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Sanjeev

Sanjeev Govila  |458 Answers  |Ask -

Financial Planner - Answered on Sep 20, 2023

Colonel Sanjeev Govila (retd) is the founder of Hum Fauji Initiatives, a financial planning company dedicated to the armed forces personnel and their families.
He has over 12 years of experience in financial planning and is a SEBI certified registered investment advisor; he is also accredited with AMFI and IRDA.... more
Asked by Anonymous - Sep 08, 2023Hindi
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Hi, I have an issue with my EPF account and the issue is related to my name. Just to keep my name anonymous for this post I am using a sudo name that is Jack Jones Harry. I have an EPF account in the name of Jack Jones Harry. I tried to log in and I was asked to contact my employer to link my Aadhaar card to my EPF account. I contacted my Ex employer and they said the issue was that my EPF is under the name of Jack Jones Harry and my Aadhaar have the name Jack J Harry. Due to this, it shows a mismatch. I have clearly informed that its the same and in my Aadhaar card the Jack J Harry the J stands for Jones. They said they cant do anything and they have asked me to fill up a joint declaration form which is a requisite for a name change. I was not comfortable using this form as they have a column asking me the "wrong" name and corresponding correct name. Since my name Jack Jones Harry is not a "wrong" name, its Just that my aadhaar card has J mentioned instead of Jones. I was not comfortable filling out this declaration. I decided to go to the EPF office myself to check on this. However, they also provided me with the same format for name change. I am guessing I have two options one is change my Aadhaar card or submit the form for name change requisition. The issues is some bank accounts and property have my name as Jack Jones Harry and some property and bank details and mutual funds have my name as Jack Js Harry. I just wanted to run it by you and wanted to check is this a common issue and which is a better option. I really want to get it done as this has been pending since long.

Ans: I understand your situation. It's common to face issues with name variations in official documents. You can cater to this issue with 2 options- 1st is that you can change your Aadhaar card or you can submit requisition form to EPF office.

1. Aadhaar Card: If you want to align all your official documents with the name "Jack Jones Harry," you have to update your Aadhaar card to reflect the full name "Jack Jones Harry" to match your EPF account. You must visit an Aadhaar enrolment centre and providing the necessary documents for the name change.

2. Name Change Requisition Form: If you prefer not to change your Aadhaar card, you can go ahead and submit the joint declaration form for a name change requisition as requested by the EPF office. In this form, you can explain the discrepancy between your EPF account name and your Aadhaar card name as you've described which will require some additional documents and processing time.
The choice between these options depends on your personal preference and the hassle involved in changing your Aadhaar card. Ensure that you update your name consistently across all your official documents to avoid future issues.
DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.
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Asked by Anonymous - Sep 20, 2023Hindi
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Dear Members, I had posted this question ago but haven't got an answer so reposting. (the reason being I am in a hurry and need to make a decision - questions asked below). I have an issue with my EPF account and the issue is related to my name. Just to keep my name anonymous for this post I am using a sudo name that is Jack Jones Harry. I have an EPF account in the name of Jack Jones Harry. I tried to log in and I was asked to contact my employer to link my Aadhaar card to my EPF account. I contacted my Ex employer and they said the issue was that my EPF is under the name of Jack Jones Harry and my Aadhaar have the name Jack J Harry. Due to this, it shows a mismatch. I have clearly informed that its the same and in my Aadhaar card the Jack J Harry the J stands for Jones. They said they cant do anything and they have asked me to fill up a joint declaration form which is a requisite for a name change. I was not comfortable using this form as they have a column asking me the "wrong" name and corresponding correct name. Since my name Jack Jones Harry is not a "wrong" name, its Just that my aadhaar card has J mentioned instead of Jones. I was not comfortable filling out this declaration. I decided to go to the EPF office myself to check on this. However, they also provided me with the same format for name change. I am guessing I have two options one is change my Aadhaar card or submit the form for name change requisition. The issues is some bank accounts and property have my name as Jack Jones Harry and some property and bank details and mutual funds have my name as Jack Js Harry. I just wanted to run it by you and wanted to check is this a common issue and which is a better option. I really want to get it done as this has been pending since long.
Ans: First, decide, which format of the name you want to retain. Based on that, change the other format in all your records. It will solve your problem once and for all.

..Read more

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Mutual Funds, Financial Planning Expert - Answered on May 09, 2025

Asked by Anonymous - May 09, 2025
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Dear Sir, I am 55 and I am a stage 4 cancer patient for the past 5 years. Presently working with a salary of Rs.30 LPA. I have Rs.75 L in SB account. Rs.25 L in shares out of which Rs.12 L is loss. Rs.12 L in mutual funds. Rs.3 L in EPF. No commitments or liabilities. I need to know how I can get Rs. 70 K per month in case I lose my job. Kindly advise.
Ans: I truly appreciate your courage and clarity even in the face of health challenges. With your current financial resources and the need to secure a monthly income of Rs. 70,000, a detailed and careful plan is very much possible.

Let me give you a full 360-degree solution below, step-by-step.

Understanding Your Present Financial Picture
You are 55 years old and have been living with stage 4 cancer for 5 years.

You are still employed and drawing a salary of Rs. 30 lakhs per year.

You have Rs. 75 lakhs in your savings bank account.

You hold Rs. 25 lakhs in shares, with Rs. 12 lakhs in losses.

You have Rs. 12 lakhs in mutual funds.

Rs. 3 lakhs is in your EPF account.

You have no loans or financial commitments.

Your main concern is to receive Rs. 70,000 every month if the job stops.

You are not looking to take risks.

You want regular, reliable income without physical involvement.

Step 1: Emergency Medical and Health Fund
Health comes first. Keep money aside just for medical needs.

This fund should cover two years of your full household and medical costs.

Keep Rs. 15 to 20 lakhs aside for this purpose.

This money should be in ultra-safe places.

Prefer a savings bank account and liquid mutual funds.

This should remain untouched unless truly needed.

This emergency buffer gives peace and avoids panic in tough times.

Step 2: Generate Rs. 70,000 Monthly Income
Rs. 70,000 monthly means Rs. 8.4 lakhs needed per year.

Aim for post-tax cash flow from your investments.

Break your funds into income generation buckets.

Use your Rs. 75 lakhs from savings bank as the core capital.

Avoid keeping the full amount idle in SB account.

Allocate funds into low-risk, stable return instruments.

Prefer investment avenues offering quarterly or monthly payouts.

Choose options where you can withdraw in parts if needed.

Step 3: Structured Investment Allocation
Short-Term Bucket: 1 to 2 Years

Set aside Rs. 18 to 20 lakhs for short-term needs.

Put this money into highly liquid options.

Use only those that protect capital and give fixed income.

These funds will generate stable income for the next two years.

Prefer options offering monthly or quarterly payouts.

This will help replace your salary if job stops.

You don’t need to sell any shares or mutual funds right away.

You get time to think clearly, plan calmly.

Medium-Term Bucket: 3 to 5 Years

Keep around Rs. 25 to 30 lakhs here.

Invest in actively managed hybrid mutual funds.

Choose regular plans through a mutual fund distributor with CFP credentials.

Do not go for direct funds.

Direct plans do not come with personalised guidance.

There is no one to help you rebalance, switch or review.

Regular plans through a Certified Financial Planner offer ongoing support.

With hybrid funds, risk is moderate and returns are better than FDs.

Use SWP (Systematic Withdrawal Plan) to get monthly income.

You can set up SWP of Rs. 40,000 to 50,000 from this bucket.

These funds will last for years while also growing gradually.

Long-Term Bucket: 5+ Years

Keep Rs. 10 to 15 lakhs for the long-term.

This is not for current income, but for inflation beating growth.

Invest in actively managed large cap or balanced advantage funds.

Again, use regular plans with Certified Financial Planner.

These funds will build wealth for later stages.

You can shift gains to the medium bucket after 5 years.

Step 4: Shareholding Review and Action Plan
You have Rs. 25 lakhs in shares.

Out of this, Rs. 12 lakhs are in losses.

Do not sell them in a hurry.

Some may recover if you wait patiently.

First, make a list of all companies and their quality.

Exit poor-quality stocks even at a loss.

Retain good quality stocks with strong future.

If the whole portfolio is confusing, take help from a Certified Financial Planner.

You can harvest the loss now to set off gains later.

Book losses smartly to reduce future capital gains tax.

After cleaning up, move the proceeds to your medium bucket.

Step 5: Mutual Fund Review
You hold Rs. 12 lakhs in mutual funds.

Find out the type of each fund.

If these are equity funds, hold them long-term.

If returns are low or risk is high, shift to hybrid funds.

Avoid investing in index funds.

Index funds cannot protect capital in falling markets.

They simply copy the market blindly.

Actively managed funds are safer.

Professional fund managers take timely actions.

They reduce your risk and improve consistency.

Step 6: EPF Strategy
You have Rs. 3 lakhs in EPF.

EPF earns stable tax-free interest.

Do not withdraw unless it’s urgent.

Keep it as part of your long-term reserve.

Step 7: Monthly Income Setup
Use short-term and medium-term buckets to get income.

Start SWP from mutual funds for Rs. 40,000 monthly.

Use fixed income tools for Rs. 30,000 more.

Review this every year with a Certified Financial Planner.

Adjust amounts if needed based on inflation.

Step 8: Tax Planning and Awareness
Income from mutual funds is taxable.

Long-term capital gains above Rs. 1.25 lakhs taxed at 12.5%.

Short-term gains taxed at 20%.

Debt fund gains taxed as per your slab.

Plan redemptions to avoid tax shocks.

Harvest profits in a planned manner.

Step 9: Avoid These Common Mistakes
Do not invest in real estate.

It is illiquid and needs physical handling.

Do not buy annuities.

They give poor returns and lock your money.

Do not fall for insurance + investment combos.

If you already hold such policies, review them.

Consider surrender if return is poor.

Reinvest the proceeds into mutual funds.

Step 10: Use a Certified Financial Planner
A Certified Financial Planner gives structured and unbiased advice.

They help you with fund selection, SWP setup, rebalancing.

They guide you with tax-saving and risk control.

Their ongoing service is crucial at your life stage.

Choose someone with experience and clear credentials.

Finally
You are in a better financial position than many.

You have no loans, no dependents, and have built good savings.

With a calm and simple plan, you can replace your income safely.

You do not need to take risky steps now.

You have already shown strength by managing your life and job for 5 years.

Now your money should serve you with peace and stability.

Break your capital into buckets.

Get monthly income through safe withdrawals.

Review regularly with a Certified Financial Planner.

Avoid unnecessary complexity or noise.

You deserve a peaceful financial life.

Your health is precious. Let money be your quiet support.

Invest safe. Withdraw smart. Sleep well.

You are already doing well. Just add clarity and structure.

Best Regards,
K. Ramalingam, MBA, CFP,
Chief Financial Planner,
www.holisticinvestment.in
https://www.youtube.com/@HolisticInvestment

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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