Mutual Fund Application Forms Download Any Applications
Invest in Tax Saving Mutual Funds Invest Online
Infrastructure Bond Application Forms Download Applications

Monday, June 24, 2013

EPFO Plans to Settle Provident Fund Claims in Three Days

Invest In Tax Saving Mutual Funds Online

Call 0 94 8300 8300 (India)

 

 

EPFO wants 70-80% of 1.2 crore claims expected in 2013-14 to be paid out within three days


The provident fund department has set an ambitious internal target to settle most claims in less than three days instead of the 30-day deadline set under its citizen charter, promising a huge relief to employees who are often forced to wait for months on end.


The Employees' Provident Fund Organisation (EPFO), which manages over eight crore accounts with more than . 5 lakh crore of retirement savings, has been struggling to cope with the increasing workload of account transfers and withdrawals arising out of greater mobility in the labour market in recent years.


Provident fund officers have traditionally required 47 separate approvals for processing requests, making the three-day deadline appear overly ambitious, but the EPFO's chief accounts officer and financial advisor Sanjay Kumar has pointed out that this is doable. Kumar has summoned all regional PF bosses to Delhi in early July to finalise an action plan for clearing claims expeditiously. The department wants 70-80% of the 1.2 crore claims expected in 2013-14 to be paid out within three days.


"(The delay in processing claims) has brought down the image of Employees' Provident Fund Organisation among our members. Genuinely, customers expect a change in the mindset from 30 days to at least three days in computerised era for withdrawing their own money," said Kumar's missive to the regional heads. In 2012-13, the EPFO settled 1.08 crore claims from its members, but could not settle 12.6 lakh requests within the 30-day deadline. Of these, 1.41 lakh claims were not settled even 90 days after submission. Just over 10% of all claims were settled within three days during the fiscal.


From April 1 to June 11, 2013, the number of claims settled within this deadline was better, at 15.66%.


During this period, 19 regional PF offices managed to settle over 61% of claims in just three days – with 10 of them managing to clear over 90% of claims in three days.


"Average claim settlement in these star offices was 83.16% as on June 11, 2013. Out of the likely receipts of 1.20 crore (claims), even if lesser target of 70% claim settlement within three days is considered at national level, it will benefit 84 lakh claimants," Kumar has stressed.

Happy Investing!!

We can help. Call 0 94 8300 8300 (India)

Leave your comment with mail ID and we will answer them

OR

You can write back to us at PrajnaCapital [at] Gmail [dot] Com

---------------------------------------------

Invest in Tax Saving Mutual Funds ( ELSS Mutual Funds ) to upto Rs 1 lakh and Save tax under Section 80C.

Invest Tax Saving Mutual Funds Online

Tax Saving Mutual Funds Online

These links can be used to Purchase Mutual Funds Online that are regular also (Investment, non-tax saving)

Download Tax Saving Mutual Fund Application Forms from all AMCs

Download Tax Saving Mutual Fund Applications

These Application Forms can be used for buying regular mutual funds also

Some of the best Tax Saving Mutual Funds available ( ELSS Mutual Funds )

  1. ICICI Prudential Tax Plan Invest Online
  2. HDFC TaxSaver Invest Online
  3. DSP BlackRock Tax Saver Fund Invest Online
  4. Reliance Tax Saver (ELSS) Fund Invest Online
  5. Birla Sun Life Tax Relief '96 Invest Online
  6. IDFC Tax Advantage (ELSS) Fund Invest Online
  7. SBI Magnum Tax Gain Scheme 1993 Invest Online
  8. Sundaram Tax Saver Invest Online
  9. Edelweiss ELSS Invest Online

------------------

Best Performing Mutual Funds

    1. Largecap Funds Invest Online
      1. DSP BlackRock Top 100 Fund
      2. ICICI Prudential Focused Blue Chip Fund
      3. Birla Sun Life Front Line Equity Fund
    2. Large and Midcap Funds Invest Online
      1. ICICI Prudential Dynamic Plan
      2. HDFC Top 200 Fund
      3. UTI Dividend Yield Fund
    1. Mid and SmallCap Funds Invest Online
      1. Reliance Equity Opportunities Fund
      2. DSP BlackRock Small & Midcap Fund
      3. Sundaram Select Midcap
      4. IDFC Premier Equity Fund
    1. Small and MicroCap Funds Invest Online
      1. DSP BlackRock MicroCap Fund
    1. Sector Funds Invest Online
      1. Reliance Banking Fund
      2. Reliance Banking Fund
    1. Tax Saver MutualFunds Invest Online
      1. ICICI Prudential Tax Plan
      2. HDFC Taxsaver
      3. DSP BlackRock Tax Saver Fund
      4. Reliance Tax Saver (ELSS) Fund
    2. Gold Mutual Funds Invest Online
      1. Relaince Gold Savings Fund
      2. ICICI Prudential Regular Gold Savings Fund
      3. HDFC Gold Fund

No comments:

Post a Comment

Mutual Fund Application Forms Download Any Applications
Invest in Tax Saving Mutual Funds Invest Online
Infrastructure Bond Application Forms Download Applications

Popular Posts