The employer will not be able to deposit the monthly contribution in your PF account. Apart from this, you will not be considered eligible for loan or withdrawal through your PF account.
EPFO: Employees’ Provident Fund Organization (EPFO) has extended the Aadhaar UAN linking deadline from June 1 to September 1, 2021. If you do not link your UAN with Aadhaar, then you may have to face problems. This is because the employer will not be able to deposit the monthly contribution in your PF account. Apart from this, you will not be considered eligible for loan or withdrawal through your PF account.
Here is the complete process:
1. Log on to the official website of EPFO www.epfindia.gov.in
2. Go to ‘Online Services’
3. Go to ‘e-KYC Portal’
4. Click on ‘Link UAN Aadhar’
5. UAN Number And enter the mobile number associated with the UAN account
6. Enter the OTP
7. Now enter the 12 digit Aadhaar number
8. Click on ‘Proceed to OTP Verification’
9. To verify your Aadhaar details, click on Aadhaar again Generate Linked Mobile Number
10. After verification your Aadhaar will be linked to your Provident Fund Account.
In this era of Corona epidemic, keeping in mind the need of cash of the people at the time of emergency, the rules of PF have been changed. Now EPFO account holders do not have to wait for 3 to 7 days to withdraw money, but in emergency the money will come in the account instantly.
A new arrangement has been made so that your money can be of use to you during emergency. If you apply under medical emergency, now the money will be transferred to the account within just 1 hour. To get the benefit of this new system, you only have to show the expenses for which you are withdrawing money due to emergency.
Apart from this, money is claimed in circumstances other than medical emergency. According to the rules, 50% of the PPF account can be withdrawn on completion of 5 years. At the same time, the entire amount can be withdrawn after the completion of the time period of 15 years. This facility is also applicable to the accounts of minors.
That is, customers are allowed to withdraw only after five years. Customers are considered eligible to withdraw certain amounts after investment for five years (after the sixth financial year from account opening). At the same time, after the end of the maturity period of 15 years, customers can invest in the account for five more years.
That is, the entire amount can be withdrawn on maturity by assigning any reason. It should be noted that there is no tax on premature withdrawal. PPF account can also be closed. The closure of this account is allowed only after 5 financial years of account opening. There are also conditions for this, on the basis of which the account can be closed.