The Employees’ Provident Fund (EPF) is among the most significant retirement savings schemes in India. It helps in building a financial safety net for retirement for salaried employees. The government retirement savings scheme allows withdrawals only after retirement.
However, the EPFO members can withdraw advance amounts from the PF corpus under certain conditions. Reasons for withdrawal can include funding the education of children, marriage, the construction of a house, or medical expenses.
The EPF subscribers need to submit claims for advance withdrawals or the maturity amount on retirement. In some cases, the EPF claims get rejected due to problems such as providing incorrect information in the claim form to not using the correct claim form. Here are some of the things you can do to ensure that your PF claim does not get rejected.
Five Ways To Ensure Your EPF Claim Does Not Get Rejected
1. Update Your KYC
One of the most common reasons for EPFO claim rejections is incomplete or wrong Know Your Customer (KYC) information. It is important to complete your KYC and ensure all the information in it is correct and updated to achieve success with your PF claim. If you need to make any changes, you can update the KYC details from the EPF portal.
2. Avoid Errors in Bank Account Details
You must ensure that all the bank account details provided by you are accurate. Critical details that you must specify correctly include the bank account number and Indian Financial System Code (IFSC).
3. Joint Bank Account
When an EPF claim is approved, the amount is credited either to an individual bank account or a joint bank account that is held with a spouse. If you want the amount to be credited to a joint bank account, ensure that you hold the account with your spouse. The claim will be rejected if the joint account holder is anyone other than your spouse.
4. Fulfil Eligibility Criteria And Choose the Correct Claim Form
Before applying, you must satisfy the eligibility criteria for the type of withdrawal you want. The Employees’ Provident Fund Organisation (EPFO) uses separate forms for various types of claims, such as final PF withdrawal and withdrawals for medical emergencies, or buying a home. Using the wrong form or failing to provide required documents is a common cause of rejection.
5. Link UAN With Aadhaar
The Universal Account Number (UAN) for your PF account must be linked with your Aadhaar for a claim to be processed successfully. The linking can be done via the EPFO portal.
To conclude, it is important to share appropriate information while making a PF claim. From updating your KYC, if needed, to linking UAN with Aadhaar, there are several steps you can take to minimise the chances of your PF claim getting rejected. These steps will ensure a smooth and hassle-free process.
. Read more on Personal Finance by NDTV Profit.From avoiding errors in the claim application form to updating your KYC, there are several simple steps you can follow to ensure your PF claim doesn’t get rejected. Read MorePersonal Finance
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