Provident Fund (EPF) allows an employee to withdraw money from the EPF account. To begin with one has to select the appropriate form for applying for withdrawals since different forms have to be filled up for different needs. One usually files claims for sudden needs such as medical treatment or wedding purposes and rejection of claims can be frustrating.
Claims can be filed online but it is crucial to ensure that claims are not rejected. If a claim is rejected is leads to the loss of time since one has to apply once again.
EPF rejection reasons
The commonest cause of rejection of claims happens due to mismatch in details about the employee that are stored with the EPFO and that filed by the employee. Some of these pertain to date of birth, incomplete KYC records, or even incorrect name.
For these reasons, it is essential that one should go through all details, however mundane, before sending the information to EPFO, more than once.
Switching jobs
Switching jobs is a common phenomenon these days and on each such occasion all details should be checked and, if necessary, updated on the EPFO portal just to make sure that no detail, however minor, doesn’t get changed while one switches jobs.
These details would typically include including all details about the new employment, the date of joining as well as the date of resignation/exit. The UAN (Universal Account Number) is a big number that can easily go wrong while entering. Please check and recheck after typing in the number.
Bank details, IFSC
Another significant information pertains to bank account number where the payment must be sent by the EPFO. Account numbers are also long numbers and one has to be careful.
Details of the nominee is one box that many often forget to tick. The names have to be correctly entered so that there is no hassle if the need arises for the dues to be paid to him/her.
The bank account and IFSC code are two numbers that need careful handling. They could easily be typed in erroneously and the money will not be credited to your account, if these details are not correct.
The Employees’ Provident Fund Organisation remains silently engaged in the work of building a corpus for an employee while he/she remains busy in work. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
