Here is a good news! Now inoperative/inactive EPF accounts will also get interest. That means now you can keep your money parked in EPF and keep earning the interest even when you are no more working (as a salaried employee). In a notification issued on November 11, govt. has declared that interest (which currently is 8.8%) will be computed and paid from 1 April, 2016.
Inoperative PF accounts are...
Recently due to demonitisation of Rs 500 and Rs 1000 notes, other modes of black money circulation are also in news. Real estate (e.g., benami properties) along with gold & jewelery remains one of the most prominent investments through black money. So along with notes demonitisation, we should expect other rulings to track and control their spread.
In the context of real estate, most people are ...
Any time you want to open a bank account in India, the first word you hear from bank is to submit KYC documents. What is KYC? what is its full form and meaning? and why it is required to open a bank account in India.
KYC full form is Know Your Customer. As per RBI (Reserve Bank of India) guidelines, KYC verification is a necessity for opening a bank account in India.
KYC (Know your customer) ...
Every PF Account number consist of 5 parts namely - Region code , Office Code, Establishment Code, Extension Number and the account number. Many times we get confused on which code to fill in which block. The fact that EPFO has changed the region codes and introduced new office codes makes things more complicated.
Here are some details to understand your PF number format better-
Prime Minister Modi has struck a real blow to black money by declaring the discontinuation of Rs 500 and Rs 1000 notes. The real challenge now lies in smooth turn over to new notes without impacting the day-to-day life and livelihood of crores of indian citizens.
Here are some experiences of common men/women in india:
On Nov 8, 2016 night, prime minister Modi sprung a surprise by discontinuing all existing Rs 500 and Rs 1000 notes effective Nov 8 night. It is a great move against black money by the govt. But for general public point of view, it will create lot of difficulties in doing day-to-day transactions.
Here is a guide on how to exchange or deposit old Rs 500 and Rs 1000 notes:
(Please note that banks ...
Know what to do if you are getting the error message - "member passbook not available" while trying to download member passbook from UAN Portal (Member e-Sewa portal).
During last year, EPFO has tried to digitize and simplify all procedure to make life easier for subscribers. To do this, it has issued UAN (universal account numbers) to all subscribers and created a [UAN portal or e-Sewa Portal...
The interest rates on the Public Provident Fund (PPF) keep changing from time to time. Here is a comprehensive list of interest rates changes year after year in PPF.
| Financial Year | Interest Rate |
|---|---|
| 1968-69 | 4.8% |
| 1969-70 | 4.8% |
| 1970-71 | 5% |
| 1971-72 | 5% |
| 1972-73 | 5% |
| 1973-74 | 5.3% |
| 1.4.1974 to 31.7.1974 | 5.8% |
| 1.8.1974 to 31.3.1975 | 7% |
| 1975-76 | 7% |
| 1976-77 | 7% |
| 1977-78 | 7.5% |
1978-79...
As per govt notification issued on Sep 29, 2016, the interest rate on Public provident fund (PPF) and Sukanya Samriddhi account has been changed mid year.
For the third quarter starting 1st Oct 2016, PPF interest rate has been reduced to 8.0% from earlier 8.1%. Similar for Sukanya Samriddhi account (SSA...
PPF account has a lock-in period of 15 years. Up until now, you were allowed to close the account prematurely only in the event of the death of the Account holder. But now you can close prematurely, after completion of 5 years, for medical emergency and higher education also, though with a penalty of 1% reduction in interest rate throughout.
On Jun 18th 2016, finance ministry issued a new notification containing updated rules for premature closure of PPF. You can see the official gazette notification here. Let us understand the details -