Filing online PF account transfer claims

Invest In Tax Saving Mutual Funds Online

Download Tax Saving Mutual Fund Application Forms

Buy Gold Mutual Funds

Call 0 94 8300 8300 (India)

 

The filing of online provident fund accounts transfer claims on changing jobs for subscribers of the retirement fund body EPFO has become a reality now. The facility has been made available as the Employees' Provident Fund Organisation (EPFO) has launched its online transfer claim portal (OTCP) on October 2, 2013, as per an office circular said.

 According to the circular to its field staff, EPFO's Central Provident Fund Commissioner K K Jalan has said, "..handling of transfer cases generates maximum bad publicity and it is expected that this issue shall be resolved after OTCP is made fully functional".

Jalan has also directed that after October 31, there shall be no physical movement of paper (either claims or Annexure "K") in transferring member accounts from one office to another.

Annexure K contains details of service period with an employer and the amount of funds deposited in the pension fund account of the subscribers who seek transfer of PF accounts.

The facility of online transfer of provident fund accounts will reduce the work load of the body substantially as over 13 lakh applicants files such claims every year. EPFO has set up a central clearance house for this purpose and the body envisages to reduce the time for transfer of PF accounts to three days through the online service.

The EPFO started registering digital signatures of companies from July 25, a prerequisite for the facility. At present over 30,000 employers or establishments have already registered their digital signatures with EPFO. According to the information available, 80 percent of the firms employing more than 500 workers have already registered their digital signatures with EPFO.

EPFO officials say that job changes are more frequent in big firms employing more than 500 workers, especially in sectors such as information technology. The body managed PF accounts of about 6.9 lakh establishments in 2011-12.

The officials say it's easier for companies in sectors such as IT to register digital signatures as they already maintain them to comply with Ministry of Corporate Affairs requirements. During 2012-13, the EPFO settled 107.62 lakh claims, 88 percent of which were processed within 30 days, as prescribed by the body's citizen charter. The EPFO expects 1.2 crore claims in 2013-14, including around 13 lakh PF transfer claims, largely from tech-savvy companies from sectors like IT.

Happy Investing!!

We can help. Call 0 94 8300 8300 (India)

Leave your comment with mail ID and we will answer them

OR

You can write back to us at PrajnaCapital [at] Gmail [dot] Com

---------------------------------------------

Invest in Tax Saving Mutual Funds ( ELSS Mutual Funds ) to upto Rs 1 lakh and Save tax under Section 80C.

Invest Tax Saving Mutual Funds Online

Tax Saving Mutual Funds Online

These links can be used to Purchase Mutual Funds Online that are regular also (Investment, non-tax saving)

Download Tax Saving Mutual Fund Application Forms from all AMCs

Download Tax Saving Mutual Fund Applications

These Application Forms can be used for buying regular mutual funds also

Some of the best Tax Saving Mutual Funds available ( ELSS Mutual Funds )

1. ICICI Prudential Tax Plan Invest Online
2. HDFC TaxSaver Invest Online
3. DSP BlackRock Tax Saver Fund Invest Online
4. Reliance Tax Saver (ELSS) Fund Invest Online
5. Birla Sun Life Tax Relief '96 Invest Online
6. IDFC Tax Advantage (ELSS) Fund Invest Online
7. SBI Magnum Tax Gain Scheme 1993 Invest Online
8. Sundaram Tax Saver Invest Online
9. Edelweiss ELSS Invest Online

------------------

Best Performing Mutual Funds

1. Largecap Funds Invest Online
1. DSP BlackRock Top 100 Fund
2. ICICI Prudential Focused Blue Chip Fund
3. Birla Sun Life Front Line Equity Fund
2. Large and Midcap Funds Invest Online

1. ICICI Prudential Dynamic Plan
2. HDFC Top 200 Fund
3. UTI Dividend Yield Fund
2. Mid and SmallCap Funds Invest Online

1. Reliance Equity Opportunities Fund
2. DSP BlackRock Small & Midcap Fund
3. Sundaram Select Midcap
4. IDFC Premier Equity Fund
3. Small and MicroCap Funds Invest Online

1. DSP BlackRock MicroCap Fund
4. Sector Funds Invest Online

1. Reliance Banking Fund
2. Reliance Banking Fund
5. Tax Saver MutualFunds Invest Online
1. ICICI Prudential Tax Plan
2. HDFC Taxsaver
3. DSP BlackRock Tax Saver Fund
4. Reliance Tax Saver (ELSS) Fund
6. Gold Mutual Funds Invest Online

1. Relaince Gold Savings Fund
2. ICICI Prudential Regular Gold Savings Fund
3. HDFC Gold Fund