Understanding Provident Fund Issues with ICICI Bank: PF Trust, Loan, and NEFT Transfer

Dear Sir/Madam,

I have one query: Can my employer withhold or adjust my provident fund claim with my personal loan as I was working with ICICI Bank, which has its own trust? After 50 days of submitting my claim documents, they are saying that I have a personal loan outstanding, and their loan team will talk with me shortly.

Please help and guide me on what to do as I have serious financial issues in my family ongoing.

Thanks & Regards,
Sunil Gupta

Dear Sir,

Yes, it has a private trust, but as per government rules, they can't adjust any outstanding with my PF. Do they have the power to do so? Please reply.

Thank you,
Sunil Gupta

Download the PF rules of the bank and check if you signed any agreement with the bank to have any right of lien and set off.

While the nationalized banks and others that follow Sastry Award may toe a different line, it is felt that M/s ICICI Bank may not be following it.

Link: http://www.lawyersclubindia.com/experts/Withdrawal-of-epf-amount-514481.asp#.VKGngIJCCQ

You may find the above thread useful.

Another employee of your bank has initiated a similar query in the following thread that you may find useful: http://www.lawyersclubindia.com/experts/Withdrawal-of-epf-amount-514481.asp#.VKGopIJCCQ

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Dear Sir,

Thank you for the reply. I have not signed any agreement of lien. Above all, in the PF withdrawal form, I have clearly mentioned and written that my PF amount will be transferred through NEFT to my Bank of Baroda's account and sent them a canceled check of the same bank, so there is no possibility of lien. I got an email from them last Saturday that my PF is on hold due to my loan, and their loan team will contact me soon.

Sir, how can they lien my account if I have mentioned another bank in the withdrawal form, and how can they hold PF against the loan? Please suggest what to do.

Thanks,
Sunil Gupta

Download the Rules of the bank and show them to your lawyer, along with the loan application, loan approval, and loan agreement.

In the aforementioned thread, another thread is referenced, and the legal position is discussed. You need to clarify if the PF Trust is approved by EPFO and is governed by PFMPA Act.

Dear Sir,

Happy New Year. Thank you for your valuable time and suggestions. ICICI Bank may be approved by EPFO as their establishment code is MH/18796. I didn't get the information on whether it is governed by PFMPA act or not. Sir, I went through the threads suggested by you, and we both have many similarities, but in my case, the bank has not transferred the claim amount yet. I mentioned another bank's account in the withdrawal form for NEFT transfer, and they informed me through email that my PF is on hold regarding my personal loan, and their loan team will contact me soon.

Sir, should I email them and ask them to release my funds as they cannot withhold the PF as per government rules, or should I proceed with legal proceedings against them? Please suggest what to do.

Thanks,
SUNIL GUPTA

Dear Sir,

Please reply and suggest what to do as I am not getting any way out, or please suggest a lawyer from my city Kolkata who deals with these cases.

Thanks and Regards,
Sunil Gupta