Before contributing to the Employment Provident Fund was made compulsory, many employed people dreaded walking on that route. The reason wasn’t so much because they didn’t want to save or didn’t receive enough salary that would enable them to save, but it was simply because they feared losing their money.
There were very many stories of how people followed up on their savings to no avail or how others started off the withdrawing process and gave up on the way after spending months following up on the same thing to no avail. Although people exaggerated on the claims, there was a lot of truth on what they were talking about. The most unfortunate thing was that some lost their money simply due to lack of information. Some either followed the wrong procedure while others entrusted their money withdraw process to wrong people who took advantage of their ignorance to steal from them.
How to transfer Provident Fund amount to bank account
However, Employees Provident Fund Organization is working hard day and night to make the lives of their contributors easy and comfortable. For that reason, they have come up with simple ways of not only withdrawing funds for personal use but also transferring your money directly to your bank account for future use without so much hustle.
Other than the Employees Provident Fund Organization, the growth and fast development of technology is also playing a significant role in ensuring that the process of digital and online facilities work efficiently to make life more comfortable. This means that, the new online process of transferring cash from an individual Provident Fund account to your normal bank account is an easy process that can be done at the comfort of your house.
Before the launching of the new portal which came into existence on March 2013, there was a lot of funds that was unclaimed in the Employees Provident Funds Organization in many accounts that were inactive for more than three years. According to the rules set by EPFO concerning saving made by their members, any money that is in an inactive account doesn’t earn any interest, so it would have been better for the member to either withdraw it or transfer it to a bank account.
The EPFO however, accepted their failure in delay of transferring cash to members’ bank accounts or they time taken before the members would access their funds after making a withdrawal request. To curb this problem, they launched an online portal on 2nd October 2013 that has made funds withdrawal through online process easy and fast. Since this portal was launched, the EPFO has managed to settle 90,000 of the pending claims and only 8,900 applications have been rejected.