Interest on PF accumulated amount during PF transfer period

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Deal Subedar
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If I transfer my PF from 1 company to other company then do we get interest on the period it took for the PF amount to be get transferred?
For ex: My previous company closed my PF account on 17th March and it was credited in new PF account on June 1st. So, I didn’t receive interest for almost 2.5 months.

Is this fair?

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Chill

It doesn’t matter how many times you transfer pf account or change your service… As long as money is in your pf account you will receive interest.

Interest will be credited by 31/3/20 in your both member id’s and the same will also get transferred to your current member ID.

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what is the status of previous and present organisations –
1. both exempt, or
2. exempt-maintained by EPFO or
3. maintained by EPFO-exempt or
4. both maintained by EPFO

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Check in passbook of previous/new organization pf account… U will have received interest when transferred to the new pf account

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panchabhut wrote:

what is the status of previous and present organisations –
1. both exempt, or
2. exempt-maintained by EPFO or
3. maintained by EPFO-exempt or
4. both maintained by EPFO

1st one is maintained by trust and 2nd one by EPFO

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insta_vicky wrote:

Check in passbook of previous/new organization pf account… U will have received interest when transferred to the new pf account

No I haven’t. Same x amount was credited on June 1st which was there is Annexure K at the time of PF account closure on March 17th.

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Shahskm wrote:

Chill

It doesn’t matter how many times you transfer pf account or change your service… As long as money is in your pf account you will receive interest.

Interest will be credited by 31/3/20 in your both member id’s and the same will also get transferred to your current member ID.

Accumulated PF has ready been transferred to my new PF account on June 1st, 2018. I have received interest after that too and received interest before that too but interest on this amount x has not been credited

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For interest from 1st June 2018 onwards, you need to take up with EPFO.
For earlier period, you need to take up with earlier organization Trust. However, if they have initiated transfer in May, then interest upto date of transfer, including interest for the previous year, should be already provided. Ask for a statement from them.

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sardasa wrote:

No I haven’t. Same x amount was credited on June 1st which was there is Annexure K at the time of PF account closure on March 17th.

On March 31st , did interest get credited fr yu on that account or not ?!  They call it annual account processing

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insta_vicky wrote:

On March 31st , did interest get credited fr yu on that account or not ?!  They call it annual account processing

No it didn’t as previous account got closed on March 17th

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sardasa wrote:

No it didn’t as previous account got closed on March 17th

I wud suggest you to raise grievance in epfo on the transfer claim id stating interest not credited to new account

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sardasa wrote:

No it didn’t as previous account got closed on March 17th

Resigned on jun2016. But actual transfer happened on nov 2016. But credited after dec 2016.
If you see the interest in orange is low because. The amount credited by previous employer is including interest.
There is 1 month delay in credit which is adjusted in next year interest highlighted in green. https://cdn0.desidime.com/attachments/photos/603242/original/IMG_20200123_154721.jpg?1579774666

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JaiKrish1031 wrote:

Resigned on jun2016. But actual transfer happened on nov 2016. But credited after dec 2016.
If you see the interest in orange is low because. The amount credited by previous employer is including interest.
There is 1 month delay in credit which is adjusted in next year interest highlighted in green. https://cdn0.desidime.com/attachments/photos/603242/original/IMG_20200123_154721.jpg?1579774666

How are you sure that for 1 month delay interest is credited & it’s not for the contribution made that corresponding year?

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sardasa wrote:

How are you sure that for 1 month delay interest is credited & it’s not for the contribution made that corresponding year?

Raise a grievance bro. https://epfigms.gov.in/Grievance/Grievance...er

In my case I didn’t calculated since it will come to very small amount. When I checked with previous employer they gave me transaction statement. The total amount transferred is along with interest.

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JaiKrish1031 wrote:

Raise a grievance bro. https://epfigms.gov.in/Grievance/Grievance...er

In my case I didn’t calculated since it will come to very small amount. When I checked with previous employer they gave me transaction statement. The total amount transferred is along with interest.

for exempted trusts, amount transferred is always with interest upto the date of initiating transfer, irrespective of the date of actual separation of the employee.

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panchabhut wrote:

for exempted trusts, amount transferred is always with interest upto the date of initiating transfer, irrespective of the date of actual separation of the employee.

What about the interest on the period it takes for amount to reflect in new PF account?

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sardasa wrote:

What about the interest on the period it takes for amount to reflect in new PF account?

now most cases, the transfer from Trust to EPFO is done online so its immediate. In case EPFO takes time to reflect against UAN after receiving funds, then EPFO is liable to pay interest on the same.

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panchabhut wrote:

now most cases, the transfer from Trust to EPFO is done online so its immediate. In case EPFO takes time to reflect against UAN after receiving funds, then EPFO is liable to pay interest on the same.

I have raised grievance against both trust and epfo. Let’s see if they respond or not.

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If I apply for a settlement now, will the final settlement include the interest for the current financial year.

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@sardasa – Did either the Trust or EPFO responded to your grievance? I recently applied for transfer from Trust to EPFO. Though the amount is still not credited into my new account, in the Annexure-K that the Trust uploaded, i see they missed interest for 1 month. In the Annexure-K they said Interest paid till 12-2020, but if i calculate they haven’t included the interest for Nov,2020. I am waiting for the amount to get credited to new PF account first.

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peekaydeals wrote:

@sardasa – Did either the Trust or EPFO responded to your grievance? I recently applied for transfer from Trust to EPFO. Though the amount is still not credited into my new account, in the Annexure-K that the Trust uploaded, i see they missed interest for 1 month. In the Annexure-K they said Interest paid till 12-2020, but if i calculate they haven’t included the interest for Nov,2020. I am waiting for the amount to get credited to new PF account first.

They told it’s all correct

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sardasa wrote:

They told it’s all correct

Do you receive pf yearly interest in time because I have checked and financial year ending 20 is not credited yet.

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Trusted_fellow wrote:

Do you receive pf yearly interest in time because I have checked and financial year ending 20 is not credited yet.

No. I don’t.
I don’t think anyone would be getting it. It’s government thing. They will credit whenever they want. This year everything is delayed due to Covid.

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My friend is joining a new startup having no PF things from current company acting as trust under EPFO. He wants the PF account should be active along with quarterly interest credit but I believe it will close if no pf from salary comes within 3 months. Needs the dimer’s expertise @panchabhut @guest_999 @sardasa @JaiKrish1031 @insta_vicky @MrKool_JJ @drupal @getready

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sardasa wrote:

No. I don’t.
I don’t think anyone would be getting it. It’s government thing. They will credit whenever they want. This year everything is delayed due to Covid.

Bro like I have told before…. It’s called annual account processing…. I remember in 2019 when I did withdrawal of most of my amount in pf…annual account processing was done in December nly for prev financial yr…. Now it might be even late

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rockingneo wrote:

My friend is joining a new startup having no PF things from current company acting as trust under EPFO. He wants the PF account should be active along with quarterly interest credit but I believe it will close if no pf from salary comes within 3 months. Needs the dimer’s expertise @panchabhut @guest_999 @sardasa @JaiKrish1031 @insta_vicky @MrKool_JJ @drupal @getready

My experience is vice versa…. My 1st company had trust did full withdrawal after some yrs seperately… Also created new UAN from 2nd company to 4th currently in same account…. There is no way bro… Tell ur frnd to withdraw funds and invest elsewhere from active pf account wtever he is eligible for now

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rockingneo wrote:

My friend is joining a new startup having no PF things from current company acting as trust under EPFO. He wants the PF account should be active along with quarterly interest credit but I believe it will close if no pf from salary comes within 3 months. Needs the dimer’s expertise @panchabhut @guest_999 @sardasa @JaiKrish1031 @insta_vicky @MrKool_JJ @drupal @getready

I assume it’s 3 years not 3 months. Google a bit more on it.

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rockingneo wrote:

My friend is joining a new startup having no PF things from current company acting as trust under EPFO. He wants the PF account should be active along with quarterly interest credit but I believe it will close if no pf from salary comes within 3 months. Needs the dimer’s expertise @panchabhut @guest_999 @sardasa @JaiKrish1031 @insta_vicky @MrKool_JJ @drupal @getready

PF interest is credited annually and not quarterly. For inactive accounts, interest will stop accruing after 36 months. As the present company is exempted trust, the money will be held with them as “Ex-member liability” till such time the money is withdrawn or transferred to another active PF account. In case he decides to shift to another job, which has PF, within 36 months or his present employer comes under PF within 36 months, there would be no loss.

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