Update DDA Housing Scheme 2014 Refund/Money back

As per reports DDA is expected to return the deposit amount of Rs. 100,000/- (Rupees One Lakh) by end of this month i.e. 24 Dec, 2014. Though initially DDA has said that it will return the security deposit of Rs. 100,000/- (One Lakh rupees) of unsuccessful applications within three months of holding the draw of lots, it is now aiming at returning the amount by 24th Dec 2014.

As per the information available with us people who had filled their forms using SBI have started getting their money back. We have asked HDFC bank on the status of payments and as per their response demand drafts have been sent on the residential addresses of the applicants who filed their applications through HDFC Bank. Some online forums suggest that applicants who registered using SBH too have received refund payments.

DDA generates a significant amount of interest on the registration amount it collects from the applicants. This amount is used for DDA’s housing and other projects. As per news articles it is DDA vice-chairman Balvinder Kumar's decision that DDA is aiming to return the registration amount within a month.

The Delhi Development Authority (DDA) had mentioned it in their brochure at annexure “B” that DDA will refund registration money through the nodal branches of bank at which applicants have submitted the form either online or offline mode

If you are one of the unsuccessful applicants, you don’t need to visit the bank branches for refund of registration money as the registration money will be credited back to your account automatically through the nodal branch of the bank through which you have submitted the application form.
However, if you do not received your money within 90 days then you are suggested to contact nodal officer of the bank as given in annexure B of the brochure. DDA or the bank will not entertain application for refund, loss/mutilation and non-encashment of refund cheque one year after the closure of this scheme.

This announcement comes as a relief for many applicants who have their money stuck with DDA as a non-performing asset cause DDA will not be paying any interest to the applicants for this period. However, there are rumors that DDA will be paying 8 percent interest if there is delay in repaying the money back to the applicants. For applicants who had availed financing schemes from participating banks it means that they will need to pay lesser interest to the bank if the terms and conditions of the concerned financing agreement allow so.

For more details you may refer:
http://profit.ndtv.com/news/your-money/article-dda-housing-scheme-unsuccessful-applicants-may-get-refund-by-december-24-714046

Online transfer claim of EPF by Employee's Provident Fund Organization (EPFO)

Good news for all the people who have been wanting to transfer their PF amount from previous employment accounts to the current one but couldn't do it due to the hassles of doing it manually and all kind of problematic experiences that you get to hear from your colleagues.

Employee's Provident Fund Organization (EPFO) has launched a new system to facilitate online submission of transfer claims by members with an objective to make the transfer process transparent, efficient and comfortable.

The process is beneficial not just for the employees but also for the employers. Under the previous system the employers were supposed to send the physical papers of PF transfer claims raised by the employees to the EPFO office  with their recommendation. However, under the new online system employers can verify the details of the claims using the EPFO portal for employers.

The EPFO office also sends reminder SMSes to the employers regarding pending transfer requests from the employees. This will lead to quick action by the employers and make them more accountable. Employees too can track the status of their transfer application online and see who is responsible for the delay, if any.

Pre-requisites/Eligibility: Who can transfer PF online?

For transferring your EPF amount online from a previous employer to the current employer the following conditions need to be fulfilled:

• Both previous and present member IDs (PF Account No.) should be available in  EPFO database
• The employers should have registered the digital signature certificate of their authorized signatories with EPFO. This is mandatory for employers to be able to verify claim papers online by digitally signing it off

If both previous and current employers have not registered their digital signatures online the transfer process will need to be completed offline.

Employees can check their eligibility for claiming online EPF transfer here: http://memberclaims.epfoservices.in/check_eligibility.php

Information that you need for initiating the transfer:

• Your bank account no. along with IFSC code
• PF account numbers from both the employer. You would find this on your payslip. The format is like GN/GGN/0012345/000/XXXXX i.e. State Code/Regional PF Office Code/Establishment Code/Extension/Employee PF number. The Extension generally is 000 and can be left blank in most of the cases.
• Date of joining and leaving the previous establishment and date of joining of current establishment. It generally gets pre-filled on submitting the PF number however if doesn't you would need to provide the same
• Date of birth and name of spouse/father as mentioned in the company records

 
 Below are the steps for requesting a PF transfer as an Employee:

1. Log in to the online transfer claim portal here: http://memberclaims.epfoservices.in/
    Note: If this is the first time you are using online EPFO portal, you will need to register and create
    your profile here http://members.epfoservices.in/employee_reg_form.php

2. After succesful login you will see the following page

3. Fill in the Part A details i.e. Personal information as shown in the above picture

4. Fill in Part B details i.e. details of the previous account which is to be transferred. Once the details have been entered, click on the grey button labeled  "Click Here To Get Details"

On doing so the details of you EPF account will get auto-filled as per the details available with EPFO office. If you find any of the field to be blank, please manually submit the respective information.

If the information in the next five fields is non-blank but incorrect, you can approach your employer to correct this data. To do the correction, press the "Following information is incorrect" button. A request letter shall be generated for further submission to your employer (Important: This claim can not be submitted digitally).

5. Fill in Part C details i.e. details of the current account to which the amount is to be credited. Once the details have been entered, click on the grey button labeled  "Click Here To Get Details"

 If all the details are correct select the claim attestation option. You can select either the previous or the current employer for this attestation. In case of attestation by the previous employer, time taken in settlement will be relatively less.

Finally, you will be able to process the claim online only if the employers have registered their digital signatures online with the EPFO office. If both previous and current employers have not registered their digital signatures online the transfer process will need to be completed offline.

Once you have successfully submitted the EPF transfer claim, the application status can be tracked using the "View Status of Transfer Claim" link under the "Claim" head of the menu bar as shown below:

For more information visit: http://www.epfindia.com/employee_OTCP.html

Check DDA Housing scheme 2014 draw of lots and results online

DDA has successfully completed the draw of lots for one of its most ambitious housing scheme till date. The draw of lots that started this morning (25th Nov 2014, 9:00 AM) took around five hours to complete and was live-streamed at www.ddadrawlive.in.


The results are out. Check here: http://dda.org.in/tendernotices_docs/nov14/dda2014result.pdf

or here: http://dda.org.in/HousingScheme2014/DdaDrawResult14.aspx if you have the application number.

All the best!!

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Transfer money via email with Kotak Mahindra Bank

 In this age of innovation where everyday we are coming across new unique ways of transferring money, Kotak Mahindra has launched money transfer through email that too in an easy to use and complete secure manner.

The biggest benefit of using this medium is that you need not know the beneficiary's account details. Nor do you need to register the beneficiary.

All you need is a) Kotak Net Banking Account and b) beneficiary's email ID and mobile number.

Here is how you can use this service:

Image Source: http://www.kotak.com/personal-banking/convenience-banking/send-money-email.html#product_how_it_works

However there are some important points you should know if you plan to use this payment option:

1. Fund Transfer Limits: Rs. 10,000 per transaction and Rs. 50,000 per day
2. OTPs: are valid only for 7 days from the date of initiation of payment
3. The transfer request can be cancelled till the time the funds are debited from sender's account
4. The transfer time once the beneficiary has successfully submitted the request for money transfer is in accordance with the time limits of regular NEFT/RTGS transaction
5. Service is available for individual customers only
6. Transfers can be scheduled in advance for the next 7 days
7. Beneficiaries can choose to deposit the money in the accounts of their choice

For more details please Kotak Mahindra official website.