Epf account as ucd and no interest credited

This query is : Resolved 
 

(Querist)
23 April 2019

Hi Team,

I have EPF Account with Hyderabad Office and I worked in India from 2012 to 2014 and as i left abroad and i haven't withdrawn my EPF money till now, I have also seen the account has generated interested till 2017 and from then there was not interest generated. I have requested for the reason to EPF dept and they have mentioned me that it is UCD Account and for the UCD account there wont be any interested. Please help me to understand what is the UCD and Inoperative account. I gained some knowledge that there is no Inoperative account as the Govt memo no GSR 1065 says that there is no concept of Inoperative account or UCD all the accounts should gain interest till the member attends 55years of age. Please help me to understand would i be eligible to gain interest on my account under the new Govt memo no GSR 1065 or not.
Regards
Srimaan Y


P. Venu (Expert)
24 April 2019

The best option is to seek information from the concerned authorities under RTI.

Srimaan (Querist)
24 April 2019

Hi Venu Sir, Thank you for replying.. I have filed the RTI seeking clarifications on UCD and GSR with other options like interest calculations etc. EPF Dept provided my the statement but when it comes to clarifications i am seeking on my account for the GSR 1065, they replied in the RTI saying that under RTI act section 2(F) RTI is not a platform for obtaining clarifications/explanations from the public authorities. Please suggest what would be my additional options.

What additional points should i need to put for RTI.. Please do needful

P. Venu (Expert)
24 April 2019

The RTI application should be so drafted that should not convey the impression of seeking clarification.

Srimaan (Querist)
24 April 2019

Venu Sir, if you are ok, i can contact you personally.. Please suggest

P. Venu (Expert)
25 April 2019

Yes, you can. Contact particulars could be accessed from my profile.

M V Gupta (Expert)
25 April 2019

Dear Querist. As ,per the procedure in the EPF office if the employee has resigned from service and no further deposits are made in the EPF account for a period of one year, the account is designated as "uncalimed deposit account" (UCD) and no interest is credited to the account. However interest will be paid when the employee submits his application for refund of the amount. You may therefore get in touch with your ex employer through whom you have to submit the refund application form. You can down load the prescribed application form on line.

Srimaan (Querist)
26 April 2019

Hi MV Gupta Sir, correct me if my understanding is wrong based on your suggestion, I think you are recommending to do withdrawal, in that case, EPF Dept would give me only the money which is present in my account I am not sure will they calculate all the interest accumulation i.e 2017 (where the interest has stopped) to till date. Please suggest me sir

M V Gupta (Expert)
26 April 2019

I confirm that When you submit the refund application through your former employer, you will get the amount standing to the credit in your account along with interest that has accrued till date of payment.

Srimaan (Querist)
27 April 2019

Thanks Gupta Sir, I will work with the former employer on Withdrawal application. I think when you mentioned refund application you are referring to withdraw only. if not, please help



You need to be the querist or approved LAWyersclub expert to take part in this query .


Click here to login now



Similar Resolved Queries :









×

  LAWyersclubindia Menu