New Bank locker Rules by RBI (100 times the locker rent as penality)

RBI has recently issued some new guidelines for bank lockers which are consumer-friendly to some extent and will come into effect from 1st Jan 2022.

RBI went through lots of customer grievances and feedback from banks too and finally came up with some new guidelines. Let’s look at some of the most important points which really impact you!

New Bank Lockers rules by RBI which will get implemented from Jan 1,2022

1. Compensation of 100 times the locker rent

If there is any loss of lockers content due to bank negligence or irresponsible behaviour, then bank locker holders will get 100 times of locker rent as compensation. So if the yearly rent of the locker is Rs 4,000, then the compensation will be Rs 4 lacs

Here is what point 7.2 of RBI notification says

It is the responsibility of banks to take all steps for the safety and security of the premises in which the safe deposit vaults are housed. It has the responsibility to ensure that incidents like fire, theft/ burglary/ robbery, dacoity, building collapse do not occur in the bank’s premises due to its own shortcomings, negligence and by any act of omission/commission.

As banks cannot claim that they bear no liability towards their customers for loss of contents of the locker, in instances where the loss of contents of the locker are due to incidents mentioned above or attributable to fraud committed by its employee(s), the banks’ liability shall be for an amount equivalent to one hundred times the prevailing annual rent of the safe deposit locker.

2. SMS and Email alerts at the time of locker access

Now you will get email and SMS notifications on the same day when the locker is accessed. This will help if there is any kind of fraud or unauthorised access (like someone from your family opens the locker without telling you)

Here is what point 4.1.3 of the notification says 

Banks shall send an email and SMS alert to the registered email ID and mobile number of the customer before the end of the day as a positive confirmation intimating the date and time of the locker operation and the redressal mechanism available in case of unauthorized locker access.

3. Last 180 days of CCTV footage are required for locker operation

Banks will have to install CCTV to monitor the common areas and doors from where entry and exits happen inside the locker room. This CCTV footage has to be stored for the last 180 days.

Here is what point 2.1.2 of the notification says 

The area housing the lockers should remain adequately guarded at all times. The banks shall install Access Control System, if required as per their risk assessment, which would restrict any unauthorized entry and create digital record of access to locker room with time log. As per their internal security policy, banks may cover the entry and exit of the strong room and the common areas of operation under CCTV camera and preserve its recording for a period of not less than 180 days.

In case any customer has complained to the bank that his/her locker is opened without his/her knowledge and authority, or any theft or security breach is noticed/observed, the bank shall preserve the CCTV recording till the police investigation is completed and the dispute is settled.

4. Banks are allowed to charge 3 yrs of rent as term deposits

Banks are allowed to charge up to 3 yrs of rent + charges of breaking the locker from customers. So they may ask you to create an FD, but this has to be of a small amount, not any exorbitant fees like what happens on ground level. This is just to make sure that banks are protected for a situation where the locker holder does not pay rent on time or is unreachable for some years.

So if locker rent is Rs 4,000, the FD – they can ask you shall be for Rs 12,000 + some more charges like Rs 500-1000. So in total, it shall surely not cross 4 times the rent in any situation.

If the bank official asks you to create an FD for 2-3 lacs or forces you to buy any kind of insurance policy, then please tell them you are aware of rules and you will complain to RBI on this.

Here is what point 2.2.1 of the notification says

Banks may face potential situations where the locker-hirer neither operates the locker nor pays the rent. To ensure prompt payment of locker rent, banks are allowed to obtain a Term Deposit, at the time of allotment, which would cover three years’ rent and the charges for breaking open the locker in case of such eventuality.

Banks, however, shall not insist on such Term Deposits from the existing locker holders or those who have satisfactory operative account. The packaging of allotment of locker facility with placement of term deposits beyond what is specifically permitted above will be considered as a restrictive practice.

Another small point is that if locker rent is collected in advance, in the event of the surrender of a locker by a customer, the proportionate amount of advance rent collected shall be refunded to the customer.

5. Waitlist numbers & Vacant Locker list to be displayed

Now each locker application has to be duly acknowledged and a waitlist number has to be given to the customer. That waitlist number has to also get displayed in banks along with the number of vacant lockers. This is to ensure transparency. Right now the things are very opaque and customers don’t get enough information and clarity about their locker applications

Here is what point 2 of the notification says

In order to facilitate customers making informed choices, banks shall maintain a branch-wise list of vacant lockers as well as a wait-list in Core Banking System (CBS) or any other computerized system compliant with Cyber Security Framework issued by RBI, for the purpose of allotment of lockers and ensure transparency in allotment of lockers.

The banks shall acknowledge the receipt of all applications for allotment of the locker and provide a waitlist number to the customers if the lockers are not available for allotment.

6. New Agreement by Jan 1, 2023, for existing locker holders

A new locker agreement has to be signed with all existing locker holders with all these new guidelines and rules. A draft copy will be framed by IBA (Indian Banking Association). So if you already have a locker, do wait for the bank to reach out to you in 1-2 yrs to sign a new contract.

Here is what point 2.1.1 of the notification says

Banks shall have a Board approved agreement for safe deposit lockers. For this purpose, banks may adopt the model locker agreement to be framed by IBA. This agreement shall be in conformity with these revised instructions and the directions of the Hon’ble Supreme Court in this regard.

Banks shall ensure that any unfair terms or conditions are not incorporated in their locker agreements. Further, the terms of the contract shall not be more onerous than required in ordinary course of business to safeguard the interests of the bank. Banks shall renew their locker agreements with existing locker customers by January 1, 2023.

Here is what point 2.1.2 of the notification says

At the time of allotment of the locker to a customer, the bank shall enter into an agreement with the customer to whom the locker facility is provided, on a paper duly stamped. A copy of the locker agreement in duplicate signed by both the parties shall be furnished to the locker-hirer to know his/her rights and responsibilities.

Original Agreement shall be retained with the bank’s branch where the locker is situated.

7. Closure and Discharge of locker items

The notification lists down 3 situations when a locker can be opened by the bank.

Here is what point 6 of the notification says

This part refers to the breaking open of the locker in a manner other than through the normal access by the customer using her/his original key or password under any one of the following circumstances:

  1. If the hirer loses the key and requests for breaking open the locker at her /his cost; or
  2. If the Government enforcement agencies have approached the bank with orders from the Court or appropriate competent authority to seize lockers and requested for access to the lockers; or
  3. If the bank is of the view that there is a need to take back the locker as the locker hirer is not cooperating or not complying with the terms and conditions of the agreement.

Banks shall have a clear Board approved policy together with a Standard Operating Procedure (SOP) for breaking open the lockers for all possible situations keeping in view the relevant legal and contractual provisions.

Apart from the points above, there are many minor things which are all listed in the notification which can be downloaded below

Download the RBI Guidelines PDF here

Please share your views about this notification and guidelines set by the RBI in the comments section.



5 major reasons for health insurance claim rejections

What are some of the reasons because of which you may get a shock while making a health insurance claim?

There are tons of bad reviews for various insurance companies and policies that they rejected their claims or didn’t pay in full. A lot of times these incidents happen because customers are not aware of many rules and best practices of making claims. So we did a podcast with Mahavir Chopra of (listen to the whole podcast + Q&A below) to understand the top 5 reasons for this.

5 major reasons for disputes & claim rejections in health insurance

#1 – Proportionate Deductions

Proportion deduction happens when you choose a hospital room whose rent is higher than the one you are eligible for. In this case, all the other expenses (other than the room rent) also get the deduction in the same proportion and you can lose a lot of money.

For example, if you were eligible for a Rs 5,000 per day room, but if you choose Rs 10,000 room, then the proportionate deduction will be applied for your entire bill, not just the room rent part. So if the entire bill is for 10 lacs, you will be just paid 50% or 5 lacs in claims.

A lot of old policies or PSU policies still have a room rent limit. Even corporate policies have a fixed amount limit on their policies, so it’s always suggested to check this before you choose the hospital room.

#2 – Not disclosing pre-existing illness

A big reason for many claims dispute is when your claim is rejected or partially paid because you didn’t mention some past illness, surgery, issue which you had but never disclosed it.

A lot of people feel that only some recent surgery or a big illness has to be disclosed while buying health insurance. But the truth is that even the smallest of details has to be shared. That small surgery 20 yrs. back, that 2 months of medication for hypertension which one went through the long back, some illness which got cured long back – everything matters, simply because this all data is used by the insurance company to gauge the risk factor.

You never know how all these medical issues are linked to each other.. Don’t skip it, else that will be used against you. And the premium does not necessarily increase by mentioning every detail!

#3 – Reasonable and Customary Charges

Don’t think that insurers will always settle any amount of bill which the hospital charges. There is a clause of “reasonable and customary charges” in health insurance, where the insurer will only pay if the hospital charge is reasonable and has an acceptable logic. That means that it should be close to what others hospitals of the same nature on average charge in a given location.

So if surgery is costing 2 lacs on average, the company will not pay if you go to a hospital that charges 10 lacs for it. It’s your responsibility to make sure that you also put some thinking and effort into making sure that you are not overcharged just for the sake of it. Insurance is not a license to overspend or enjoy hospitalization at lavish hospitals.

A little deviation from the average cost is fine, but too much deviation will not be accepted and you may be getting a rude shock later. So better spend as if you are paying from your pocket.

#4 – No coverage for “Consumables”

Imagine you went to a restaurant for your dinner and in the bill, the restaurant also charges you for the AC, the food plate, the 2 hr rent for the chair you used apart from the food.

You will freak out! .. RIGHT!

You will say, but you always thought that it’s part of the whole deal and it’s all needed to provide you with the dinner.

That’s exactly is what consumable expenses are. These are various small things that will be required for the medication/surgery etc. which shall be all part of the room rent or the surgery cost and shall not be charged separately (but hospitals still charge many of these separately).
Insurance companies don’t pay for these consumables separately as they consider them as inclusive of the hospital package. Examples of these things are…

  • Masks
  • Gloves
  • Cleaning kits
  • Spectacles
  • Hearing aids
  • Adhesive bandage
  • Crepe bandage
  • Cotton roll
  • X-ray Film
  • Surgical drill
  • Hair removal cream

Note that the consumables cost can form around 2% – 10% of the overall bill in general, but in COVID times, we have seen that the consumables themselves was forming around 15-25% of the hospital bills and they were not paid by the insurer.

There are some extra riders for consumables that one can buy while buying the health insurance policies (it will cost extra)

#5 – Unnecessary Hospitalization Case

Insurance companies won’t pay for unnecessary hospitalizations.

Unless there is an active line of treatment at the hospital which is really needed, it will not be considered a valid claim. Let me give you an example that Mahavir Chopra shares in our conversation. Let’s say that a 50 yr old person has chest pain and the family rushes to the hospital. The doctor checks up everything and tells you that you may want to just get admitted for 1 day so that they can monitor things to be on the safer side.

Now, this is not treatment. This is simply monitoring of things and it’s really not required as such. It may be required in your world as you want to be safe and because it came as a doctor’s suggestion, but from an insurance angle, this is not treatment. Most of you will also agree that hospitals do this simply to charge of a day and play out the fear factor.

I am not denying the need for it. But the insurance companies will consider this is an invalid thing.

Another good example is a covid case. Just because one got Covid and his oxygen level is 90, does not mean that they rush to the hospital because things can still be treated at home. If one wants to play safe and wants to get admitted just to play safe, that’s his/her personal choice, but it’s not payable (unless things go really bad and then there is a doctor recommended that hospitalization is unavoidable)

#Bonus Tip – Dont forget the PRR 

At the time of making claims, many times people forget small things but always remember the PRR principle.

PRR means

  • Prescription
  • Receipt
  • Report

Always ask the doctor to give a prescription for each test, surgery, medication … Dont forget it

Always ask the doctor to give a receipt, make sure its dated (pre-printed or stamped, but not handwritten)

Always obtain the report wherever applicable (mostly in tests)

A lot of times you will have to send these for getting a reimbursement (even in cashless, you may have to send documents to claim the pre & post-hospitalization reimbursements), and if you miss any of these then you will not be paid the money.

How was your health insurance claim experience?

I hope this was helpful and please share your inputs and claim experiences in the comments section. Were you paid the full amount or some major deductions were made?


Can Cryptocurrency be considered as an asset class?

So the topic of debate today is “Is Cryptocurrency like Bitcoin be considered as an asset class?”

Till now we all know that there are many asset classes like Equity, Fixed Income, Real Estate, Cash and Commodities. Some people also argue if “Art” is an asset class or not.

And now, there is this new debate is crypto is the new asset class in itself or just an alternate currency or at best a speculative instrument?

Does Cryptocurrency fall under the definition of “Asset Class”?

Investopedia defines Asset Class as follows :

An asset class is a grouping of investments that exhibit similar characteristics and are subject to the same laws and regulations. Asset classes are made up of instruments which often behave similarly to one another in the marketplace.

If you look at “fixed income” asset class and see various instruments under it like Fixed Deposit, PPF, EPF, Senior Citizen Saving Scheme, NSC, Debt mutual funds etc. you will see that they have common characteristics (As they all are basically a loan given to someone) and various laws and regulations are similar across the country and globally (though the names of products can be different)

The same thing can be said to the Real estate asset class where Land, bungalow, REIT, Commercial shops all are physical spaces and their prices go up and down mainly due to similar reasons.

Can this be said for various cryptocurrencies also?

While all of the cryptocurrencies are basically a digital payment alternative based on blockchain technology, we are not very sure if it can also be considered a “store of value” unlike other asset classes. Also, there is no common agreement on how various countries want to see cryptocurrency? While there are various countries that have legalized crypto, there are many that have not done that.

At the same time, a large chunk of crypto investors is buying it mainly for speculative reasons and not as a fundamental investment instrument where they want it to grow in value due to some fundamental reason linked to the economy or its usage.

Here is an excerpt from a paper, which gives more idea on what I am saying!

crypto currency in various countries

Why I personally don’t want to consider Crypto as an asset class?

Cryptocurrencies have gained extreme popularity in the last 3-4 yrs and major crypto’s like Bitcoin, Ethereum, Tether etc has seen its market cap go into billions. It’s a complex world based on a very complex technology, which is again not like other asset classes which are quite easy to explain and understand for a common man.

Try explaining Real Estate or Equity to someone against the Crypto mining process and you will understand what I am trying to say.

Another reason why I personally don’t consider Crypto as an asset class is that cryptocurrency is in the end purely a software code. While it’s widely accepted and used, Are we saying that something which is so much dependent on a computer and electricity is considered as an asset class? What will happen if one day the world runs out of energy or all computers crash?

In the same case, things like equity, debt, real estate, cash (in any form), commodities, art all will survive and be there in some form.

When I asked this question on our telegram group and on Twitter, here were the responses.

Do you consider Crypto as another asset class or just a new-age online payment technology?

Coming to you, it’s also a matter of perception if you want to consider it as an asset class or not. Can you please share your thought process around it? What do you consider it?

Disclaimer: I am not saying that cryptocurrencies will not rise in value? All I am debating is if it shall fall under the definition of asset class or not?

Rs 98,779 crore lying unclaimed in various accounts in India

Do you know that there is a possibility that your grandparents or someone else in the family might have some bank account or some policy that you are not aware of till today and the money is lying unclaimed for decades?

Yes, that can happen!!

Can you believe that a whopping Rs 98,779 crore is lying in various investment products in India like banks, EPF, PPF, Mutual funds, LIC, and many other entities!!

In the last 18 months, so many people lost their lives and their families had no idea of the investments made by them, or if they had any life insurance policy or not. A lot of them still don’t know and will never come to know probably.

What happens to that money? How will family members get access to them? How will they claim it?

They WON’T!

Here is the breakup of how much money is lying unclaimed at various places in India, have a look!

How much money is lying unclaimed in banks, LIC, EPF, PPF, Mutual Funds etc. in India

Let’s talk about these

Rs 24,356 in Banks

As per the RBI report, Rs 24356 crore is lying unclaimed in around 8.1 crore bank accounts as of December 31, 2020. This turns out to be close to Rs 3,000 on an average per bank account. The biggest share in this unclaimed money is in SBI bank and then other private sector banks.

Rs 26,497 crores in EPF

This is the amount of money lying unclaimed in EPF accounts across the country. Some of this money may be of those people, who have not withdrawn the money after changing or leaving jobs, but a bigger chunk is lying there for years and years and many of them may never be claimed as the families are not aware of these investments

Rs 17,880 crores in Mutual Funds

A big chunk of money is also lying in inactive folios which is close to Rs 17,880 crores. A lot of investors have invested in mutual funds in physical format decades back and many family members may not be aware of these investments after their demise. This unclaimed amount is close to a little less than 1% of the entire AUM of mutual funds.

Rs 24,586 crore with Insurance Companies

LIC alone had close to 10,509 crores lying unclaimed with them as of Mar 31, 2018, and another 4,657 crore was with private insurance companies. The current figures as per IRDA is at a whopping 24,586 crore with all the insurance companies combined. Most of this is with LIC and you know there are so many policies that are never claimed after maturity due to various reasons.

Here is the old breakup of these amounts companies wise as per financial chronicle report

Unclaimed amount lying with LIC and other insurance companies in India

Rs 3,460 crores with IEPF

A big chunk of money is also lying with IEPF in form of unclaimed dividends and debentures etc., which were lying idle and no one, claimed them back on time. These amounts are transferred to something called IEPF after 7 yrs which is then used in things like investors’ awareness and protection of the interests of investors. Moneylife did an extensive story on this entire topic

Rs 2000 crore from Income Tax Refunds

As per a 2015 report by NDTV, close to Rs 2,000 crore of tax refunds were lying unclaimed with them. If a person pays the extra tax due to excess TDS deduction, one can claim the refund back by filing the returns (for the last 6 yrs). However many times investors are not even aware of these refunds or due to laziness, they don’t file the returns. Now the figures must be on the higher end.

Where does all this unclaimed money go?

The question is – If all this money is unclaimed, who exactly gets benefitted? Does the bank or insurance company keep all this money and just use it for their own benefit unless someone does not claim it back?

The answer to that is that govt has formed some of the FUNDS where these amounts shall get transferred after some number of years and that fund will be used for some purpose. Here are those funds

1. Senior Citizen Welfare Fund (SCWF)

All the unclaimed money from EPF, PPF, Insurance companies and postal deposits go to Senior Citizen Welfare Scheme which works for the betterment of senior citizens who are below poverty line in the country. I am really not clear which are the schemes or ways they do it.

2. Depositor Education and Awareness Fund (DEAF)

All the money which is lying claimed in the banks like saving bank account, fixed and recurring deposits, demand drafts etc. is transferred to this fund called DEAF and it’s used for depositor’s awareness and protection.. Which I really don’t understand what it means !

3. Investor Education Protection Fund Authority (IEPF)

IEPF is another fund which is created for investor protection and financial awareness and it gets all the unclaimed dividends, shares, matured unclaimed dividends etc. I have already written about how to claim refund from IEPF here

Make sure your money does not become part of unclaimed money in future

The learning from this is that you shall make sure that all your investments details etc. are shared with your family properly and they shall be aware of it.

How EPF Fraud of 100 crore was done from Inactive accounts?

In the last few days, there is news that some EPFO employees have done fraud and siphoned off Rs 21 crores from some EPF account.

How was this EPF fraud done?

So the fraud was done on those EPF accounts which belonged to small companies which are inactive from 2006 and there were some checks and balances which were not done for those old accounts. Another thing they did is that they only withdraw 2-3 lacs because it does not for any kind of audit (it happens above 5 lacs withdrawal).

This was done by few employees of the Mumbai office and one of the clerks was the mastermind for this. Around  8 people have been suspended already and it points out that a bigger fraud may be in place. More investigations are going on right now!

Apart from the above recent incident, I also want to share with you some more incidents which have happened in past.

I am going to share some startling facts today about EPF Frauds that have recently come to light and have been written about and highlighted in the press. And it is highly likely that some of you who are reading this article might be victims of this fraud – just that you are unaware of the fact at the moment.

Fraud Withdrawal’s from EPF accounts

Sanjay Kumar is the Chief Vigilance Officer at EPFO and on 7th Oct 2013, a circular was issued to all the EPFO establishments of all regions in the country with the subject- “Fraudulent withdrawal from the account of EPFO by furnished forged statutory returns”.

The letter talked about scammers making fraudulent withdrawals from various EPF accounts by submitting forged bank accounts and KYC details/documents. It also mentioned that EPF officials had colluded with these scammers and helped them withdraw money from Provident Fund accounts – especially ones that were inoperative (no activity on those accounts) and/or where the employer no longer existed (closed or shutdown).

I have paraphrased below important excerpts from the circular

Point 2. The investigation has revealed that the fraud was committed mainly in respect of those establishments where remittances had not been received for many years, records not updated and the establishment had not submitted statutory returns. Further no pre-coverage or post-coverage inspections were carried out of the firms and no claims were received or settled since long,” it said.

Point 3. The investigation has revealed that the fraudsters had submitted forged/fabricated returns viz . Form 3A/6A, 9(R), Specimen Signature Cards and therefore, Submitted fictitious claims in the name of original members of non-members. The claims were settled by putting pressure on dealing hands/office by all possible means.

You might be aware of multiple cases where investors face a slew of obstacles while withdrawing their Employee Provident Fund money. At times, it takes years before they get any status of their EPF money and even when a payout is made, cheques go missing or are sent to the wrong address. So, it doesn’t require much imagination to see how in the wrong hands the cheques can be cashed simply by opening a fake bank account.

Here is an incident where an EPF investor faced the issue

Preliminary investigations revealed that there had been huge withdrawals and transfers of money from the individual fund accounts of a number of school employees without their consent and knowledge,” they added. “An FIR was registered and investigations were initiated by a special investigation team. During the investigation, it came to light that funds were withdrawn by the treasurer of the school by forging signatures of the principal and staff members,” police said.  (Source)

Some Numbers

To put things in context, we are not talking about a few isolated fraud cases or few crore rupees here. The actual scale of the fraud is mind-boggling and will cause you sleepless nights.

Consider this – as on April 2011, there were close to 8.15 crore EPF accounts, out of which 3.14 crores EPF accounts were dormant with a balance of close to 16,000 crore rupees. Of these 3.14 crore dormant accounts, 2.5 crore accounts had a negative balance, which meant that they did not have any money in them (money had been totally withdrawn!).

EPF withdrawal fraud on fake names

How does EPF Fraud work?

Let’s talk about the modus operandi of the fraudsters in detail, so that you can understand the loopholes in the EPFO system. Note that this whole fraud is highlighted mainly for dormant accounts, especially those where the employer does not exist now. However, it would not surprise me if frauds started to happen even on active accounts anytime soon.

So here are the steps that are taken by fraudsters

Step 1 – Identify a dormant EPF account

The first step is to find out all the details of the dormant EPF account. If you have some money to spend on bribes or lots of time and patience to search the Internet, you can get all the information you want. The Internet abounds with people who have given their EPF numbers, names and addresses without realizing the risk they are exposing themselves to.

Also if you have the money, you can quite easily bribe officials and get information. A dormant EPF account is one that does not get any fresh contributions for 36 months. At times the employer depositing the money in the EPF account closes operations and now the EPF account is totally orphaned and the money is sitting idle.

The EPF holder is either in another job waiting for that perfect moment when he will start the withdrawal or transfer process or he is working outside India and has totally forgotten to take action on his EPF account. It may also be that the money in the EPF account is such a trivial amount that he/she does not bother to do much about it.

Step 2 – Open a bank account with Forged details

The fraudster’s next step is to open a bank account with forged details and prepare a PAN card, address proof etc. In an environment, where obtaining fake passports or completely forged educational degrees is child’s play, it’s no stretch to assume that it would be easy to get fake KYC documents made.

Step 3 – Apply for Withdrawal of Claims with forged identity

After all the documents and identity are set, one just has to fill up a withdrawal claim while posing as the target of the intended fraud. If the company depositing the money in the EPF account is now non-existent, then EPFO relies on the bank branch to confirm the authenticity of the bank account (as per the Livemint article)

In any event, the structure of EPFO is not centralized i.e. each state has its own EPFO department and things are controlled locally. Therefore there are different EPF account numbers for the same person and different EPF accounts opened at different intervals. Even the process followed at each step is not extraordinary but rather the same old rotten way of doing things.

If there are issues at some stage, it has been found that insiders have been influenced and helped to pass the claims (as per the EPFO circular itself). There is no wonder that bribes are given and taken and things are bent. Here is proof below

The RTI reply also revealed that at least 1,350 EPFO employees have had corruption charges against them in the past five years. Of this, 450 are from the officer grade. Most of these officers have been accused of misusing power and colluding with companies to turn a blind eye to their wrongdoings. And every year, more and more such officers are coming under the scanner.

Confirming the trend, DL Sachdeva, a member of the EPFO board, said it would be next to impossible for any company to siphon off money without the help of EPFO officials. (Source)

EPF fraud modus operandi

What you should do now?

If you have an old EPF account that needs attention, you should ensure you withdraw the money or transfer it to your current EPF account. Make certain that you only have one single active EPF account running.

Do not leave it unattended for extended periods or else be ready to face unpleasant surprises in the future. If you need any information or need to move things forward, use the RTI application to the EPFO department and things will move quickly. Also, make sure you take general precautions like not revealing your EPF number and other details in public without a strong reason.

Please share your views on this topic and EPFO in general in the comments section below?