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Ramalingam

Ramalingam Kalirajan  |7981 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on Jan 30, 2024

Ramalingam Kalirajan has over 23 years of experience in mutual funds and financial planning.
He has an MBA in finance from the University of Madras and is a certified financial planner.
He is the director and chief financial planner at Holistic Investment, a Chennai-based firm that offers financial planning and wealth management advice.... more
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.
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 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.

..Read more

Milind

Milind Vadjikar  |1030 Answers  |Ask -

Insurance, Stocks, MF, PF Expert - Answered on Dec 27, 2024

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Milind Vadjikar  |1030 Answers  |Ask -

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Hello sir, I am 33years old and like to have a stable life with a good retirement corpus along with children education. I have 2 sons both are of 1 and 3years old respectively and my wife is a housewife. I am having FD of 16L, 10L in gold, bought a flat paying housing loan EMI of 25K, having term insurance for 1cr and health insurance for 4L. I am making investments in mutual funds SIP of 30k since last 1 year. Hdfc dividend yeild fund 1000 Icici bluechip fund 8000 Quant small cap fund 1000 Canara robecco small cap fund 1000 Uti nifty index fund 5000 Icici balanced advantage fund 5000 Jm flexicap fund 2000 Quant elss fund 5000 Parag pareekh flexicap fund 2000 Lumsum Investments Sbi healthcare fund 20K Quant infrastruture fund 10k Sbi magnum gilt fund 20k Plz advice....am i really doing good with these investments or shall i replan my investments....
Ans: Hello;

Having 12 funds(9 sip+3 lumpsum) in portfolio is not required.

You need to just 4 funds for your sip of 30 K(divided equally):
1. Flexicap fund
2. Large and midcap fund
3. Balanced advantage fund
4. Multi asset allocation fund

You may consider exiting the sectoral, thematic and debt fund owned by you and redeploy it in your regular funds.

This ensures equity(large cap oriented)is predominant asset class in your portfolio but it also has exposure to debt and gold for balance and risk mitigation.

Also keep a target to step up sip amount every year by 7-10% atleast.

This will go towards higher education provision for your kids. (~1.85 Cr in 15 years considering 7% annual top-up and 10% modest returns)

For your retirement planning you may consider NPS and start with a decent amount(~30 K pm) as regular investment since time is on your side(27 years to hit 60 age).[3.45 Cr in 27 years without any step up consideration. 8% returns assumed].

Consider buying home loan insurance and super top-up health cover.

Happy Investing;
X: @mars_invest

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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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