EPFO or Employees Provident Fund Organisation has been coming up with many initiatives for EPF (employee provident fund) subscribers. Recently, the retirement fund body introduced a composite form (Form 11) which will help in the process of automatic transfer of provident fund when changing jobs. Typically, both the employer and employee contribute 12 per cent of basic salary towards EPF. An employee’s 12 per cent contribution goes toward EPF kitty, while 8.
Aadhaar card, which has printed on it the 12-digit Unique Identity Number (UAN) issued by the UIDAI or Unique Identification Authority of India, is now required to be mandatorily linked with PAN (Permanent Account Number) card and bank accounts. With the government mandating quoting of Aadhaar card for many tasks, it is paramount to verify your Aadhaar number or UID (the number given on Aadhaar card). Be it filing your income tax return (ITR) or submitting your application for a PAN card.
Linking bank accounts with Aadhaar will help catching money launderers and fake account holders, Law and IT Minister Ravi Shankar Prasad said on Tuesday. “Why we are linking bank account to the Aadhaar. If you do money laundering, you can be caught. If you have fake bank accounts, you will be caught,” Mr Prasad said at cyber security conference organised by Observer Research Foundation. He said 60 lakh bank accounts have been linked to Aadhaar.
After slashing monthly average balance requirement and charges for its savings bank account holders, SBI has revised the account closure charges. In a Twitter post, SBI said that closure of regular savings account on conversion to basic savings bank account, which earlier used to attract a charge of Rs. 500 plus GST of 18 per cent, will be nil from October 1, 2017. Similarly, savings accounts closed on settlement of deceased depositors, will also be exempt from charges with effect from October 1.
Like it or not, life without Aadhaar is going to be rather difficult from here on. From getting a mobile connection to getting government subsidies and pension, and conducting financial transactions, you just cannot escape Aadhaar. There is a long list of documents and accounts where linking your Aadhaar number has been made mandatory. Then there are those where it is yet to become compulsory but it can help in revalidation of existing documents or establishing one’s identity while applying for new documents.
The use of Aadhaar and accessing of personal information of Unique Identity Authority of India (UIDAI) for e-Know Your Customer (e-KYC) purposes can only be done only on the voluntary consent of customer, the insurance regulator has said. In a clarification on the existing circulars issued on the matter, the Insurance Regulatory and Development Authority of India (IRDAI) said that insurers can use the e-authentication facility being provided by UIDAI either through the fingerprint or iris scanning) or through one time password (OTP) received on client’s mobile number or on e-mail address registered with UIDAI.
Amid intense competition among telecom companies led by Reliance Jio, BSNL (Bharat Sanchar Nigam Limited) has announced a promotional special tariff voucher (STV) or recharge coupon at Rs 249 which includes voice and data benefits. BSNL’s Rs 249 recharge pack comes with a validity of 28 days, according to its website - bsnl.co.in. Under a limited-period scheme, BSNL prepaid customers recharging their mobile connection with the Rs 249 pack will get 10 GB of data per day, among other benefits, according to the BSNL website.
Mukesh Ambani-led Reliance Jio has teamed up with Cupertino, US-based Apple in order to garner more users for its telecom network. The two companies recently announced their partnership in which Jio offered to buy back the new models of iPhones at an attractive price. If customers who buy Apple’s iPhone 8/ iPhone 8 Plus/ iPhone X models, recharge with Jio for a plan worth Rs. 799 every months, Reliance will buy back the high-end phones after 12 months.
SBI, the biggest lender in the country, recently reduced the monthly average balance requirement for metro cities and slashed charges for non-maintenance by up to 50 per cent, effective from October 1. For the purpose of monthly average balance, all SBI savings bank accounts are segregated into four categories of branches - metro, urban, semi-urban and rural. Earlier, the monthly average balance required for savings accounts was Rs. 5,000 in metro branches.
Normal savings account holders, who want to avoid paying minimum balance non-maintaining charges, can convert their account to basic savings bank deposit accounts without any fee, SBI said. India’s largest bank SBI has clarified that charges for non-maintenance of monthly average balance does not apply to all its bank accounts. In a Twitter post, SBI said that basic savings bank deposit accounts are exempted from maintaining monthly average balance. Out of the 40 crore savings bank accounts that SBI has, 13 crore accounts fall under exempted category, the state-owned lender said.