PF Account Alert: EPF is a good investment plan for retirement. At the same time, EPFO has made it mandatory to link the nominee information with the account holders, but there is no time limit to complete this process.
PF Account Alert: There are many schemes available to invest in the country. But Employees’ Provident Fund Organization (EPFO) is a special institution, which is under the supervision of the Central Government and offers a safe investment scheme like Employees’ Provident Fund (EPF) for saving which is useful at the time of retirement. Through this scheme, an employee keeps making regular contribution of 12 percent in his EPF account. It is deducted every month from the salary of the employees.
At the same time, the company also contributes the same amount to the individual’s account. After this, the interest collected on that amount is also available, which can be withdrawn by the investor on his retirement. Interest rate of 8.15 percent is available on PF. But here people need to be a little alert, because there are some things which EPFO has made mandatory. If that work is not completed then you may be deprived of many facilities.
The account holder must add his nominee.
The account holder will have to fill the information of a person in his PF account, who will be called his nominee. This rule is only for the welfare of the account holders. This will help the family of the account holder in case of his unfortunate death. Now in such a situation, if someone wants that after his death, his money should go to someone from his family, then the account holder will have to nominate any person as a nominee.
There may be problem if the nominee is not added
Although there is no last date for adding the nominee information, but if the EPF account holder does not register his/her nominee in the account, then there is difficulty in availing many facilities from EPFO. These facilities also include checking the balance of PF account.
You can also do online nomination (e-nomination) in EPFO account. E-nomination is very important for the PF account holder and his family to get PF benefits. It is known that in case of death, his heir may have to go to civil court to obtain succession certificate for releasing PF.
How to add nominee in EPF account?
Anyone can add a nominee to their EPF account through e-nomination. As per EPFO rules, only Aadhaar-verified UAN holders can submit electronic nomination. What to do first? Check below…
1. Visit the official website epfindia.gov.in and log in to your EPF account with UAN and password.
2. Click on ‘Manage’ section and click on ‘e-Nomination’.
3. Tick ‘Yes’ against the ‘Having Family’ option and add your family members’ information like Aadhaar, Name, Date of Birth, Gender, Relationship and Bank details.
4. You can also add other members by clicking on the ‘Add Family Details’ option.
5. Next, select ‘Save EPF Nomination’ and e-sign your application. Your request will be saved.