The recession caused by the pandemic is badly affecting every section of India. In such times, a good way to save money with good savings interests is through Provident Fund (PF). It is a fund in which both the employee and the employer invest a certain percentage of the employee's monthly basic salary. And you can withdraw the money earned in this pf account at the time of retirement, resignation, or sudden need.
However, if you want to claim your PF, then you should avoid making these 5 mistakes:
UAN Seed Bank Account: The UAN (Universal Account Number)should be seeded into the bank account number. If your account is not seeded, you may have difficulty receiving funds. Aside from that, the IFSC number given in EPFO records should be accurate.
Incomplete KYC: If any account holder’s KYC is incomplete, your request may be rejected. Your KYC information must also be validated. By logging into your member e-service account, you may determine if the KYC is complete and confirmed.
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Incorrect Date of Birth (DoB): If the date of birth (DoB) registered in EPFO and the birth date registered in the employer’s record do not match, your request may be rejected. EPFO previously issued a circular on April 3, relaxing the criteria for amending the date of birth reported in EPFO records and connecting UAN with Aadhaar. For the next three years, you can change your birth date.
A must-have UAN-Aadhaar link: It is also required to connect UAN with Aadhaar. If your UAN and Aadhaar are not connected, your EPF withdrawal request may be denied. There are four methods for linking a UAN or EPF account to Aadhaar. You may also link it while sitting at home.
Incorrect Bank Account Information: The PF claim money will be transferred to the same account, which will be documented in EPFO records. As a result, while filing a claim, be sure to thoroughly fill out the account information. Your request will be denied if you submit the incorrect account number or any other account number.