Single-Name Bank Account Requirement for PF Withdrawal
Is it mandatory to have a single-name bank account to withdraw the PF amount? It has been told to one employee after his resignation to open a fresh bank account in his name since he has a joint account with his wife, who is also his nominee. The authority has also asked this gentleman to open a bank account either with SBI or PNB as they will not entertain accounts with any other bank, even if a single-name account is opened. Could anybody please highlight this issue?
Employer's Failure to Rectify Employee Details
I have one more query: if the employer has failed to rectify the name and date of birth of an employee for almost the last 10 years, what action can be taken by the employee?
Thanks & regards
From India, Kolkata
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9Is it mandatory to have a single-name bank account to withdraw the PF amount? It has been told to one employee after his resignation to open a fresh bank account in his name since he has a joint account with his wife, who is also his nominee. The authority has also asked this gentleman to open a bank account either with SBI or PNB as they will not entertain accounts with any other bank, even if a single-name account is opened. Could anybody please highlight this issue?
Employer's Failure to Rectify Employee Details
I have one more query: if the employer has failed to rectify the name and date of birth of an employee for almost the last 10 years, what action can be taken by the employee?
Thanks & regards
From India, Kolkata
Acknowledge(0)Amend(0)
To claim the funds from the EPF, you should have a single name. No joint accounts are entertained for claims. There is no rule stating you should have an account only with SBI or PNB. All that they need is a bank account, and it can be from any nationalized or even private banks such as HDFC, ICICI, or Axis.
From India, Bangalore
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From India, Bangalore
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Joint Bank Account acceptable in PF.pdf