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Provident fund withdrawal: Avoid these 5 mistakes while taking out EPFO PF money
Provident fund withdrawal: To claim your PF, avoid these 5 mistakes.
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Updated: Jul 12, 2021, 06:39 AM IST
Mostly, a salaried person contributes around 10% of salary every month to the Employees’ Provident Fund (EPF). EPF is a saving scheme that is introduced by the Employees Provident Fund Organisation (EPFO). The EPF is also referred to as Provident Fund (PF), which is a government-backed scheme where the deduction is compulsory for salaried individuals. The employer and the employee contribute 10 per cent of the employee s basic salary each month to the Employee Provident Fund Organisation (EPFO).
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We save and invest in the hope of providing a better life for ourselves and our loved ones. But death is inevitable. So what happens to our mutual fund (MF) units when we die?
Transmission of MF units is a process whereby units held in the name of deceased unit-holder are transferred either to the surviving unit-holders or to the nominee or to the legal heirs.
MF Asset Management Companies (AMC) have a common procedure for transmission of units, however, there might be a slight variation in formats or documents required across AMCs, but broadly the process is the same.
Got defrauded over phone call? Bank may not be liable for your loss
Banks in the country send several messages to customers, requesting them to avoid sharing sensitive banking details over the phone. Here is why bank customers should take such messages seriously:
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UPDATED: March 16, 2021 19:05 IST
Individuals should note that banks never ask for personal details over phone from customers. (Photo: Pixabay/Representational image)
Banks in the country often send messages to their customers, requesting them not to share sensitive personal details like bank account numbers and OTP over a phone call. A recent judgement by a Gujarat consumer court is just the reason why individuals should take such warnings seriously.