Interest on PF accumulated amount during PF tra...

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?

19 Comments  |  
6 Dimers
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Deal Cadet
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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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Deal Lieutenant
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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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Deal Cadet
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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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Deal Subedar
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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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Deal Subedar
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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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Deal Subedar
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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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Deal Lieutenant
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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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Deal Cadet
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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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Deal Subedar
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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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Deal Cadet
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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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Deal Subedar
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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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Deal Subedar
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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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Deal Subedar
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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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Deal Lieutenant
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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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Deal Subedar
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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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Deal Lieutenant
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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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Deal Subedar
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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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Deal Newbie
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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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