Interest money has not been deposited in the accounts of about 40 lakh Provident Fund (PF) shareholders associated with the Employees Provident Fund Organization (EPFO). At the same time, the government has announced to deposit interest money in PF accounts for the financial year 2019-20, about one and a half months ago. The EPFO has attributed this to the mismatched KYC (Know Your Customer) provided by employers. Two government officials have given this information on the condition of keeping their identity a secret.
However, the matter of delay in payment of interest has already come up. An official associated with the EPFO said that about 8 to 10 per cent of the PF shareholders’ interest has not been deposited in their account. This mismatch is due to KYC. However, the officer is also surprised that how has this delay occurred when every transaction is done online? Apart from this, an official said that we are trying to ensure that the shareholders do not face this problem at the time of withdrawal from PF. Further, we are working to ensure that there is no problem of compounding interest deposits in the account of shareholders as 2020-21 is about to end.
Many types of losses on KYC failure
It is very important for the provident fund account to be KYC. If KYC is not correct or not completed then you cannot avail the online service of EPFO. Money cannot be withdrawn from PF accounts without KYC. If KYC is not available, EPFO members will not be able to avail many online services of e-Seva portal. These include services like withdrawal, account transfer, nomination.
Get KYC done at home
You will not need to go anywhere to complete KYC in a PF account. You can get your KYC done at home. You go to the UAN portal and click the option of KYC and click one by one on the section with PAN, Aadhaar, mobile number, bank account in the open window in front. Fill in your information and submit it. Now your PAN and Aadhaar will be added. However, to verify this you will need to ask your employer. You will be able to avail online facility as soon as the employer verifies.
Easy to find account deposits
It has become easier for EPFO shareholders to trace the amount deposited in their PF account. According to the new facility of EPFO, now EPFO account holders will not need UAN number to know the balance of their PF account. Shareholders now users can also know the balance of PF only by submitting their details.